Lender FAQ

Frequently Ask

What is the Chenoa Fund


Chenoa Fund is an affordable housing program provided by CBC Mortgage Agency (CBCMA), a federally chartered governmental entity. Our programs are designed to increase access to homeownership for credit-worthy families. It’s our core belief that everyone in America deserves access to affordable housing and it’s our mission to help make that happen. We provide tools that open doors to home ownership for individuals who have the income and credit history to afford a home, but may lack the ability to accumulate a down-payment. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment assistance for qualified home buyers in the form of second mortgages. Home ownership isn’t for everyone—but housing is. While we have minimum credit scores and debt/income ratio restrictions that may put some borrowers out of the reach of our direct assistance. We believe that by assisting credit-worthy families to overcome barriers, we can reduce the competition for “rental” housing, which in turn helps to reduce its cost and increase its availability for those we cannot assist directly. The Chenoa Fund has served the U.S. first-time homebuyer market in a significant way, having completed more than 10,000 mortgage transactions since 2013.




How do I setup homebuyer education/counseling for borrowers and co-borrowers?


How And When Do I Set Up Homebuyer Education/Counseling Through Hope Loan Port? The loan must first be registered in the Correspondent Lender Login, found after clicking on the link at the top of the page. If you would like a step by step process, please visit Training Series #3 at https://chenoafund.org/training-material/. If you have questions regarding this registration process, please email submissions@chenoafund.org. How Do I Schedule My Client’s Required Chenoa Fund Pre-Purchase Counseling Session, As Offered By Hope Loan Port? Keep in mind that this course is only for borrowers and co-borrowers who have a FICO score within the range of 620 to 639. It is also recommended that you start working on this process ten days before close, right after you soft pull the borrower’s credit report. If you have questions regarding this process, please email your assigned Corporate Account Director. If you don’t know your Corporate Account Director, please reach out to info@chenoafund.org. When Should I Schedule My Client’s Required Chenoa Fund Pre-Purchase Counseling Session, As Offered By Hope Loan Port? At the very worst, counseling should be scheduled and completed a minimum of three days prior to closing. Sometimes, the schedule is so full, Hope Loan Port may not have an opening for up to a week away. Make sure you get your borrower scheduled as soon as possible after registration. Immediate sessions by phone are not guaranteed due to call volume and scheduling conflicts. It is the borrower and/or lender’s responsibility to schedule an appointment. Counselors do not schedule appointments for clients. If you have questions regarding this process, please email your assigned Corporate Account Director. If you don’t know your Corporate Account Director, please reach out to info@chenoafund.org. What Should I Expect From A Chenoa Fund Pre-Purchase Counseling Session, As Offered By Hope Loan Port? The session is completed by phone and any borrowers or co-borrowers with a FICO score within the range of 620-639 must be present. The counselor will call the borrower for the scheduled appointment. The counselor will complete the Chenoa Fund Pre-Purchase session and provide the required certificate. If you are not able to find an appointment that meets your needs, or if you have questions regarding this proves, please email info@chenoafund.org. Before You Can Schedule A Chenoa Fund Pre-Purchase Counseling Session, You Must Register The Loan In The Correspondent Lender Portal. More Information On That Process Can Be Found In The Previous FAQ. Once The Loan Is Registered With CBC Mortgage Agency, You Should Secure A Confirmation From CBC Mortgage Agency With A CBCMA Loan Number. You Will Then Need To Wait 24 Hours To Schedule An Appointment As The Registration Makes It Over To Hope Loan Port’s System. The Client Or Loan Officer Must Then Schedule An Appointment, With CBCMA Loan Number In Hand, By Going To Https://Www.borrowersuccess.org/Prepurchase.




Does the Chenoa Fund provide homebuyer education/counseling?


A leading non-profit homebuyer counseling agency based in Baltimore, MD, known as Hope Loan Port (HLP.org) works closely with CBC Mortgage Agency on a QA and Homebuyer Education initiative. HLP provides financial education for first-time homebuyers receiving Chenoa DPA funds, to ensure new homeowners understand the importance of making their mortgage payments on time. This education component is part of an overall lending strategy developed by HLP to help CBC’s borrowers sustain homeownership, while simultaneously improving loan performance measures in an effort to maintain the financial soundness of the FHA insurance program. The HLP/CBC outreach and education program engages all new CBC homeowners each month during the first year of homeownership. Each homeowner receives financial advice from a HUD-approved nonprofit housing counselor targeted to their specific needs, with the goal of helping them make their mortgage payments on time. The counselor will also teach customers how to build a budget, save money for home repairs and other steps needed to maintain responsible homeownership. HLP also counsels with all borrowers with a credit score less than 640 prior to purchase to ensure they are prepared for the challenges of homeownership




What kind of support do borrowers receive when using the Chenoa Fund?


As a governmental entity, CBCMA is invested in the success of the borrowers utilizing its Chenoa Fund program. CBCMA takes great care in not just making sure that borrowers can qualify for a home, but that they become successful long-term homeowners. Borrower’s needing extra support receive pre-purchase counseling and all borrowers are given outreach and counseling for the first 12 months after the purchase of their new home to help them to successfully navigate the challenges of owning a home, many for the first time.





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