{"id":14068,"date":"2023-12-04T11:57:24","date_gmt":"2023-12-04T11:57:24","guid":{"rendered":"https:\/\/chenoafund.org\/?p=14068"},"modified":"2023-12-05T16:42:54","modified_gmt":"2023-12-05T16:42:54","slug":"program-update-announcement-december-4-2023","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/","title":{"rendered":"Program Update Announcement December 4, 2023"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][image_with_animation image_url=”6554″ image_size=”full” animation_type=”entrance” animation=”None” animation_movement_type=”transform_y” hover_animation=”none” alignment=”center” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text]All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning December 4, 2023,<\/strong> unless otherwise noted. This announcement, and previous announcements are available on the Announcements<\/a> page of our website.[\/vc_column_text][divider line_type=”No Line”][nectar_responsive_text]\n

Correction to Announcement: Temporary Buydowns Allowed<\/span><\/h3>\n[\/nectar_responsive_text][nectar_highlighted_text color_type=”regular” highlight_color=”#fffe24″ style=”full_text” highlight_expansion=”default”]*Correction: Temporary Buydowns was moved from section 7.17.1 | Documentation \u2013 Further Requirements to 7.17 | Documentation \u2013 General Requirements.<\/p>\n

Effective Monday, December 4, 2023, 2-1 and 1-0 buydowns are allowed for Chenoa Fund Down Payment Assistance. This change effects the following sections in the guide:<\/p>\n

5.21.2 Seller Credits<\/u><\/p>\n

CBC Mortgage Agency allows seller credits as long as they meet FHA\/HUD Handbook 4000.1 requirements.<\/p>\n

Keep in mind that converting seller credits to seller-paid fees must be done prior to or at closing. Seller credits used to offset points and fees must be disclosed on the initial and final CD; they cannot be corrected after closing and must be reflected on the purchase contract prior to closing.<\/p>\n

The Interested Parties\u2019 contribution of up to 6% of the sales price would include temporary interest rate buydowns.<\/em><\/p>\n

7.17 | Documentation\u2014General Requirements<\/strong><\/em><\/p>\n

CBC Mortgage Agency requires that each loan conforms to and complies with all applicable HUD and FHA underwriting, lending, selling, and servicing requirements, as well as all Ginnie Mae requirements for the inclusion of the mortgaged loan in a Ginnie Mae MBS pool.\u00a0 In addition to all FHA credit qualifying and documentation requirements, the loan must also include:[\/nectar_highlighted_text]

\n
    \n
  • An electronic fraud detection report covering standard areas of quality control, i.e., borrower validation, social security validation, property information, and MERS verification<\/li>\n
  • Compliance testing for adherence to QM\/ATR, APR, and Points and Fees for the first mortgage<\/li>\n
  • The copy of the deed of trust, stamped as \u201cTrue and Certified\u201d by the settlement agent<\/li>\n
  • A completed tax information sheet<\/li>\n
  • The 4506-C address, set to match the last filed tax transcripts<\/li>\n
  • Verbal verification of employment within ten (10) calendar days of the Note date, per agency guidelines, and an independently obtained phone number or address for employer with source documented<\/li>\n
  • Evidence the FHA UFMIP has been paid<\/li>\n
  • A W-9 where borrowers have selected a Federal Tax Classification<\/li>\n
  • A Life of Loan flood certificate<\/li>\n
  • Closing Protection Letter (CPL)<\/li>\n
  • Final settlement ALTA statement, signed by the settlement agent<\/li>\n
  • 1-0 or 2-1 Buydown Escrow Agreement<\/em><\/li>\n
  • 1-0 or 2-1 Subsidy Payment Schedule<\/em><\/li>\n<\/ul>\n <\/div>[nectar_highlighted_text color_type=”regular” highlight_color=”#fffe24″ style=”full_text” highlight_expansion=”default”]Additionally, the loan must be fully eligible for FHA insurance, and it must already be insured by HUD or will be insured by HUD within sixty (60) days of the purchase date for CBC Mortgage Agency.[\/nectar_highlighted_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

