Chenoa Down Payment Assistance Program

Chenoa Fund

The Chenoa Fund offers three different programs to meet the different needs of homebuyers. For more information, links to the Chenoa Fund website can be found below.

Rate Advantage

Amount of DPA Provided
* 3.5% or 5% of the lower of the purchase price or the appraised value.

Description of Program

* Down payment assistance in the form of 10-Year repayable secondary financing at a 6% fixed rate only.

Borrower Income Limits
* Fully amortized second mortgages with a term of 10 years for borrowers with qualifying income less than or equal to 135% of area median income for the property.

DPA Edge: Soft Second

Amount of DPA Provided
* 3.5% or 5% of the lower of the purchase price or the appraised value.

Description of Program

* Down payment assistance in the form of soft/forgivable secondary sinancing. Second lien is a 30-year term, 0% interest, and no payments due.

Borrower Income Limits
* Soft/forgivable secondary financing available to borrower with qualifying income less than or equal to 115% of area median income for the property.

DPA Edge: Repayable Second

Amount of DPA Provided
* 3.5% or 5% of the lower of the purchase price or the appraised value.

Description of Program
* Down payment assistance in the form of Repayable Secondary Financing. Loan Option 1 is a 10-year term, 0% interest rate. Loan Option 2 is a 30-year term, 5% interest rate.
Both loans require regular monthly payments.

Borrower Income Limits
* Fully amortized second mortgages with a term of 10 or 30 years. With no income limits!

Website links

We want to make sure you have all the information you need to make an educated decision regarding your finances and home purchasing process. Here are links to the different state government websites that go into detail about the various loan programs. You can also quickly see how much you may qualify for with our Quick Quote.

Quick Quote
Rate Advantage

More information can be found on the Rate Advantage website. Click to learn more. 

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DPA Edge: Soft Second

More information can be found on the DPA Edge: Soft Second website. Click to learn more.

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DPA Edge: Repayable Second

More information can be found on the DPA Edge: Repayable Second website. Click to learn more.

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FHA Limits

FHA Low-Cost Area Loan Limits

The FHA national low-cost area mortgage limits, which are set at 65 percent of the
national conforming limit of $548,250 for a one-unit Property, are, by property unit
number, as follows:
• One-unit: $356,362
• Two-unit: $456,275
• Three-unit: $551,500
• Four-unit: $685,400

FHA High-Cost Area Loan Limits

The FHA national high-cost area mortgage limits, which are set at 150 percent of the
national conforming limit of $548,250 for a one-unit Property, are, by property unit
number, as follows:
• One-unit: $822,375
• Two-unit: $1,053,000
• Three-unit: $1,272,750
• Four-unit: $1,581,750

FHA Income Limits

FHA does not have a limit on how much you can earn each year.

Conventional Loan Tools

FHFA Loan Limit Map

Use this interactive map provided by Fannie Mae to check the loan limits in your area.

SELECT

FHFA Loan Limit by County

This PDF will show you the Fannie Mae and Freddie Mac loan limits by County.

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Freddie Mac Income and Property Eligibility

Check if your income and house qualify for the Freddie Mac Home Possible® Loan Program.

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VA Loan Tools

FLEXIBLE CODE

VA follows the loan limits set by Fannie Mae for conventional loans. Use this map to see the loan limit in your area.

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eBenefits Certificate of Eligibility

Calculate your VA Home Loan benefit and entitlement to get a Certificate of Eligibility.

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Download VA form 26-1880

VA request form for a certificate of eligibility.

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USDA Loan Tools

Property Eligibility Map

USDA loans can only be used when the house is in a USDA approved area. If you don’t have the address of the home yet then you can just pick an address in the area where you are looking and enter the complete address into the USDA property eligibility site. It will let you know if the property is in a eligible USDA area.

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Income Eligibility

USDA requires that all household income from adults over the age of 18 is used in the income calculations. The strict Debt to Income levels that USDA requires can make it a little confusing. ReNew will do the income calculations for you. If you would like to check yourself you can use the USDA website by clicking the Check Income Eligibility button.

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Income Limit Map

This map will show you what the income limits are in your area. USDA sets income limits by county. Just add up all of the net income made by anyone over the age of 18 that will be living in the home and you will have your total household income that USDA uses. Your total household income needs to be below the USDA County Income limit to qualify.

SELECT

Loan Limit Map

This Map will show you the USDA loan limits in your area. Limits are set by County.

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