“ T he Chenoa Fund program is the only one for those who exceed the traditional income limits. When closing is ready, Correspondent logs on, requests CD 3 days before closing, and receives back from CBCMA the Initial/Final CD as well as the 2nd mortgage docs if applicable. We work hard to make sure that your closings happen on-time and with as little hassle as possible. Through the Chenoa Fund, borrowers that meet our income, credit score and DTI requirements (see our Program Guidelines), and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage to cover their 3.5% minimum investment requirement. The level of trust by top management help you to grow and learn a lot. Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. It does not work directly with borrowers. Average turn times are 48 hours from the time of upload until conditions are issued. Chenoa help to achieve the highest potential. There are two versions of this program, the Edge and Advantage. In April, the Utah tribe sued HUD, alleging that the department tried to avoid scrutiny when it imposed new restrictions outside a … CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide. Here's how apply and qualify for aid. CBC Mortgage Agency NMLS: 1186381 - 912 W. Baxter Drive, Suite 150 South Jordan, Utah 84095 Main 866-563-3507 | Servicing 866-563-7572 | Fax 435-237-0022, CLICK HERE TO DOWNLOAD OUR COMPLETE PROGRAM GUIDELINES, 115% or less of area median income = Down Payment assistance can be forgivable, 115%+ of area median income = Down Payment assistance paid back through a monthly payment, To register a loan with Chenoa Fund simply. Chenoa Fund Edge Repayable Second product. The Chenoa Fund. Borrowers must meet a minimum FICO score of 620, have a debt-to-income ratio of 50% or less, and have a qualifying income equal to or less than 115% of the median income for the county in which they will live. You will receive the second mortgage disclosures from CBCMA registration department. This site is for informational purposes and is for use by licensed industry professionals.This site and the information contained therein is not a solicitation to lend money to consumers. The following outlines the process to apply to become an approved lender to sell to CBC Mortgage Agency and to represent the Chenoa Fund programs. The objective of the Chenoa Fund is to assist as many home buyers as possible to achieve the dream of home ownership. Chenoa Fund Is an affordable housing program provided through a federally chartered government entity to increase affordable and sustainable homeownership. You will need to meet the minimum credit score of 620. The Chenoa Fund DPA Edge-Soft Second product is an FHA mortgage combined with a second that lends 3.5% to cover the borrower’s down-payment. Please remember that all of our correspondent lenders are considered delegated underwriters. Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. You send second mortgage disclosures to your borrower. CBC Mortgage Agency. Chenoa Fund 912 W. Baxter Drive, South Jordan, Utah 84095 866-563-7572 https://chenoafund.org. The Edge Program has income limits and has a soft 2nd, but the Advantage Program doesn't have income limits, but the 2nd needs to be paid back. CBCMA's State of Down Payment Assistance 2019 Study surveyed lenders and borrowers who had used its Chenoa Fund program. While we have minimum credit scores that may put some borrowers out of the reach of our direct assistance, we believe that through assisting credit-worthy families to overcome the down payment assistance barrier, we can reduce the competition for “shelter” housing, which in turn helps to reduce its cost and increase its availability for those we cannot assist directly. If you are a borrower viewing this page, please contact your local mortgage lender for details. Regarding the alleged FHA concerns with downpayment assistance, the unnamed source assumes that this issue is unique to the Chenoa Fund. With that in mind, please follow industry standards when underwriting. South Jordan, Utah 84095, Main: 866.563.3507 Chenoa Fund is a housing program providing families with an affordable option for purchasing a home. CBCMA is a federally chartered, public-purpose government lender. This site is for information purposes and is used by licensed industry professionals. Chenoa Fund Rate Advantage Program: This alternative allows borrowers to lock in their first mortgage at a market comparable rate. It's a great program and I use it often. CBCMA partners with quality, delegated mortgage companies in providing a simple and profitable program, in an effort to increase affordable and sustainable home-ownership opportunities for credit … The Chenoa Fund provides financial assistance to prospective buyers – giving them enough money to cover the 3.5% down payment amount of an FHA loan. Chenoa Fund has created this program for individuals or families that need down payment assistance but may lack the higher credit scores that other programs require. The National Homebuyers Fund can help cover down payment and closing costs up to 5% of the loan amount. CBCMA partners with quality mortgage lenders on a correspondent basis to provide down payment assistance for qualified home buyers in the form of second mortgages. 912 W. Baxter Drive, Suite 150 Any deficiencies will be view-able online to Correspondent, who can then clear the conditions allowing us to purchase the loan. Fair salary. We have helped more than 10,000 families throughout America. We believe that by assisting responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, we are helping to create healthy communities by improving the balance between home ownership and other types of housing. The CHENOA Fund Program is available in Michigan. Attend a homebuyer education class to understand the homebuying process (including mortgage loans, credit scores, contracts etc.) This site and the information contained therein is not a solicitation to lend money to consumers. CBC Mortgage Agency NMLS: 1186381 - 912 W. Baxter Drive, Suite 150 South Jordan, Utah 84095 For Homeowner account or payment information Click Here. 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