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. 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 has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. If you are 30 days or more late in making a payment, the period of 36 consecutive on-time payments will start over. Once confirmed by CBCMA, the $10,000 loan is forgiven entirely. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. FHA Loans. Training Series #1 - For Loan Officers. 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. Let’s continue the example outlined above. •2.No0% Interest Rate and 30-year Term monthly payment. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA-insured first 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. program, please contact our program development team. • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loans. It is the originating lender’s responsibility to ensure that the A lien is placed on the property for the amount of the assistance. 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®. CBCMA Does Not Originate Mortgage Loans. Chenoa Fund DPA Edge: Soft Second product. 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. This is not 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. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% … CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. 2019 State of Down Payment Assistance Report, Become Approved as a Correspondent Lender, Providing Down Payment Assistance On FHA And Conventional Loans. The Chenoa Fund DPA Edge is a ‘Soft Second’ mortgage. 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. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage.Â. 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. South Jordan, Utah 84095, Main: 866.563.3507 With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. Myth! This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. The Chenoa Fund also offers assistance with FHA loans and Conventional loans. an offer to lend money nor a solicitation of a mortgage 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. DPA Edge FHA Overlays • Only offered for single-family and two unit properties. This site is for information purposes and is used by licensed industry professionals. The Chenoa Fund offers three FHA Loan down payment assistance options, including: Chenoa Fund DPA Edge: Soft Second product. program, please contact our program development team. 7. • Only Qualifying Income used for AMI calculations. 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. 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. The second can be 100% forgiven after you make 36 consecutive on-time payments on the first FHA 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. 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. 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 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. Chenoa Fund DPA Edge: Soft Second product; Chenoa Fund Edge Repayable Second product; Chenoa Fund Rate Advantage program; Conventional Loans. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. 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. • Three to four unit properties not allowed. This option is quite popular among borrowers with lower income, because the funds … Simply download the ready-to-use promotional materials from the list below which you can customize by … Used For Second Mortgage; 30 Year Fixed 2nd; 0% Interest Rate 2nd; Min. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. 3. ). 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®. 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. 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. Servicing: 866.563.7572 7. • Only Qualifying Income used for AMI calculations. What happens if … It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. This is not 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 specializes in providing down payment assistance (DPA) for borrowers receiving an FHA 1st mortgage. 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. All assistance is provided in compliance with FHA guidelines. Chenoa Fund DPA Edge. This second mortgage has a 30-year term at a 0% interest rate. NMLS: 1186381 Chenoa Fund DPA Edge: Soft Second product. the grant will NOT have to be paid back. One example is the Chenoa Fund DPA Edge: Soft Second Product. CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. All assistance is provided in compliance with FHA guidelines. 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. You, as the borrower, will not be required to make any payments on the second. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide down payment funds for qualified homebuyers in the form of second mortgages. The lien is for the down payment assistance, which is referred to as the second mortgage. application by CBCMA. PRODUCTS: DPA EDGE Soft Second Repayable Second. DPA Edge: Soft Second. 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. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in … 912 W. Baxter Drive, Suite 150 This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA. The program is provided by the Chenoa fund and is called DPA Edge. 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. Myth! Chenoa Fund DPA Edge: Repayable Second product There are two options for the repayable second. This site is for information purposes and is used by licensed industry professionals. 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. application by CBCMA. FHA Loans. Chenoa Fund DPA Edge: Soft Soft Second Second 1. Let’s continue the example outlined above. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. 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. This soft second will be forgiven if the borrower makes thirty-six consecutive on-time payments on the first mortgage. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. Because these loans are repayable, you will have a payment for the first mortgage and a payment for the second 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. South Jordan, Utah 84095, Main: 866.563.3507 Chenoa Fund provides the down payment to assist you with a home purchase. Servicing: 866.563.7572 The lien is for the down payment assistance, which is referred to as the 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. Myth! All assistance is provided in compliance with FHA guidelines. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. ), 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. 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. 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. DPA Edge: Soft Second Product Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. Originating lenders are responsible for ensuring that their use of CBCMA second mortgages 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. 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. Chenoa Fund Edge Program: With this program, borrowers receive a 30-year term, 0% rate, no payment second mortgage. There are no first-time borrower requirements. One example is the Chenoa Fund DPA Edge: Soft Second Product. Affordable Housing For Credit Worthy Families Chenoa Fund. Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. 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. Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. 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. ). Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. PRODUCTS: DPA EDGE Soft Second Repayable Second. If you are 30-days or greater late in making a payment, the 36 consecutive on-time payment period will start over. Advantages with the DPA Edge Program DPA Edge FHA Overlays • Only offered for single-family and two unit properties. A lien is placed on the property for the amount of the assistance. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. The lien is for the down payment assistance, which is referred to as the second mortgage. • FICO Scores minimum of 620. • Non-occupant co-borrowers are allowed. Other covered topics include how to calculate AMI, … • DTI per AUS or FHA manual underwriting guides. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. CBCMA Does Not Originate Mortgage Loans. No Payment • Qualifying Income: < or = 115% AMI. The Chenoa Fund DPA Edge is a ‘Soft Second’ mortgage. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. 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. You, as the borrower, will not be required to make any payments on the second. CBCMA does not originate mortgage loans. General FAQs; Program FAQs; Documentation. The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. 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. This fund is a fantastic option for home buyers, as it does not require you to be a first-time borrower. CBCMA has a mission to increase affordable and sustainable homeownership specifically for creditworthy, low- to moderate-income individuals. The site and the information contained therein is not a solicitation to lend money to consumers. One example is the Chenoa Fund DPA Edge: Soft Second Product. NMLS: 1186381 The loan is forgiven when you make 36 consecutive on-time payments on the FHA first mortgage. If you would like more information about this • FICO Scores minimum of 620. • Non-occupant co-borrowers are allowed. This soft second will be forgiven if the borrower makes thirty-six consecutive on-time payments on the first mortgage. Let’s continue the example outlined above. 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. 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. 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 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. 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. CBCMA Does Not Originate Mortgage Loans. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. The DPA Edge Forgivable or Soft Second is a fully-disclosed, fully-recorded 2nd mortgage that lives on title, but requires no payment. 912 W. Baxter Drive, Suite 150 DPA Edge: Repayable 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. 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. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. 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. 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. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. • DTI per AUS or FHA manual underwriting guides. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA-insured first mortgage. CBCMA Does Not Originate Mortgage Loans. The site and the information contained therein is not a solicitation to lend money to consumers. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage. Fax: 435.237.0022, Home » Lender » DPA Edge: Soft Second Product. Once confirmed by CBCMA, the $10,000 loan is forgiven. The following are the primary programs offered 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. Advantages with the DPA Edge Program DPA Edge FHA Overlays • Only offered for single-family and two unit properties. DPA Edge: Soft Second Product; DPA Edge: Repayable Second Product; Rate Advantage Program; Conventional Program; Income Guidelines Lender FAQs. an offer to lend money nor a solicitation of a mortgage You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% … CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving a FHA insured first mortgage. Fax: 435.237.0022, Home » Homebuyer » DPA Edge: Soft Second Product. Once confirmed by CBCMA, the $10,000 loan is forgiven. Myth or Fact: All Chenoa Fund down payment assistance loans are repayable. If you would like more information about this 620 Credit Score; Income Restrictions May Apply; Loan may be forgiven after 36 on-time consecutive payments on the 1st mortgage One product in particular, the DPA Edge Forgivable, puts the borrower in a better position financially because of its aggressive loan forgiveness feature. 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