    [vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default”…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[104],"tags":[343,42,345],"class_list":{"0":"post-14068","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-buydowns","8":"tag-chenoa-fund","9":"tag-program-updates"},"yoast_head":"\nProgram Update Announcement December 4, 2023 - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Access CBC Mortgage Agency's down payment assistance program update announcement for Chenoa Fund on December 4, 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Program Update Announcement December 4, 2023 - CBC Mortgage Agency\" \/>\n<meta property=\"og:description\" content=\"Access CBC Mortgage Agency's down payment assistance program update announcement for Chenoa Fund on December 4, 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"CBC Mortgage Agency\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ChenoaFundOfficial\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-04T11:57:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-05T16:42:54+00:00\" \/>\n<meta name=\"author\" content=\"James Bethe\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Chenoa_Fund\" \/>\n<meta name=\"twitter:site\" content=\"@Chenoa_Fund\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Bethe\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/\"},\"author\":{\"name\":\"James Bethe\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/person\\\/299cfb8c03905ace40291040893ccc4b\"},\"headline\":\"Program Update Announcement December 4, 2023\",\"datePublished\":\"2023-12-04T11:57:24+00:00\",\"dateModified\":\"2023-12-05T16:42:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/\"},\"wordCount\":694,\"publisher\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#organization\"},\"keywords\":[\"Buydowns\",\"Chenoa Fund\",\"program updates\"],\"articleSection\":[\"Updates and Announcements\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/\",\"name\":\"Program Update Announcement December 4, 2023 - CBC Mortgage Agency\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#website\"},\"datePublished\":\"2023-12-04T11:57:24+00:00\",\"dateModified\":\"2023-12-05T16:42:54+00:00\",\"description\":\"Access CBC Mortgage Agency's down payment assistance program update announcement for Chenoa Fund on December 4, 2023.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/program-update-announcement-december-4-2023\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/chenoafund.org\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Program Update Announcement December 4, 2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#website\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/\",\"name\":\"Chenoa Fund\",\"description\":\"A down payment assistance program.\",\"publisher\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/chenoafund.org\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#organization\",\"name\":\"Chenoa Fund\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/chenoafund.org\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Logo.jpg?fit=500%2C500&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/chenoafund.org\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Logo.jpg?fit=500%2C500&ssl=1\",\"width\":500,\"height\":500,\"caption\":\"Chenoa Fund\"},\"image\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/ChenoaFundOfficial\",\"https:\\\/\\\/x.com\\\/Chenoa_Fund\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/cbc-mortgage-agency\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCjSqN9lHVbBrdn7u9tpPTDA\",\"https:\\\/\\\/www.instagram.com\\\/chenoafundofficial\\\/\",\"https:\\\/\\\/www.tiktok.com\\\/@chenoafund\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/person\\\/299cfb8c03905ace40291040893ccc4b\",\"name\":\"James Bethe\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/author\\\/jamesbethe\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Program Update Announcement December 4, 2023 - CBC Mortgage Agency","description":"Access CBC Mortgage Agency's down payment assistance program update announcement for Chenoa Fund on December 4, 2023.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/","og_locale":"en_US","og_type":"article","og_title":"Program Update Announcement December 4, 2023 - CBC Mortgage Agency","og_description":"Access CBC Mortgage Agency's down payment assistance program update announcement for Chenoa Fund on December 4, 2023.","og_url":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/","og_site_name":"CBC Mortgage Agency","article_publisher":"https:\/\/www.facebook.com\/ChenoaFundOfficial","article_published_time":"2023-12-04T11:57:24+00:00","article_modified_time":"2023-12-05T16:42:54+00:00","author":"James Bethe","twitter_card":"summary_large_image","twitter_creator":"@Chenoa_Fund","twitter_site":"@Chenoa_Fund","twitter_misc":{"Written by":"James Bethe","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/#article","isPartOf":{"@id":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/"},"author":{"name":"James Bethe","@id":"https:\/\/chenoafund.org\/#\/schema\/person\/299cfb8c03905ace40291040893ccc4b"},"headline":"Program Update Announcement December 4, 2023","datePublished":"2023-12-04T11:57:24+00:00","dateModified":"2023-12-05T16:42:54+00:00","mainEntityOfPage":{"@id":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/"},"wordCount":694,"publisher":{"@id":"https:\/\/chenoafund.org\/#organization"},"keywords":["Buydowns","Chenoa Fund","program updates"],"articleSection":["Updates and Announcements"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/","url":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/","name":"Program Update Announcement December 4, 2023 - CBC Mortgage Agency","isPartOf":{"@id":"https:\/\/chenoafund.org\/#website"},"datePublished":"2023-12-04T11:57:24+00:00","dateModified":"2023-12-05T16:42:54+00:00","description":"Access CBC Mortgage Agency's down payment assistance program update announcement for Chenoa Fund on December 4, 2023.","breadcrumb":{"@id":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/chenoafund.org\/program-update-announcement-december-4-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/chenoafund.org\/"},{"@type":"ListItem","position":2,"name":"Program Update Announcement December 4, 2023"}]},{"@type":"WebSite","@id":"https:\/\/chenoafund.org\/#website","url":"https:\/\/chenoafund.org\/","name":"Chenoa Fund","description":"A down payment assistance program.","publisher":{"@id":"https:\/\/chenoafund.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/chenoafund.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/chenoafund.org\/#organization","name":"Chenoa Fund","url":"https:\/\/chenoafund.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/chenoafund.org\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2023\/09\/Logo.jpg?fit=500%2C500&ssl=1","contentUrl":"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2023\/09\/Logo.jpg?fit=500%2C500&ssl=1","width":500,"height":500,"caption":"Chenoa Fund"},"image":{"@id":"https:\/\/chenoafund.org\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ChenoaFundOfficial","https:\/\/x.com\/Chenoa_Fund","https:\/\/www.linkedin.com\/company\/cbc-mortgage-agency","https:\/\/www.youtube.com\/channel\/UCjSqN9lHVbBrdn7u9tpPTDA","https:\/\/www.instagram.com\/chenoafundofficial\/","https:\/\/www.tiktok.com\/@chenoafund"]},{"@type":"Person","@id":"https:\/\/chenoafund.org\/#\/schema\/person\/299cfb8c03905ace40291040893ccc4b","name":"James Bethe","url":"https:\/\/chenoafund.org\/author\/jamesbethe\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/posts\/14068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/comments?post=14068"}],"version-history":[{"count":0,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/posts\/14068\/revisions"}],"wp:attachment":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/media?parent=14068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/categories?post=14068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/tags?post=14068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}