BORROWER SUCCESS PROGRAM
Here at Chenoa Fund, we are driven by a single goal; to do our part in making the world a better place for all. As a federally chartered, public-purpose driven government agency, we work to increase affordable and sustainable homeownership opportunities for credit-worthy individuals who lack down payment funds.
The Dream Of Home Ownership Meets The Financial Tools To Get It Done...
Home ownership isn’t for everyone — but housing is. While we have minimum credit scores that may put some borrowers out of the reach of our direct assistance, we believe that through assisting credit-worthy families to overcome the down payment assistance barrier, we can reduce the competition for “shelter” housing, which in turn helps to reduce its cost and increase its availability for those we cannot assist directly.
Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
CBC Mortgage Agency (CBCMA)
CBCMA is a federally chartered, public-purpose government lender. CBCMA created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan. CBCMA partners with quality, delegated mortgage companies in providing a simple and profitable program, in an effort to increase affordable and sustainable home-ownership opportunities for credit worthy individuals. For more information, call 866-563-3507.
CBCMA partners with quality mortgage lenders on a correspondent basis to provide down payment assistance for qualified home buyers in the form of second mortgages and gifts. All assistance is provided in compliance with FHA guidelines.
Our affordable housing programs help meet the needs of an under-served population. Because of the restrictions put on lending in recent years, there is a significant need for home financing for those who have good credit and a responsible debt burden, but who have been unable to put aside sufficient funds to provide a down payment. There is also a significant number of borrowers who would rather save the nest-egg they have carefully put aside for a rainy day rather than use it for a down payment.
Financial Tools for Credit-Worthy Families
We believe that everyone in America should have access to affordable housing, and our mission is to make that happen by providing credit-worthy families the financial tools to purchase a home. We believe that by assisting responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, we are helping to create healthy communities by improving the balance between home ownership and other types of housing.
Through the Chenoa Fund, borrowers that meet our income, credit score and DTI requirements and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement.