Chenoa Fund secondary financing assists homebuyers in meeting their down payment requirement when purchasing an FHA insured, owner occupied, single family, primary residence. The down payment assistance provided will be 3.5% of the sales price or appraised value, whichever is less, rounded up to the nearest whole dollar Description of Assistance Down payment assistance in the form of a Soft/Forgivable Secondary Financing or Repayment Secondary Financing.• Soft/Forgivable Secondary Financing available to borrower with qualifying income < 115% of area median income. • Fully-amortized second mortgages with a term of 10 or 30 years from borrower with qualifying income > 115% of area median income.
|TERMS||MAX LTV/CLTV/HCLTV||DPA & SECONDARY FINANCING AVAIBLABLE||OCCUPANCY||TARGET AREA||1ST TIME HOMEBUYER REQUIRED||INCOME LIMIT||MAX SELLER CREDIT|
|PURCHASE ONLY LTV cannot be less than 90% Follow FHA guidelines for maximum CLTV • 1-2 unit primary residences, attached or detached – See guidelines for restrictions on 2 units. • FHA Approved Condominiums • Planned Unit Developments (PUD’s) • Modular and Prefabricated homes • Leaseholds (SFR)
||CHENOA CAN BE USED WITH THE FHA 1st TD
||OWNER OCCUPIED ONLY
||NO There are NO first-time homebuyer requirements and concurrent homeownership is allowed as long as all FHA guidelines regarding the purchase of the concurrent home are followed
YES, How to Calculate 115% Area Median Income • Click on huduser.gov link in guidelines • Then click on the link under “Access Individual Income Limits Area” • Select a State then Select a County. • Click on View County Calculationso For a family of 4 or less multiple the income stated under Median Income column by 115% For example: Median Income for Los Angeles County is $64,300. $64,300 x 115% = $73,945. The income limit for a family of 4 or less is $73,945 if qualifying for soft/forgivable secondary financing. o For a family of 5 multiply the income limit listed for a family of 5 under “Very Low (50%) Income Limit” by 2, then multiply by 115%. For example: Very Low (50%) Income for a family of 5 in Los Angeles County is $48,700. $48,700 x 2 = $97,400 x 115% = $112,010. The income limit for a family of 5 is $112,010 if qualifying for soft/forgivable secondary financing. o For a family of 6 follow the steps above except you will use the income listed for a family of 6 under “Very Low (50%) Income Limit”. A family of 7 uses the income listed for a family of 7, etc.
Chenoa Fund Secondary Financing MTG Program is available in the following areas/cities
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