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
This DPA program has no income limitations.
30yr Term 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 financing. Second lien is a 30-year term, 0% interest. Forgiveness is after 36 consecutive, on-time payments on the first mortgage.
Borrower Income Limits
This DPA program has no income limitations.
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.
