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.
Download MatrixDownload Income Calculator
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 2% higher than 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: $472,030
• Two-unit: $604,400
• Three-unit: $730,525
• Four-unit: $907,900
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: $1,089,300
• Two-unit: $1,394,775
• Three-unit: $1,685,850
• Four-unit: $2,095,200
FHA Income Limits
FHA does not have a limit on how much you can earn each year.
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.
SELECTIncome 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.
SELECTIncome 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.
SELECTLoan Limit Map
This Map will show you the USDA loan limits in your area. Limits are set by County.
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