We’re thankful for…

Written by Cari Zwick, CBC Mortgage Agency Corporate Account Director


As Thanksgiving quickly approaches (it’s tomorrow… can you believe), I just wanted to take a quick second and share some thoughts.


My grateful list looks a little different this year. 2020 has definitely been one for the books! Last year if you would have asked me what I was thankful for, the list might have been: my family, friends, trips to California or the beach etc. All good things right? This year, that list has a whole different meaning.


My 2020 Thankful list: 

My family and their health

A safe home to live in

The freedom of which this country allows


The list could go on. However, this year, I’m most thankful for you! Because of you, I’m able to continue working towards CBC Mortgage Agency’s ultimate goal of helping those in need, achieve the American Dream of Homeownership. This year thousands of families and individuals have been able to add a home to their grateful list. I asked a few of my friends here from CBC to share a few things they are grateful for as well:


Dianah (Purchase Clearing Team Lead): “I am grateful that in the midst of all things crazy, because of my faith, I can have peace that passes all understanding.”


David (“Boo) Ludlow: “I’m grateful for my family. Almost all of the blessings I have I would not have received without my wife, parents, siblings, and extended family, and I certainly wouldn’t be who I am today without them.”


Zac (Purchase Clearing Specialist): “I am grateful for beautiful sunrises and glorious sunsets.”


Mark (Operations Trade Desk Manager): “I want to express my utmost gratitude and love for music. What an amazing, divine gift it is! I cannot fathom living in a world without music. It permeates my soul, invigorates my spirit, enlightens my mind, and unburdens a my heart. Music is nothing less than the language of the divine. It is and always will be central in my life. The song “How Can I Keep from Singing” expresses my feelings here. I love singing with a passion and do so all the time. Indeed, How could I ever keep from singing?”


Trevor (Operations Manager): “In this crazy time there are many things I’m grateful for. At the top of my list is my job at CBCMA. It is such a blessing to have stable employment and steady income. It is something that can be taken for granted but I try to remind myself often how fortunate I am for this opportunity. The other thing that stands out as something I’m grateful for is our beautiful earth, and this awesome state of Utah. There are so many things to do and places to explore, and I’m in constant awe of the incredible scenery I find, and all the different ways I’m able to enjoy all of those places!  Utah is so unique, and I’m grateful for the time I’ve been able to spend exploring it.”


(A special thanks to David Ludlow for collecting these thoughts!) 


In closing, I’d like to share a few words from CBC Mortgage Agency president Richard Ferguson:


“In a world filled with turmoil and pandemic fears, I am reminded of the adage, “There’s no place like home”, which can be a refuge from the storms that rage around us. I am grateful for the opportunity to be associated with a company whose mission it is to enable homeownership, especially amongst the underserved. No greater work is done by humankind, than the work performed within the walls of the home. May we all be grateful for the blessings we enjoy, and employ our labors to the betterment of the communities we reside.” 


Happy Thanksgiving from CBC Mortgage Agency!

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20-11-16 Announcement—November 16 2020 Program Guidelines Update


All policy changes and updates are referenced to the appropriate section of the Correspondent Lending Guide. These policy changes are effective 11/16/2020 unless otherwise noted.

Note: This announcement page has been updated since it was originally posted. The most recent update occurred at 11:33 MST, November 16th.

Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one section immediately following the Recent Updates and Announcements section within the Correspondent Lending Guide. To review the program guidelines changes made November 2 or earlier, please review the archived Program Guidelines.


Due to changing industry needs, we retired our FHA Classic product on October 1. CBCMA will no longer accept registrations for this program. The FHA Classic product will remain on our Product Matrix for reference purposes until January 1st, 2021.


We clarified COVID-19 Temporary Guidance 20-17. All forbearances, even COVID-related forbearances, reset the 36-month waiting period before a Chenoa Fund second mortgage can be subordinated. This has been updated on the Temporary Guidance page and on the original announcement.


In 5.8 (AMI Calculation), the following sentence was added to the beginning of the section: “The area median income (AMI) used to calculate program-specific income limits is valid as of the closing date of a loan.” While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs.


