There are two options for a repayable second. Chenoa Fund Edge: Repayable Second product. Chenoa Fund Edge Repayable Second product; Chenoa Fund Rate Advantage program; Conventional Loans. About the CHENOA Fund. This percentage goes toward the creation of a repayable second mortgage. 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. 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. The borrower can choose a 10-year repayable second at a 0% interest rate, or a 30-year repayable second at a 5% interest rate. Borrowers will need to meet the minimum FICO score of 620. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. Myth or Fact: Chenoa Fund is never paired with muti-unit homes. This fund is a fantastic option for home buyers, as it does not require you to be a first-time borrower. Chenoa Fund Repayable Second Program. Repayable down payment assistance programs provide buyers with the down payment they need now so they can buy a home sooner. South Jordan, Utah 84095, Main: 866.563.3507 There are two options for a repayable second. Chenoa Fund Edge Program. Chenoa Fund. Borrowers will need to meet the minimum FICO score of 620. With this option, there are no income limits to qualify for down payment assistance. Because these loans are repayable, you will have a payment for the first mortgage and a payment for the second mortgage. Chenoa Fund Edge Repayable Second product. With this option, there are no income limits to qualify for down payment assistance. One example is the Chenoa Fund DPA Edge: Repayable Second Product. 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. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. Chenoa Fund Edge Repayable Second product. 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. While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. There are two options for the repayable second. Chenoa Fund’s DPA Edge program has an income limit of 115% of the median income in the county where the borrower will live. 912 W. Baxter Drive, Suite 150 This product has no income restrictions for buyers and offers two options for a repayable second. 2. The Chenoa Fund offers three FHA Loan down payment assistance options, including: Chenoa Fund DPA Edge: Soft Second product. DPA Edge Repayable Second Program; Rate Advantage Program; Conventional Program; Become Approved; Lender FAQs ; Daily Rate Sheet And Pricing; Chenoa Fund Program Guidelines. The funds are delivered at closing. With this program, you are not required to meet a household income threshold. CBC Mortgage Agency Product Matrix Chenoa Fund Conventional FHA DPA Edge HomeReady®* Conventional Standard 97 LTV* Rate Advantage Soft Second Repayable Second Program Notes *Neither the Chenoa Fund, CBCMA nor any of their products are approved by or affiliated with Fannie Mae. There are specific qualifications for how this program is terminated, as well. The funds are delivered at closing. With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. Chenoa Fund by CBC Mortgage Agency: General Overview • The Chenoa Fund offers three different programs with 1-2 products each. • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loan. CBC Mortgage Agency is officially publishing its monthly update to the Chenoa Fund Program Guidelines. Borrowers will have to achieve the FICO minimum score of 620. Chenoa Fund Rate Advantage program. FHA DPA Edge. CHENOA FUND EDGE PROGRAM. Fact! The borrower can choose a 10-year repayable second at a 0% interest rate, or a 30-year repayable second at a 5% interest rate. The Chenoa Fund DPA Edge Program offers two options, the Soft Second, and the Repayable Second. Chenoa Fund Rate Advantage program. There are two options for a repayable second. 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