April 1st, 2020 6:12 PM by Nathan Rufty
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.
HOW DOES THE BORROWER QUALIFY FOR THE CHENOA FUND CONVENTIONAL PROGRAM?
In order to qualify for the Chenoa Fund conventional program, the borrower must meet program criteria, including the following:
WHY WAS THE CHENOA FUND CONVENTIONAL PROGRAM CREATED?
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.