WHAT IS THE CHENOA FUND?
Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
Through the Chenoa Fund, borrowers that meet our credit score and DTI requirements (see our program guidelines, and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement.
CHENOA FUND LOAN PROCESS DETAILS
Chenoa Fund works only with approved, full eagle correspondent lenders. It does not work directly with borrowers. If you are a borrower viewing this page, please contact your local mortgage lender for details.
STEP ONE
Register Your Loan
To register a loan with Chenoa Fund simply click HERE. Once you complete the application and upload your FNMA 3.2 file, you will be able to print off a registration/rate lock form.
You will receive the second mortgage disclosures from CBCMA registration department.
You send second mortgage disclosures to your borrower.
STEP TWO
Close Your Loan
When closing is ready, Correspondent logs on, requests CD 3 days before closing, and receives back from CBCMA the Initial/Final CD as well as the 2nd mortgage docs if applicable.
STEP THREE
Sell Your Loan
The mortgage loan is reviewed for credit and compliance. Any deficiencies will be view-able online to Correspondent, who can then clear the conditions allowing us to purchase the loan. Average turn times are 48 hours from the time of upload until conditions are issued.
TESTIMONIALS
“The Chenoa Fund is an amazing program for ready home buyers who need financial assistance to make their dream of home ownership come to fruition!”
An Amazing Program
“The Chenoa Fund has been a huge blessing to my family, and we are so thankful. Without your organization, our dream of providing our boys a home wouldn't have come true.”
The Answer To Our Prayers
“Had I not known about the Chenoa Fund, my family and I would have had to wait another two years for our home purchase.”
We Are Very Grateful
