The Chenoa Fund Down Payment Assistance Program increases affordable and sustainable homeownership opportunities for credit worthy individuals who lack down payment funds. Cedar Band Corporation (CBC) Mortgage Agency, owned by Cedar Band of Paiutes, is the name of the company that offers the product suite called the Chenoa Fund.

Chenoa Offers Three Down Payment Assistance Options

• Soft Second – Forgivable Grant with 36 months of consecutive on time payments on the first mortgage.
• Repayable Second – Paid back over 10 or 30 years
• Rate Advantage – Repayable 2nd amortized over 10 years

Basic Program Requirements

Credit Scores Between 620-639: Borrowers who have current rent payment history:

• Verification of 12 months of current rent payment history required.
• Payment shock cannot exceed 125%.
• Homebuyer Education is required.
• Maximum debt-to-income ratio of 45%.

Credit Scores Between 620-639: Borrowers who do not have current rent payment history:

• Verification that borrowers are living rent free.
• The maximum debt-to-income ratio is 31/45%.
• Homebuyer Education is required.
• 3 months PITI reserves (gift funds not allowed to meet reserve requirements)
• Minimum two (2) years with present employer.
• Meet VA residual Income Requirements.

Credit Scores Between 640-659:

• 50% maximum debt-to-income ratio
• If the borrower exceeds the maximum debt-to-income ratio, refer to alternative qualification requirements with a maximum debt-to-income ratio of 55%.
• Lenders will refer to the automated underwriting system findings for debt-to-income ratio if the credit score is 660 or higher.

With the Chenoa Fund Down Payment Assistance program new homeowners can start now building equity for their future, rather than potentially waiting for years to save a down payment while home prices may become even more unaffordable.

Contact Elva Wormley today for more information.