Home Loans California & Arizona

If you are looking for an affordable housing program that offers down payment assistance home loan programs in Arizona then Chenoa Fund is what you are looking for.


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. 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. This way, new homeowners can start now building equity for their future, rather than waiting for years to save a down payment while home prices become even more unaffordable. 


Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a federally chartered government agency. CBCMA’s mission is to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderate income individuals. CBCMA partners with quality mortgage lenders on a Correspondent basis.


CBCMA provides a second mortgage in an amount of 3.5% to meet the down payment requirement and assist with some of the closing costs for borrowers that qualify for a 97% LTV Conventional Loan. Borrowers receiving this assistance must meet the guidelines outlined for the conventional standard 97% LTV loans or HomeReady® program.




In order to qualify for the Chenoa Fund conventional program, the borrower must meet program criteria, including the following:

  • Minimum FICO 640
  • Debt to income ratio per AUS findings (Max 50%)
  • At least one of the borrowers must be a first-time home owner
  • No income limits under the conventional standard 97% LTV program
  • Home must be located in a low-income census tract, otherwise borrowers must not exceed 100% of area median income (AMI)
  • One of the loan applicants must complete homeowner education course 




Homeownership isn’t for everyone—but housing is. While CBCMA’s minimum credit scores and debt to income ratio restrictions may put some borrowers out of the reach of receiving direct assistance, CBCMA believes that through assisting credit-worthy families to overcome down payment barriers, CBCMA can reduce the competition for “rental” housing, which in turn helps to reduce its cost and increase its availability for those we cannot assist directly.

Posted by Nathan Rufty on April 1st, 2020 6:12 PM
What is the required down payment amount to buy a house in California or Arizona?

You do not need 20% down payment to buy a house in California or Arizona. You can buy a house with no money down to as little as 3% down payment of the purchase price. You must qualify with income, debt ratio and credit for each home loan program with USDA, FHA, VA, and Conventional.

here is the podcast that goes over credit https://www.podbean.com/eu/pb-s6569-d13f94

Connect with me at

Nathan Rufty
Mortgage Loan Originator 

CA Call or Text: 909-503-5600

AZ Call or Text: 623-850-1210
eFax: 888-837-2861
CA & AZ NMLS #292056
Email Me: Nathan@NathanRufty.com
Check Out Our Rates

Privacy: This e-mail may contain information that is privileged or confidential. If you are not the intended recipient, please delete the e-mail and any attachments and notify the sender immediately, and do not use, copy, or disclose to anyone any of the contents hereof. State Licenses

Posted by Nathan Rufty on March 29th, 2020 1:23 PM
The United States government provides many benefits to the members that are now serving or have serve in the past in the US military. Active and former members of the United States military can take advantages of benefits ranging from education incentives to compensation for disability occurred while in the military to even life insurance programs. One of the most used and most important is the Veteran Home Loan Program that provides assistance in financing a home loan in Moreno Valley, CA.

Moreno Valley, CA VA Home Loan Program VS FHA Home Loan Program

VA home mortgage loans are similar to many conventional home mortgage loans but they do have many great benefits that are not found in conventional loans such as: you do not need a down payment, your credit scores can be lower than what is required for conventional loans, and you can "rolled" the closing and loan fees back into the mortgage thus making it a 100% financing loan.

The FHA Home Mortgage Loan Program is the most popular of mortgage loan programs for non-veterans and is growing in popularity because of the tight mortgage market today.

They have some of the same advantages of the VA home mortgage loans such as: they are easier to refinance, more lenient on the credit scores to qualify, and certainly lower down payment than conventional loans. The FHA home mortgage loan down payment is currently 3.5 of the purchase price of the home.

VA Home Mortgage Loan Eligibility Requirements

A veteran will have to get a Certificate of Eligibility that is issued to by the military to qualified veterans. The Certificate of Eligibility will also include the entitlement amount, which is the portion of the mortgage loan that the VA will guarantee. You can get the Certificate of Eligibility from the VA or you can have your mortgage lender get it for you on the Internet.

