The Chenoa Fund offers 3.5% down payment assistance in the form of a gift or a second mortgage.
Chenoa Fund Overview:
Straightforward FHA Underwriting.
No First Time Homebuyer restrictions.
Minimum 620 credit score.
3.5% down payment assistance in the form of a gift or a second mortgage.
Chenoa Fund Down Payment Assistance
3.5% down payment provided by Chenoa Fund,
- 115% or less of area median income=down payment assistance can be forgivable
- 115% or more of area median income=down payment assistance paid back through a monthly
USA Mortgage Advantage
Full-service Lender serving Missouri and surrounding states.
In-house processing, underwriting and funding.
Accepts some lower and no credit scores for these loans.
Offers competitive mortgage rates and fees.
Apply for Chenoa Program
USA Mortgage is a Chenoa Fund lender with local offices throughout Missouri, Arkansas, Illinois, and nearby areas. Here at the Abadi Region, We have all the resources needed to make your dream a reality. If you are willing to move forward with your next home purchase, Contact us to get started. One of our experienced mortgage professionals will guide you every step of the way. Apply now to see if you qualify for the Chenoa down payment assistance.
FAQs about Chenoa Fund Program
Chenoa is a second mortgage allowed in all states besides New York that can cover 3%, 3.5%, or 5% depending on what Chenoa product and loan program you are doing. Some other guidelines include that Chenoa does not cover 3-4 unit properties. Manufactured homes are allowed under certain circumstances. There are other various guidelines for the Chenoa.
First step to getting Chenoa Fund is by applying through a lender who offers the Chenoa program. Once documentation is collected and the home is under contract, the lender will then determine whether you have qualified for assistance with Chenoa.
Chenoa doesn’t have income limits as far as qualifying for the program. Chenoa can cover up to 5% of the purchase price depending on the DPA product.