{"id":6655,"date":"2020-09-15T18:04:51","date_gmt":"2020-09-15T18:04:51","guid":{"rendered":"https:\/\/chenoafund.org\/?p=6655"},"modified":"2024-06-17T14:52:42","modified_gmt":"2024-06-17T14:52:42","slug":"high-five-for-5-down-payment-assistance","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/high-five-for-5-down-payment-assistance\/","title":{"rendered":"High Five for 5% Down Payment Assistance!"},"content":{"rendered":"

CBC Mortgage Agency is excited to announce an expansion to Chenoa Fund! Starting September 15th<\/sup>, we are now allowing borrowers to receive 5% down payment assistance through our Rate Advantage product. Buyers, sellers, and lenders, let out a cheer! The current, crazy market is a seller\u2019s market for sure, which can be very difficult for borrowers who need seller concessions in order to purchase a home. To help meet this need, we added 1.5% to the amount of DPA offered by our Rate Advantage program\u2014which can go a long way to cover closing costs. This enables more borrowers get into homes, helps more sellers sell their homes, and gives lenders one more tool to serve low- to medium-income borrowers.<\/p>\n

5% Down Payment Assistance through the Rate Advantage product?<\/strong><\/p>\n

You read that right! Borrowers can now choose between two different down payment assistance amounts when they pair our Rate Advantage product with an FHA loan: 5% or 3.5%. Other than the assistance amount, the only difference between a 5% DPA Rate Advantage product and a 3.5% DPA Rate Advantage product is the interest rate on the first mortgage (click\u00a0here<\/a>\u00a0to go to our rates page). Since 5% down payment assistance is an expansion of the Rate Advantage product, not a new product, everything else is identical between a 5% DPA Rate Advantage loan and a 3.5% DPA Rate Advantage loan.<\/p>\n

Is this assistance only for the down payment?<\/strong><\/p>\n

No, it is not. Any amount of the 5% down payment assistance offered through the Rate Advantage product can apply towards the down payment, closing costs, or prepaid items, or any combination of the three.<\/p>\n

What are the requirements for the Rate Advantage product?<\/strong><\/p>\n

Chenoa Fund offers very market-competitive requirements for the Rate Advantage product:<\/p>\n

    \n
  1. 640 FICO or higher<\/li>\n
  2. 50% DTI or less<\/li>\n
  3. Qualifying income equal to or less than 135% of the area median income for the home you will live in<\/li>\n<\/ol>\n

    Rate Advantage down payment assistance loans are available in all states except for New York.<\/p>\n

    Do I need to be a first-time homebuyer, and will I need homeownership education?<\/strong><\/p>\n

    No to both questions!<\/p>\n

    How do I find a lender that offers Chenoa Fund?<\/strong><\/p>\n

    Ask your loan officer if your lender offers Chenoa Fund! You can also reach out to\u00a0info@chenoafund.org<\/a>\u00a0to request a list of lenders in your area that offer Chenoa Fund.<\/p>\n

    How can I learn more?<\/strong><\/p>\n

    Email\u00a0info@chenoafund.org<\/a>\u00a0with any questions you have<\/p>\n","protected":false},"excerpt":{"rendered":"

    CBC Mortgage Agency is excited to announce an expansion to Chenoa Fund! Starting September 15th, we are now allowing borrowers to receive 5% down payment…<\/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":[54],"class_list":{"0":"post-6655","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-chenoa-talk","7":"tag-down-payment-assistance"},"yoast_head":"\nHigh Five for 5% Down Payment Assistance! - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Discover Chenoa Fund's High Five for 5 Down Payment Assistance program, empowering homebuyers with accessible financing options.\" \/>\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\/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=\"High Five for 5% Down Payment Assistance! 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