Chenoa Fund is a national down payment assistance program provided through CBC Mortgage Agency, a tribally-owned government organization that strives to increase affordable and sustainable homeownership. The Chenoa Fund provides qualifying homebuyers with Second Mortgage Loans that may fund up to 3%-5% of their down payment on a house.
With several different program options available (such as the Chenoa Fund Rate Advantage Program), Chenoa Fund Loans can be a great resource for low-to-moderate-income borrowers seeking assistance nationwide.
Chenoa Fund Programs:
- Are Second Mortgage Loans (down payment assistance) available in conjunction with FHA and First Mortgage Loans (traditional home financing)
- May provide up to 3%-5% of your down payment in the form of a repayable loan, forgivable loan, or gifted grant (dependent on the program and while funds last)
- Offer flexible guidelines and competitive interest rates
- May have certain home type/condition/price restrictions
- Typically provide homebuyer education and/or counseling for the first 18 months of homeownership
You may qualify for a Chenoa Fund Program if you:
- Are a low-to-moderate income individual
- Have a minimum credit score of 600 (dependent on the loan program)
- Have a debt-to-income ratio below 50%
- Have a satisfactory employment history
If you think a Chenoa Fund Loan may be right for you, you can submit an application here! In the meantime, if you have any questions about the Chenoa Fund DTI requirements, the Chenoa Fund Grant, or the general Chenoa Fund program guidelines, you can chat with our digital assistant, Lydia, or reach out to one of our Chenoa Fund Approved Lenders for help. Additionally, you can check out what real Chenoa Fund borrowers are saying by reading some Chenoa Fund Reviews here.
Not sure the Chenoa Fund Program is right for you? You can learn more about other down payment assistance programs by clicking here. Alternatively, if you’d like to further explore your options outside of assistance programs, you can also look into Conventional Loans, FHA Loans, USDA Loans or VA Loans