{"id":14612,"date":"2024-03-08T06:00:34","date_gmt":"2024-03-08T06:00:34","guid":{"rendered":"https:\/\/chenoafund.org\/?p=14612"},"modified":"2024-03-07T23:56:58","modified_gmt":"2024-03-07T23:56:58","slug":"program-guidelines-update-announcement-3-8-2024","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/program-guidelines-update-announcement-3-8-2024\/","title":{"rendered":"Program Guidelines Update Announcement 3\/8\/2024"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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 <\/span><b>3\/11\/2024,<\/b><span style=\"font-weight: 400;\"> unless otherwise noted.\u00a0<\/span><\/p>\n<p><b>Announcement: Chenoa Fund Down Payment Assistance<\/b> <b>Update(s): <\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The forgiveness period on the 5% DPA has been changed to match the forgiveness period on the 3.5%\u00a0 DPA. For both products, the forgiveness period is thirty-six (36) consecutive months of on-time first lien payments.\u00a0<\/span><\/p>\n<p><b>Announcement: Subordination (s): <\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We have changed the subordination period of the 5% DPA to match the 3.5% DPA. Forgivable second liens do not qualify for subordination prior to the initial thirty-six (36) payments being made on the first mortgage. This applies for both the forgivable 3.5% DPA and 5% DPA.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following sections in the Correspondent Lending Guide are affected by this change:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4.2.1 Chenoa Fund Down Payment Assistance\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">10.2.2 Forgivable Second Liens <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;<\/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":[42,334],"class_list":{"0":"post-14612","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-chenoa-fund","8":"tag-program-guidelines"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Program Guidelines Update Announcement 3\/8\/2024 - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Access policy changes that apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 3\/08\/2024.\" \/>\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-guidelines-update-announcement-3-8-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Program Guidelines Update Announcement 3\/8\/2024 - 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