All assistance is provided in compliance with FHA guidelines. There are no first-time borrower requirements. This way, new homeowners can start now building equity for their future, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. One product in particular, the DPA Edge Forgivable, puts the borrower in a better position financially because of its aggressive loan forgiveness feature. If you would like more information about this •2.No0% Interest Rate and 30-year Term monthly payment. South Jordan, Utah 84095, Main: 866.563.3507 620 Credit Score; Income Restrictions May Apply; Loan may be forgiven after 36 on-time consecutive payments on the 1st mortgage program, please contact our program development team. Servicing: 866.563.7572 Myth! CBCMA Does Not Originate Mortgage Loans. This way, new homeowners can start building equity for their future now, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. If you are 30-days or greater late in making a payment, the 36 consecutive on-time payment period will start over. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. Chenoa Fund Edge Program: With this program, borrowers receive a 30-year term, 0% rate, no payment second mortgage. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. 3. • DTI per AUS or FHA manual underwriting guides. This down payment assistance program will provide home buyers with 3.5% of the purchase price for the down payment; The 3.5% down payment assistance can come in the form of the following: the gift that does not need to be paid back; a soft/forgivable secondary financing ), Your qualifying income is equal to or less than 115% of the area median income for the county in which the you will live (Note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. Note: If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. • FICO Scores minimum of 620. • Non-occupant co-borrowers are allowed. Other covered topics include how to calculate AMI, … Chenoa Fund provides the down payment to assist you with a home purchase. CBC Mortgage Agency Product Matrix Chenoa Fund Conventional FHA DPA Edge HomeReady®* Conventional Standard 97®* Rate Advantage Soft Second Repayable Second Program Notes *Neither the Chenoa Fund, CBCMA nor any of their products are approved by or affliated with Fannie Mae®. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. Used For Second Mortgage; 30 Year Fixed 2nd; 0% Interest Rate 2nd; Min. The DPA Edge Forgivable or Soft Second is a fully-disclosed, fully-recorded 2nd mortgage that lives on title, but requires no payment. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. PRODUCTS: DPA EDGE Soft Second Repayable Second. Borrowers must meet a minimum FICO score of 620 and report a qualifying income that is equal to or below 115% of the median income for the county in which they will live. The lien is for the down payment assistance, which is referred to as the second mortgage. DPA Edge FHA Overlays • Only offered for single-family and two unit properties. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. 2019 State of Down Payment Assistance Report, Homebuyer: How to Find an Approved Lender, Providing Down Payment Assistance On FHA and Conventional Loans, Your qualifying income is equal to or less than 115% of the area median income for the county in which the you will live (Note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA-insured first mortgage. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified homebuyers in the form of second mortgages. This way, new homeowners can start now building equity for their future, rather than potentially waiting for years to save a down payment while home prices become even more unaffordable. This soft second will be forgiven if the borrower makes thirty-six consecutive on-time payments on the first mortgage. By helping responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, CBCMA is helping to create healthy communities by improving the balance between home ownership and other types of housing. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. Originating lenders are responsible for ensuring that their use of CBCMA second mortgages The site and the information contained therein is not a solicitation to lend money to consumers. Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. The way ours is set up, we rec'd 3.5% Down Payment and because the income is <115% of the median income, as long as we make on-time payments for 36 mos. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. Myth! CBCMA has a mission to increase affordable and sustainable homeownership specifically for creditworthy, low- to moderate-income individuals. This soft second will be forgiven if the borrower makes thirty-six consecutive on-time payments on the first mortgage. Affordable Housing For Credit Worthy Families Chenoa Fund. PRODUCTS: DPA EDGE Soft Second Repayable Second. 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. • Three to four unit properties not allowed. 7. • Only Qualifying Income used for AMI calculations. While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. Once confirmed by CBCMA, the $10,000 loan is forgiven. 912 W. Baxter Drive, Suite 150 program, please contact our program development team. If you received $10,000 for down payment and refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. The Chenoa Fund DPA Edge is a ‘Soft Second’ mortgage. This fund is a fantastic option for home buyers, as it does not require you to be a first-time borrower. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage.Â. You, as the borrower, will not be required to make any payments on the second. South Jordan, Utah 84095, Main: 866.563.3507 This is not Let’s continue the example outlined above. Fax: 435.237.0022, Home » Lender » DPA Edge: Soft Second Product. Let’s continue the example outlined above. 2019 State of Down Payment Assistance Report, Become Approved as a Correspondent Lender, Providing Down Payment Assistance On FHA And Conventional Loans. The program is provided by the Chenoa fund and is called DPA Edge. Chenoa Fund DPA Edge: Soft Second product. The Chenoa Fund also offers assistance with FHA loans and Conventional loans. Chenoa Fund DPA Edge. In order to qualify for this particular Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following: With this program, you receive a 30-year term, 0% rate, no payment, second mortgage. Once confirmed by CBCMA, the $10,000 loan is forgiven. A lien is placed on the property for the amount of the assistance. • FICO Scores minimum of 620. • Non-occupant co-borrowers are allowed. • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loans. Chenoa Fund DPA Edge: Soft Second product. Advantages with the DPA Edge Program DPA Edge FHA Overlays • Only offered for single-family and two unit properties. Let’s continue the example outlined above. NMLS: 1186381 For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, when you make 36 consecutive on-time payments to the FHA 1st mortgage, you may provide evidence of these payments in the form of a payment history to CBCMA. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving an FHA 1st mortgage. Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. CBCMA does not originate mortgage loans. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. If you received $10,000 for down payment and refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. NMLS: 1186381 CBCMA Does Not Originate Mortgage Loans. Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. DPA Edge: Soft Second Product; DPA Edge: Repayable Second Product; Rate Advantage Program; Conventional Program; Income Guidelines Lender FAQs. What happens if … an offer to lend money nor a solicitation of a mortgage Because these loans are repayable, you will have a payment for the first mortgage and a payment for the second mortgage. In CBC Mortgage Agency’s Training Series #1, the presenter begins by reviewing all five Chenoa Fund Products, including our conventional offerings, our DPA Edge Program, and the Rate Advantage product.Other covered topics include how to calculate AMI, and how to follow the pre-registration process. Chenoa Fund DPA Edge: Repayable Second product There are two options for the repayable second. Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. The Chenoa Fund DPA Edge is a ‘Soft Second’ mortgage. 912 W. Baxter Drive, Suite 150 CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified home buyers in the form of second mortgages. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% … With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. The Chenoa Fund offers three FHA Loan down payment assistance options, including: Chenoa Fund DPA Edge: Soft Second product. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in … In order to qualify for the Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following: With this program, you receive a 30-year term, 0% rate, no payment second mortgage. FHA Loans. This second mortgage has a 30-year term at a 0% interest rate. application by CBCMA. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. A lien is placed on the property for the amount of the assistance. Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. This is a 30-year term at a zero percent interest rate.  You, as the borrower, will not be required to make any payments on the second. Training Series #1 - For Loan Officers. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. • DTI per AUS or FHA manual underwriting guides. DPA Non-DPA HomeReady® Conventional Standard 97® Rate Advantage DPA Edge: Soft Second DPA Edge: Repayable Second FHA Classic (Retired) Program Notes Neither CBCMA nor Chenoa Fund and any of its products are approved by or affiliated with Fannie Mae®. The second can be 100% forgiven after you make 36 consecutive on-time payments on the first FHA mortgage. DPA Edge: Repayable Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. The lien is for the down payment assistance, which is referred to as the second mortgage. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. This is not The DPA Edge Soft Second, for FHA loans, is a forgivable loan. One example is the Chenoa Fund DPA Edge: Soft Second Product. Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. This is a 30-year term at a zero percent interest rate. If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. If you are 30-days or greater late in making a payment, the 36 consecutive on-time payment period will start over. Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. Chenoa Fund by CBC Mortgage Agency: General Overview • The Chenoa Fund, as a whole, is subdivided into three different programs with one to two products apiece. FHA Loans. The following are the primary programs offered by CBCMA. Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, you make, after you make 36 consecutive on-time payments to the FHA 1st mortgage, provide evidence of these payments to CBCMA in the form of a payment history. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. For example, if you receive $10,000 for a down payment under the Chenoa Fund DPA Edge: Soft Second product, when you make 36 consecutive on-time payments to the FHA 1st mortgage, you may provide evidence of these payments in the form of a payment history to CBCMA. All assistance is provided in compliance with FHA guidelines. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. This option is quite popular among borrowers with lower income, because the funds used for a down payment are forgivable — meaning you typically don’t have to pay the loan back. an offer to lend money nor a solicitation of a mortgage Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. Re: Chenoa Fund Down Payment Assistance Program Actually, my husband and I just closed on our home on 3/18 & we used the Chenoa Grant. ). 7. • Only Qualifying Income used for AMI calculations. CBCMA Does Not Originate Mortgage Loans. If you received $10,000 for a down payment and then refinance the first mortgage before meeting the 36 consecutive payments, you would be required to pay the $10,000 back in full. Once confirmed by CBCMA, the $10,000 loan is forgiven entirely. Chenoa Fund has created a variety of high quality marketing materials you can use to promote mortgage products to borrowers, real estate agents and developers. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified home buyers in the form of second mortgages. CBCMA Does Not Originate Mortgage Loans. This option is quite popular among borrowers with lower income, because the funds … Debt-to-income ratio based on FICO score: Qualifying income is equal to or less than 115% of the area median income (AMI) for the county in which the you will live (note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second program. Chenoa Fund DPA Edge: Soft Soft Second Second 1. While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. If you are 30 days or more late in making a payment, the period of 36 consecutive on-time payments will start over. the grant will NOT have to be paid back. One example is the Chenoa Fund DPA Edge: Soft Second Product. While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. The lien is for the down payment assistance, which is referred to as the second mortgage. This site is for information purposes and is used by licensed industry professionals. ). The site and the information contained therein is not a solicitation to lend money to consumers. You, as the borrower, will not be required to make any payments on the second. CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. By helping responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, CBCMA is helping to create healthy communities by improving the balance between home ownership and other types of housing. Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. In CBC Mortgage Agency’s Training Series #1, the presenter begins by reviewing all five Chenoa Fund Products, including our conventional offerings, our DPA Edge Program, and the Rate Advantage product. A lien is placed on the property for the amount of the assistance. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. Note: If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. By helping responsible homebuyers overcome the challenge of the down payment, CBCMA is helping to create healthy communities and improve the balance between homeownership and other types of housing. No Payment • Qualifying Income: < or = 115% AMI. All assistance is provided in compliance with FHA guidelines. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. In order to qualify for this particular Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following: With this program, you receive a 30-year term, 0% rate, no payment, second mortgage. DPA Edge: Soft Second. application by CBCMA. General FAQs; Program FAQs; Documentation. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. Fax: 435.237.0022, Home » Homebuyer » DPA Edge: Soft Second Product. 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. This site is for information purposes and is used by licensed industry professionals. Simply download the ready-to-use promotional materials from the list below which you can customize by … Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. Myth! With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. If for some reason you are unable to make 36 consecutive on-time payments at any time during the term of the second mortgage (360 months), then you would be required to repay the entire amount of the down payment funds lent to you at the end of the 30 year period. 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