Our Mission

As a federally chartered, public-purpose driven government agency, we work to increase affordable and sustainable home ownership opportunities for credit-worthy individuals who lack down payment funds.

The Dream Of Home Ownership Meets
The Financial Tools To Get It Done...

Home ownership isn’t for everyone — but housing is. While we have minimum credit scores that may put some borrowers out of the reach of our direct assistance, we believe that through assisting credit-worthy families to overcome the down payment assistance barrier, we can reduce the competition for “shelter” housing, which in turn helps to reduce its cost and increase its availability for those we cannot assist directly.

Straightforward FHA Underwriting.

  • Minimum 620 credit score
  • No First Time Home buyer restrictions
  • No Income or Geographic restrictions
  • No Equity share or Recapture provisions

3.5% Down Payment provided by Chenoa Fund.

  • 115% or less of area median income = Down Payment assistance can be forgivable
  • 115%+ of area median income = Down Payment assistance paid back through a monthly payment

Helping Under-served Markets.

  • Millennial
  • Minorities
  • Lower Income

100% Home Financing
100% Responsible

Affordable Housing For Credit Worthy Families

Chenoa Fund

Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.

CBC Mortgage Agency (CBCMA)

CBCMA is a federally chartered, public-purpose government lender. CBCMA created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan. CBCMA partners with quality, delegated mortgage companies in providing a simple and profitable program, in an effort to increase affordable and sustainable home-ownership opportunities for credit worthy individuals. For more information, call 866-563-3507.

CBCMA partners with quality mortgage lenders on a correspondent basis to provide down payment assistance for qualified home buyers in the form of second mortgages. All assistance is provided in compliance with FHA guidelines.

Our affordable housing programs help meet the needs of an under-served population. Because of the restrictions put on lending in recent years, there is a significant need for home financing for those who have good credit and a responsible debt burden, but who have been unable to put aside sufficient funds to provide a down payment. There is also a significant number of borrowers who would rather save the nest-egg they have carefully put aside for a rainy day rather than use it for a down payment.

Financial Tools for Credit-Worthy Families

We believe that everyone in America should have access to affordable housing, and our mission is to make that happen by providing credit-worthy families the financial tools to purchase a home. We believe that by assisting responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, we are helping to create healthy communities by improving the balance between home ownership and other types of housing.

Through the Chenoa Fund, borrowers that meet our income, credit score and DTI requirements (see our Program Guidelines), and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage to cover their 3.5% minimum investment requirement.

Get Started

Chenoa Fund Loan Process Details

Chenoa Fund works only with approved, full eagle correspondent lenders. It does not work directly with borrowers. If you are a borrower viewing this page, please contact your local mortgage lender for details.

    Register Your Loan

  1. To register a loan with Chenoa Fund simply click HERE. Once you complete the application and upload your FNMA 3.2 file, you will be able to print off a registration/rate lock form.
  2. You will receive the second mortgage disclosures from CBCMA registration department.
  3. You send second mortgage disclosures to your borrower.

    Close Your Loan

  • When closing is ready, Correspondent logs on, requests CD 3 days before closing, and receives back from CBCMA the Initial/Final CD as well as the 2nd mortgage docs if applicable.

    Sell Your Loan

  • The mortgage loan is reviewed for credit and compliance. Any deficiencies will be view-able online to Correspondent, who can then clear the conditions allowing us to purchase the loan. Average turn times are 48 hours from the time of upload until conditions are issued.

Program Guidelines Summary


The objective of the Chenoa Fund is to assist as many home buyers as possible to achieve the dream of home ownership. Our guidelines are designed to allow as many credit-worthy borrowers as possible the ability to purchase a home. Below are some highlights of our guidelines, or you may also view our complete Program Guidelines.

Quick, Easy Closings...

We work hard to make sure that your closings happen on-time and with as little hassle as possible. Our staff of professionals will provide you with everything necessary to make sure your loan closes smoothly.

Contact Us


For general questions regarding your loan contact our servicing team at: 866-563-7572

Email: servicing@chenoafund.org

For Homeowner account or payment information Click Here.

Business Partners

To contact our sales team call: 866-563-3507

Email: info@chenoafund.org

Chenoa Fund

This site is for informational purposes and is for use by licensed industry professionals.
This site and the information contained therein is not a solicitation to lend money to consumers.

CBC Mortgage Agency NMLS: 1186381 - 912 W. Baxter Drive, Suite 150 South Jordan, Utah 84095
Main 866-563-3507 | Servicing 866-563-7572 | Fax 435-237-0022