Affordable Housing for Credit Worthy Families
Home ownership isn’t for everyone — but housing is. But unfortunately today, many lenders and assistance options make it vastly difficult for American families and individuals to become homeowners. At Chenoa Fund, however, we have aimed to help families achieve their American Dream so much sooner than if they relied on other assistance programs.
While we have minimum credit scores that may put some borrowers out of the reach of our direct assistance, at Chenoa Fund, we believe that through assisting credit-worthy families to overcome the down payment assistance barrier, we can reduce the competition for “shelter” housing, which in turn helps to reduce its cost and increase its availability for those we cannot assist directly.
This website provides a training series to help correspondents of Chenoa Fund understand and use our services.
What is the Chenoa Fund?
The Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA). CBCMA provides down payment assistance solutions combined with FHA loans. This assistance focuses on helping communities nationwide by providing funding for affordable housing opportunities. CBCMA is a federally chartered, public-purpose government lender. The Chenoa Fund through CBCMA works under the guidelines of FHA and Fannie Mae and partners only with quality mortgage leaders on a correspondent basis.
Through the affordable housing programs, we strive to assist the underserved population that is affected by lending restrictions that have risen in recent years. We recognize that there is a now a significant need for home financing for many who have good credit and a responsible debt burden, but who are unable to prepare and put aside sufficient funds for a down payment on a home.
Financial Tools for Credit-Worthy Families
Everyone in America should have access to affordable housing, and our mission at Chenoa Fund and CBCMA is to help that happen. We offer creditworthy families all the financial tools necessary to help them purchase a home. Through assisting qualified home buyers, we believe we can help create healthy communities. We aim to help borrowers break through minimum investment requirements for a mortgage creating balance among housing and home ownership.
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.
Our guidelines are set in such a way as to give the opportunity to as many creditworthy borrowers as possible the chance to purchase a home. Below are some highlights of our guidelines, or you may reach out to any member of our staff of professionals who will help you with any questions and to make sure that your closings happen on time with as few hiccups as possible.
If you meet our credit score, income, and DTI requirements and if you can qualify for an FHA loan, can receive a first mortgage and a second mortgage to cover the 3.5% minimum investment requirement.
Chenoa Fund was created by CBC Mortgage Agency, a subsidiary of the Cedar Band Corporation, which is a government owned and federally authorized band of the Paiute Tribe of Utah. These programs give families with qualifying credit an increased ability for home ownership.
CBCMA partners with the top mortgage lenders to assist in providing qualified families with down payment assistance when purchasing a home. This is made possible through second mortgages. We strongly believe each family deserves a better, more affordable chance at home ownership. It is our top priority to make that dream a reality.