The Dream of Home Ownership Meets The Financial Tools to get It Done…

Home ownership isn’t for everyone—but housing is. While we have minimum credit scores that may put some borrowers out of the reach of our direct assistance, we believe that throught 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.

Straightforward FHA Underwriting

  • Minimum 620 credit score
  • No first time home buyer
  • No income or geographic restrictions
  • No equality share or recapture provisions

 

3.5% Down Payment Provided by Chenoa Fund

  • 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

Helping Under-Served Markets

  • millennial
  • minorities
  • lower income

 

Chenoa Fund

Chenoa Fundis a affordable housing program provided through CBS Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specialized in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.

 

 


Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025


First Mortgages

First Mortgage loans must be a fixed rate and conform to standard FHA guidelines. No ARM loans are acceptable. All first mortgages must be issued by or sold to CBC Mortgage Agency and conform to CBC Mortgage Agency investor guidelines.

 

Second Mortgages

The second mortgage can be up to 3.5% of the sales price or appraised value, whichever is less. The combined loan to value cannot exceed the amount of the first mortgage (including any financed mortgage insurance premiums) plus the required 3.5% down payment.

 

Second Mortgage Fees

Loan Originators may not charge any fees in conjunction with the second mortgage other than a reasonable document preparation fee.

 

Second Mortgage Borrower Fees

The only fees chargeable to the borrower in conjunction with the secondary financing are pre-paid interest, recording fees for the Trust Deed, reasonable title closing fees, and a courier fee to return the signed documents to the Lender.

 

Borrower Qualifications

  • DTI Ratio= maximum DTI per AU findings or manual underwriting guidelines found in Mortgagee Letter 2014-02 and 4000.1. The required monthly payments underboth the FHA-insured first mortgage and the second mortgage, plus other housing expenses and all recurring charges, cannot exceed the borrower household’s reasonable ability to pay.
  • Credit= Borrowers must have a minimum FICO score of 620.

 

Other Guidelines

  • Disclosure= The source, amount, and repayment terms of the secondary financing MUST be disclosed in the first mortgage application, and the borrowers must acknowledge that they understand and agree to the terms.
  • After the loan Closes= Correspondent uploads the credit file and closing packages (including the Collateral Package) into the Client Portal. To login to the Client Portal, you will need to contact us for credentials.

 


Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025

Chenoa Fund is available in the following areas/cities