Chenoa Down Payment Assistance Program

Chenoa Fund

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

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10yr Term Repayable 2nd

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 the same interest rate as the 1st mortgage.

Borrower Income Limits
In order to receive the best rates, borrowers must have a qualifying income less than or
equal to 135% of the area median income based on the state and county of the property to be purchased.

30yr Forgivable 2nd

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
In order to receive the best rates, borrowers must have a qualifying income less than or
equal to 135% of the area median income based on the state and county of the property to be purchased.

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: $498,257
• Two-unit: $637,950
• Three-unit: $771,125
• Four-unit: $958,350

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: $1,149,852
• Two-unit: $1,472,250
• Three-unit: $1,779,525
• Four-unit: $2,211,600

FHA Income Limits

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

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