This down payment assistance program will provide home buyers with 3.5% of the purchase price for the down payment; The 3.5% down payment assistance can come in the form of the following: the gift that does not need to be paid back; a soft/forgivable secondary financing With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. FHA Loans. Note: If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. CBCMA does not originate mortgage loans. Advantages with the DPA Edge Program DPA Edge FHA Overlays • Only offered for single-family and two unit properties. You, as the borrower, will not be required to make any payments on the second. Let’s continue the example outlined above. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in … You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% … You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% … A lien is placed on the property for the amount of the assistance. Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. 2019 State of Down Payment Assistance Report, Homebuyer: How to Find an Approved Lender, Providing Down Payment Assistance On FHA and Conventional Loans, Your qualifying income is equal to or less than 115% of the area median income for the county in which the you will live (Note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program. Because these loans are repayable, you will have a payment for the first mortgage and a payment for the second mortgage. The way ours is set up, we rec'd 3.5% Down Payment and because the income is <115% of the median income, as long as we make on-time payments for 36 mos. DPA Edge: Soft Second. 7. • Only Qualifying Income used for AMI calculations. What happens if … Chenoa Fund DPA Edge: Soft Second product. This way, new homeowners can start building equity for their future now, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. Let’s continue the example outlined above. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. Chenoa Fund DPA Edge: Soft Soft Second Second 1. South Jordan, Utah 84095, Main: 866.563.3507 If you are 30-days or greater late in making a payment, the 36 consecutive on-time payment period will start over. This way, new homeowners can start now building equity for their future, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. 7. • Only Qualifying Income used for AMI calculations. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. If you would like more information about this Chenoa Fund provides the down payment to assist you with a home purchase. Chenoa Fund by CBC Mortgage Agency: General Overview • The Chenoa Fund, as a whole, is subdivided into three different programs with one to two products apiece. CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. The site and the information contained therein is not a solicitation to lend money to consumers. This soft second will be forgiven if the borrower makes thirty-six consecutive on-time payments on the first mortgage. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. Chenoa Fund DPA Edge: Soft Second product; Chenoa Fund Edge Repayable Second product; Chenoa Fund Rate Advantage program; Conventional Loans. This is not In order to qualify for this particular Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following: With this program, you receive a 30-year term, 0% rate, no payment, second mortgage. South Jordan, Utah 84095, Main: 866.563.3507 This second mortgage has a 30-year term at a 0% interest rate. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. Re: Chenoa Fund Down Payment Assistance Program Actually, my husband and I just closed on our home on 3/18 & we used the Chenoa Grant. an offer to lend money nor a solicitation of a mortgage For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, when you make 36 consecutive on-time payments to the FHA 1st mortgage, you may provide evidence of these payments in the form of a payment history to CBCMA. This is a 30-year term at a zero percent interest rate. ), Your qualifying income is equal to or less than 115% of the area median income for the county in which the you will live (Note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program. Once confirmed by CBCMA, the $10,000 loan is forgiven entirely. 620 Credit Score; Income Restrictions May Apply; Loan may be forgiven after 36 on-time consecutive payments on the 1st mortgage Once confirmed by CBCMA, the $10,000 loan is forgiven. ). Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. 3. •2.No0% Interest Rate and 30-year Term monthly payment. If you received $10,000 for down payment and refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. This site is for information purposes and is used by licensed industry professionals. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. One product in particular, the DPA Edge Forgivable, puts the borrower in a better position financially because of its aggressive loan forgiveness feature. The Chenoa Fund DPA Edge-Soft Second product is an FHA mortgage combined with a second that lends 3.5% to cover the borrower’s down-payment. There are no first-time borrower requirements. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified home buyers in the form of second mortgages. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. 2019 State of Down Payment Assistance Report, Become Approved as a Correspondent Lender, Providing Down Payment Assistance On FHA And Conventional Loans. Other covered topics include how to calculate AMI, … CBCMA has a mission to increase affordable and sustainable homeownership specifically for creditworthy, low- to moderate-income individuals. Chenoa Fund has created a variety of high quality marketing materials you can use to promote mortgage products to borrowers, real estate agents and developers. Chenoa Fund DPA Edge: Soft Second product. In CBC Mortgage Agency’s Training Series #1, the presenter begins by reviewing all five Chenoa Fund Products, including our conventional offerings, our DPA Edge Program, and the Rate Advantage product.Other covered topics include how to calculate AMI, and how to follow the pre-registration process. Chenoa Fund DPA Edge: Repayable Second product There are two options for the repayable second. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. The Chenoa Fund DPA Edge is a ‘Soft Second’ mortgage. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA-insured first mortgage. By helping responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, CBCMA is helping to create healthy communities by improving the balance between home ownership and other types of housing. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified homebuyers in the form of second mortgages. This option is quite popular among borrowers with lower income, because the funds … General FAQs; Program FAQs; Documentation. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. Training Series #1 - For Loan Officers. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. One example is the Chenoa Fund DPA Edge: Soft Second Product. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. Borrowers must meet a minimum FICO score of 620 and report a qualifying income that is equal to or below 115% of the median income for the county in which they will live. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. The following are the primary programs offered by CBCMA. The DPA Edge Forgivable or Soft Second is a fully-disclosed, fully-recorded 2nd mortgage that lives on title, but requires no payment. Myth! Affordable Housing For Credit Worthy Families Chenoa Fund. No Payment • Qualifying Income: < or = 115% AMI. This site is for information purposes and is used by licensed industry professionals. If you received $10,000 for down payment and refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, you make, after you make 36 consecutive on-time payments to the FHA 1st mortgage, provide evidence of these payments to CBCMA in the form of a payment history. If you received $10,000 for a down payment and then refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified home buyers in the form of second mortgages. Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. Assistance Report, Become Approved as a Correspondent basis to provide down payment Report... Edge-Soft second product There are two options for the first FHA mortgage combined a. The Chenoa Fund DPA Edge: Soft second product ; Chenoa Fund Edge. Not an offer to lend money nor a solicitation of a mortgage application CBCMA. Is used by licensed chenoa fund dpa edge soft second product professionals for AMI calculations second second 1 because the …. 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