One big difference from a VA mortgage loan and a FHA mortgage loan is almost anyone can get a FHA mortgage loan, only people that are or have been in the military can be a VA mortgage loan.

There are no income limits for FHA loans, but there are limits on how much a person can borrow and it varies from each county in the country. You can find out from your mortgage lender what the limit is in your area.

Another difference from FHA loans and VA loans is VA does not require a mortgage insurance premium called a PMI. FHA loans do require mortgage insurance (MIP). By getting a VA home mortgage loan you will save this expense which can be quite costly over the years.

VA home loan makes sense if you are a qualifying member or veteran of the military and they will allow you to take advantage of today's very low interest rate plus you can buy a home with 100% financing.

If you don't want to tackle the slight hassle of dealing with the VA or you do not have available VA entitlement then a FHA home loan will make the most sense.

Owning a home in Moreno Valley, CA is still the American dream and the government has two great programs to help you to achieve that dream, so get more information on the Veteran Home Loan Program and the FHA Home Loan Program and make that American dream happen for you! Call Now 909-503-5600.
Posted by Nathan Rufty on March 25th, 2020 5:20 PM

Credit scores needed to buy a house in California or Arizona on the FHA, VA, Conventional, USDA or Down Payment Assistance Home loan program? 

Podcast about credit https://www.podbean.com/eu/pb-s6569-d13f94

Nathan Rufty
Mortgage Loan Originator 

CA Call or Text: 909-503-5600

AZ Call or Text: 623-850-1210
eFax: 888-837-2861
CA & AZ NMLS #292056
Privacy: This e-mail may contain information that is privileged or confidential. If you are not the intended recipient, please delete the e-mail and any attachments and notify the sender immediately, and do not use, copy, or disclose to anyone any of the contents hereof. State Licenses

Posted in:Podcast and tagged: creditscorescreditreport
Posted by Nathan Rufty on March 22nd, 2020 10:17 AM
The American dream of owning your own home  is live and well in the in Riverside, CA because of the FHA Home Loan Program. The market for FHA Home Loans is booming and it is now the largest supplier of home mortgages. You can make your dream of owning your own home come true now!

The Federal Housing Administration (FHA) has many loan programs available that will help you achieve your goal of owning your own home.

What Is A FHA Home Loan in Riverside, CA?

FHA does not loan you the money to buy a house, what it does do is guarantee the loan. If the mortgage is defaulted then FHA will pay the lender.

This helps the lender because they will not have to write off the mortgage and suffer all of the loss.

Because of the FHA guarantee, lenders are certainly more willing the make more loans, and they will make them for larger amounts and also they will make them easier to get with fewer requirements.

Can You Qualify For The FHA Home Loan Program in Riverside, CA?

Of course, there have to be some limitations and requirements in order to get a FHA Home Mortgage. Here are a couple of restrictions:

Debt To Income Ratio

There is not an income limitation but you do have to have a certain debt to income ratio. This means your debt can not exceed a certain percentage of your income.

Limit On Amount Of Mortgage

Also, there is a restriction on the amount of the mortgage based on the area that you live in. Each area or region is different, you need to check with your FHA lender to see what the limit is in your area.

But, you can qualify for the FHA Home Loan Program then they can be great way to finance your new home or even refinance you existing home.

What Are The Benefits Of A FHA Home Loan?

  • You finance home improvements or repairs using a Streamlined FHA 203K Loan.
  • All FHA mortgages can be assumable. This can be a great benefit in the future if you want to sell your home and the interest rates are high.
  • The down payment is just 3.5% of the purchase price of your home. Most conventional home loans require at least 20% down payment.
  • Your down payment can be gifted to you.
  • Seller can pay your closing costs.
  • Lower credit score requirements.
  • Interest rates are low and very competitive with other types of mortgage loans. Because of the FHA guarantee most lenders will offer low interest rates.

With the low interest rates in the market and the abundance of homes on the market, now may be the time for you to persuade the American dream of owning your own home by financing it with a loan form the FHA Home Loan Program! Call Nathan Rufty at 909-503-5600.

Posted by Nathan Rufty on March 18th, 2020 3:49 PM



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