{"id":6634,"date":"2021-02-26T17:44:26","date_gmt":"2021-02-26T17:44:26","guid":{"rendered":"https:\/\/chenoafund.org\/?p=6634"},"modified":"2024-06-17T14:17:07","modified_gmt":"2024-06-17T14:17:07","slug":"double-high-five-for-5-down-payment-assistance","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/double-high-five-for-5-down-payment-assistance\/","title":{"rendered":"Double High Five for 5% Down Payment Assistance!"},"content":{"rendered":"<p>On September 15th, 2020, CBC Mortgage Agency announced an expansion to Chenoa Fund\u2019s Rate Advantage program: <a href=\"https:\/\/chenoafund.org\/high-five-for-5-down-payment-assistance\/\">5% down payment assistance<\/a>! In a similar vein, we\u2019re excited to announce Chenoa Fund\u2019s next major expansion\u2014<strong>5% down payment assistance for the DPA Edge Soft Second Program<\/strong> (our forgivable DPA product). This product will be available beginning <strong>March 1st, 2021<\/strong>.<\/p>\n<p>5% down payment assistance for a forgivable loan? Offered identically nationwide, in every state and county except for New York? Yes, and the minimum requirements to qualify are exactly the same as the base Soft Second program: 620 or higher credit score, income limit of 115% AMI, and DTI of 45% or lower (with higher DTI ratios allowed for higher FICO scores). For a complete list of product requirements, please visit our <a href=\"https:\/\/chenoafund.org\/lender\/product-matrix\/\">Product Matrix<\/a>.<\/p>\n<p>The DPA Edge Soft Second 5% (Soft 5%) is the perfect product for borrowers looking for forgivable down payment assistance who also need some assistance with closing costs or prepaid items. If you would like some more information about this product, whether you are a borrower, lender, or realtor, please reach out to <a href=\"mailto:info@chenoafund.org\">info@chenoafund.org<\/a> or call (866) 563-3507.<\/p>\n<p><strong>DPA Edge 5% In Detail:<\/strong><\/p>\n<ul>\n<li>5% down payment assistance which may be used to cover the borrower\u2019s minimum required investment, closing costs, and\/or prepaid items\n<ul>\n<li>Rounded up to the nearest whole dollar<\/li>\n<li>Calculation based on 5% of the sales price or appraised value, whichever is lower<\/li>\n<\/ul>\n<\/li>\n<li>High balance loans not available<\/li>\n<li>Standard DPA Edge YSP<\/li>\n<li>30-year term, forgivable after 10 years\n<ul>\n<li>No subordination during this time; a refinance would require a payoff<\/li>\n<li>Loan loses its forgivable status if any payments on the first mortgage become 60+ days late<\/li>\n<li>Loan loses its forgivable status if the loan is auto-subordinated under state law without the consent of CBCMA<\/li>\n<li>If forgiveness is terminated, the down payment assistance still has a 0% interest rate, requires no monthly payment, and only needs to be repaid at the end of the 30-year term, upon transfer of ownership, or upon refinance<\/li>\n<\/ul>\n<\/li>\n<li>Income limit of 115% AMI of the subject property<\/li>\n<\/ul>\n<p>The Soft 5% has a different rate than the 3.5% DPA Edge Soft Second, which can be found on our <a href=\"https:\/\/chenoafund.org\/lender\/daily-rate-sheet-and-pricing\/\">Daily Rate Sheet<\/a> (YSP can be found there as well) starting March 1st.<\/p>\n<p>Again, if you would like to learn more, please reach out to <a href=\"mailto:info@chenoafund.org\">info@chenoafund.org<\/a> or call (866) 563-3507.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On September 15th, 2020, CBC Mortgage Agency announced an expansion to Chenoa Fund\u2019s Rate Advantage program: 5% down payment assistance! In a similar vein, we\u2019re&#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":[37],"tags":[466],"class_list":{"0":"post-6634","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-chenoa-talk","7":"tag-5-down-payment-assistance"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Double High Five for 5% Down Payment Assistance! - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Discover how Chenoa Fund offers a double high-five with 5% down payment assistance, making homeownership more accessible.\" \/>\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\/double-high-five-for-5-down-payment-assistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Double High Five for 5% Down Payment Assistance! 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