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The Chenoa Fund.
Down payment assistance that is not income-capped, and works in every state we lend in. For buyers who earn too much for state help but still have not saved enough.
What it is
The Chenoa Fund is a national down payment assistance program administered by CBC Mortgage Agency, a federally chartered government instrumentality. It pairs with an FHA first mortgage: we originate and underwrite the FHA loan, and the Chenoa Fund supplies the assistance alongside it.
Why it matters here
State housing agency programs are usually the cheapest assistance available, and they are income-capped. Plenty of working households in the metros we serve earn slightly too much to qualify while still being nowhere near having the cash saved. That is the gap the Chenoa Fund fills, and it is why we place it as often as we do.
It also works in all 22 states we are licensed in, which state programs by definition do not.
How the assistance is structured
Assistance under this program is not a gift with no strings, and we are not going to describe it as one. Depending on which Chenoa product you use, it takes the form of a second mortgage — in some versions repayable, in some versions forgivable if you stay in the home and make your payments for a defined period.
Which version you qualify for, and on what terms, depends on your credit and income. Your loan officer will put the specific structure in front of you in writing before you commit to anything, including what happens if you sell or refinance early.
Current program terms are published by CBC Mortgage Agency and change from time to time. Rather than reprint numbers here that may go stale, we give you the current terms directly from the administrator alongside your own figures. Ask your loan officer for the current Chenoa Fund term sheet — it is a normal request and takes them a minute.
What you still need out of pocket
The assistance addresses the down payment. Separately from it, expect to pay earnest money when your offer is accepted, the appraisal fee, and a home inspection. Those are yours under any program.
Is it the right route for you?
Not always. If your household income sits under your county’s cap, a state housing agency program is usually cheaper and we will start there. Chenoa is the route that stays open when the state door is closed. A loan officer will check both before recommending either.
Find out what you qualify for.
A licensed loan officer reviews what you send and tells you where you stand, in writing. No cost, and no obligation to go further.