The CBC Mortgage Chenoa Fund offers reliable down payment assistance programs designed to make homeownership more accessible.
Verify Your Chenoa Fund Eligibility
With no income limits, a minimum credit score of just 600, and support for both first-time and repeat homebuyers, this program helps individuals and families nationwide achieve their homeownership goals.
Since its inception, the Chenoa Fund has assisted over 50,000 homebuyers with critical down payment support, offering solutions that work alongside FHA loans to bridge the financial gap.
Unlike many assistance programs, the Chenoa Fund does not cap borrower income. This flexibility allows more people to qualify.
The Chenoa Fund is continuously funded, meaning eligible borrowers never have to worry about program availability.
Borrowers receive a year and a half of homeownership counseling and resources through Money Management International (MMI), promoting long-term success.
Combine Chenoa Fund support with other gift funds or assistance programs for even greater purchasing power.
The Chenoa Fund works exclusively with FHA-insured home loans.
Borrowers choose between 3.5% or 5% assistance, either repayable or forgivable.
Funds are provided as a second mortgage, which can cover the FHA-required 3.5% minimum down payment or assist with closing costs.
Depending on the program option, borrowers may repay the assistance or have it forgiven after a period of on-time mortgage payments.
The Chenoa Fund is designed for a wide range of homebuyers, including:
First-Time Homebuyers: Those entering the housing market for the first time.
Repeat Buyers: Individuals or families moving into a new primary residence.
Low-to-Moderate Income Borrowers: Despite no income limits, the program is ideal for those who need help covering a down payment.
Borrowers with Limited Savings: Buyers who meet FHA credit and DTI requirements but lack enough funds for upfront costs.
Credit Score: Minimum 600
Income Limits: None
Loan Type: Must qualify for an FHA loan
Primary Residence: The purchased home must be a primary residence
Debt-to-Income Ratio (DTI): Typically up to 45% (max 50% in some cases)
Homeownership Counseling: Required for borrowers below specific credit thresholds
The Chenoa Fund is a nationwide down payment assistance program provided by CBC Mortgage Agency. It offers repayable and forgivable assistance options to help borrowers cover the minimum down payment for FHA loans.
The Chenoa Fund offers 3.5% or 5% down payment assistance, depending on the borrower’s needs. Assistance can either be repayable over 10 years or forgiven after a specific period of on-time mortgage payments.
No, the Chenoa Fund does not require borrowers to be first-time homebuyers. Both first-time and repeat buyers are eligible if they meet the program's qualifications.
No, there are no income limits for borrowers using the Chenoa Fund down payment assistance program. This makes it accessible to a wide range of income levels.
Yes, the Chenoa Fund offers forgivable assistance options.
Yes, Chenoa Fund assistance can be applied to closing costs, prepaid items, or a combination of the down payment and closing costs, giving borrowers flexibility in how they use the funds.
Assistance is provided as a second mortgage. This mortgage can either be:
Yes, borrowers receive 18 months of homeownership counseling and financial education through Money Management International (MMI), a HUD-approved counseling agency. This support helps borrowers succeed as long-term homeowners.
To apply, borrowers must work with an FHA-approved lender that participates in the Chenoa Fund program. The lender will assist with the loan application, program selection, and eligibility verification.
The CBC Mortgage Chenoa Fund makes it easier to buy a home by providing down payment assistance that fits a variety of financial situations.
With flexible options, no income limits, and funding available year-round, the program helps more buyers qualify for an FHA loan and afford their home purchase.
To get started, connect with an FHA-approved lender offering the Chenoa Fund, check your eligibility, and explore which assistance option works best for you.
With the right support, homeownership could be closer than you think.
