The Chenoa Fund was created by CBC Mortgage Agency, a subsidiary of the Cedar Band Corporation which is a government owned and federally authorized band of the Paiute Tribe of Utah. The Chenoa Fund programs give families with qualifying credit an increased ability to home ownership.
CBCMA partners with the top mortgage lenders to assist in providing qualified families with down payment assistance when purchasing a home. This is made possible through second mortgages. We strongly believe each family deserves a better, more affordable chance at home ownership. It is our top priority to make that dream a reality. Our goal is to provide credit worthy families the chance to overcome the cost-confines of America, and therefore, decrease the competition of rental housing. With more home owners comes the reduced price of renting for everyone following who aren’t directly impacted by our programs.
What programs are offered?
There are various options available to assist in home ownership. Qualifying buyers may be eligible for a second mortgage to aid in covering the 3.5% down payment minimum requirement when using a FHA-approved loan, or to cover the 3% cost of a conventional loan.
Chenoa Rate Advantage Program:
Requirements: a minimum FICO score of 640 or higher; debt to income ratio of 50% or less; an income equal to or less than 115% of the county’s median income to which the future home will belong.
-The borrower will be able to latch the first mortgage at an equivalent market rate.
Chenoa Fund Repayable Second Program:
Requirements: no income restrictions; FICO score of 620 or higher
The borrower is able to choose between two options — either a 10 year repayable second with a 0% interest rate or a 30 year second at a 5% interest rate in which the assistance will need to be paid in full.
Down Payment Assistance Offered in Conjunction with Conventional Mortgages:
Requirements: minimum FICO score of 640 or higher; there are also other options available with no income limitations.
Borrowers access second mortgages for use with LTV 97% conventional mortgage in the low and moderate income borrowing categories and increased eligibility for homes in low-income areas.
Chenoa Fund Rate Advantage Program:
Requirements: a minimum FICO score of 640 or higher; debt to income ratio of 50% or less; qualifying income less than or equivalent to 115% of the median income of the county in which the home will belong.
The borrower will be able to lock the first mortgage at a market comparable rate.
Chenoa Fund Edge Program:
Requirements: minimum FICO score of 620 or higher; qualifying income less than or equal to 115% of the median income for the county in which the home will belong.
The borrower will receive a 0% rate, no payment, 30 year term second mortgage and makes 36 payments on time to the FHA first mortgage subsequently.