{"id":9003,"date":"2019-08-20T18:29:42","date_gmt":"2019-08-20T18:29:42","guid":{"rendered":"https:\/\/chenoafund.org\/?p=9003"},"modified":"2024-06-21T13:27:09","modified_gmt":"2024-06-21T13:27:09","slug":"webinar-on-updates-sent-on-082019","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/webinar-on-updates-sent-on-082019\/","title":{"rendered":"19-23: WEBINAR ON UPDATES SENT ON 08:20:19"},"content":{"rendered":"

Please Plan to Attend <\/strong><\/p>\n

CBC Mortgage Agency invites you to attend a free webinar to learn about CBCMA\u2019s upcoming program changes which go into effect 9\/1\/19. The webinar will provide attendees with an opportunity to ask questions and learn more about the Chenoa Fund Down Payment Assistance Program.<\/p>\n

The webinar takes place 8\/23\/28 @ 11:00 a.m. Mountain Time \u2013 Registration is Required. <\/em><\/p>\n

Registration URL<\/strong><\/p>\n

https:\/\/attendee.gotowebinar.com\/register\/3103330188828049931<\/p>\n

Webinar ID<\/strong><\/p>\n

940-824-539<\/p>\n

We appreciate your sharing this invitation with your colleagues!<\/strong><\/p>\n

Chenoa Fund Down Payment Assistance September 1, 2019 Program Changes<\/strong><\/em><\/p>\n

CHANGE 1<\/strong>: All applications must contain a \u2018present\u2019 housing payment unless the borrower is currently not making a housing payment. This field may not be left blank. If the borrower is not making a housing payment then $0.00 should be entered into the \u2018present\u2019 housing payment field on the loan application and the file must contain the following A structured Letter of Explanation from the borrower, or alternatively, CBC Mortgage Agency\u2019s \u201cHousing Expense Acknowledgement\u201d form<\/em> to specifically address the following:<\/p>\n

1. Why they do not presently have a current housing payment.<\/p>\n

2. Explains:<\/p>\n

a. why they have not been able to save the funds to be able to make their own minimum required down payment (or)<\/p>\n

b. why, if they have saved the money for the minimum required down payment, they are opting not to use those funds towards the down payment.<\/p>\n

3. How they feel that they will be able to pay their new housing expense on time along with their other currently existing obligations with the new housing payment.<\/p>\n

4. Their forethought and preparation regarding how they intend to handle unforeseen financial expenses after the purchase of their home; such as home maintenance and repairs.<\/p>\n

CHANGE 2:<\/strong> Borrowers with credit scores between 640 and 659 who have a present housing payment MUST provide a 12-month history regardless of AUS findings.<\/em> Borrowers within this FICO Band cannot exceed a maximum debt to income ratio of 50%.<\/p>\n

CHANGE 3<\/strong>: Borrowers with credit scores between 620 and 639<\/p>\n

\u00b7 cannot exceed a maximum debt to income ratio of 45%<\/p>\n

\u00b7 must have a present housing payment and<\/p>\n

\u00b7 provide 12-month housing payment history.<\/p>\n

\u00b7 The new housing payment must not create a payment shock exceeding 25%. (Example: If a borrower is currently paying $1,000.00 a month in rent, the new mortgage payment cannot exceed $1,250.00 a month.)<\/p>\n

NOTE: Borrowers with credit scores between 620-639 must take a homebuyer education course prior to closing.<\/p>\n

\u00b7 CBCMA no longer requires that the borrower complete the course through Hope Loan Port, but the course must be taken through a HUD approved Housing Counseling agency<\/p>\n

\u00b7 CBCMA will continue to pay the course fee for those borrowers choosing to take the Hope Loan Port course.<\/p>\n

Exceptions for the payment history or debt to income requirements will only be considered for borrowers whose:<\/p>\n

\u2022 Housing ratio does not exceed 30% and who have 3 months liquid reserves (3 months of proposed mortgage payments in savings) at the time of closing OR<\/p>\n

\u2022 Additional exceptions may be considered by our credit committee who meets once a week on Fridays.<\/p>\n","protected":false},"excerpt":{"rendered":"

Please Plan to Attend CBC Mortgage Agency invites you to attend a free webinar to learn about CBCMA\u2019s upcoming program changes which go into effect…<\/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":[132],"class_list":{"0":"post-9003","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-updates-and-announcements","7":"tag-webinar"},"yoast_head":"\n19-23: WEBINAR ON UPDATES SENT ON 08:20:19 - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Join our webinar for insightful updates on 08\/20\/19 - Discover valuable information at Chenoa Fund. in our article.\" \/>\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\/webinar-on-updates-sent-on-082019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"19-23: WEBINAR ON UPDATES SENT ON 08:20:19 - 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