CBC Mortgage Agency adheres strictly to TRID/ATR guidelines with first mortgages; in addition, first mortgages must adhere to the 3% max points/fees test. To help clarify these details, the following sections have been revised (changes bolded):

1.     5.29 | HPML, High Cost, & QM Compliance

HPML transactions are allowed. Lenders must comply with CFPB & TRID requirements. High Cost loans are not permitted. All first mortgages must adhere to QM/ATR compliance. Mortgage loans exceeding the 3% max points/fees test are not permitted unless cures are applied. Bona fide discount points must adhere to CFPB and any or all state regulations.

2.     7.22 | Documentation—General Requirements

[Required Documentation] … Compliance testing for adherence to QM/ATR, APR, and Points and Fees for the first mortgage

On a related note, CBC Mortgage Agency strictly follows the guidance given in the Buckley-Sandler memo on how and when to exclude lender- or seller-paid costs from points and fees. This memo can be found under Originator Resources on our CBCMA Documents and Tools page of our website. We encourage all of our correspondents to become familiarized with the document.


In 10.2 (Mortgage Electronic Registration Systems), we updated the following text (changes bolded):

First mortgage loans sold to CBC Mortgage Agency, and all secondary mortgages, must be registered in Mortgage Electronic Registration Systems (MERS) in accordance with MERS guidelines. In addition, all mortgage loans, first and second liens, must be transferred to CBC Mortgage Agency as Investor (owner/beneficiary) and Servicer through MERS at the same time the first mortgage is transferred, but never before purchase (MERS ORG #1012881). This MERS transfer must be initiated within forty-eight (48) hours to ensure that the MIN will be in CBCMA’s name within seventy-two (72) hours. We remind all correspondents of the following when registering and transferring MINs:

    • Select the correct lien type for the loan
    • Ensure the loan amount is correct
    • Lender organization ID is entered as the Originator for all first mortgages
    • CBCMA organization ID is entered at the Originator for all second mortgages
    • The borrower’s or borrowers’ social security number(s) is correct
    • FHA Case Number is entered and is correct (if applicable)
    • Enter the CBCMA loan number as Investor Loan Number
    • An interim funder should not be added for any Secondary Mortgage MINs

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20-11-02 Announcement—November 2 2020 Program Guidelines Update


All policy changes and updates are viewable in the Correspondent Lending Guide. These policy changes are effective 11/02/2020 unless otherwise noted.

Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one convenient section in these guidelines. This section can be found immediately after this Recent Updates and Announcements section. To review the program guidelines changes made in October, please follow this link to the archived Program Guidelines.


Due to changing industry needs, we retired our FHA Classic product on October 1. CBCMA will no longer accept registrations for this program. The FHA Classic product will remain on our Product Matrix for reference purposes until January 1st, 2021.


In 5.16 (Alternative Qualification Requirements), we made several clarifications:

  1. Borrowers may not use gift funds to meet reserves requirements.
  2. All borrowers on a loan must meet the alternative qualification requirements if alternative qualification requirements are used to qualify for a Chenoa Fund product.
  3. For borrowers in the FICO band of 640–659, we set a DTI maximum of 55% for borrowers that qualify using Chenoa Fund’s alternative qualification requirements. The DTI maximum is still 50% for borrowers not using alternative qualification requirements. We will not go above 55% DTI for borrowers using these programs and in this FICO range, even if they meet other alternative qualification requirements. This update does not apply to the Rate Advantage program.

Visit section 5.16 in the guidelines to fully review the current requirements for each Chenoa Fund product.


In 5.32 (Fees to Originator), we clarified that loan level pricing adjustment charges may be seller-paid. The specific text is included below, additions bolded:

“CBCMA will allow a maximum origination fee of 1.5%. Additionally, the lender may charge for any CBCMA loan level pricing adjustments (LLPAs); charges for loan level pricing adjustments may be seller-paid. Lenders will be required to refund borrowers for any origination fees (including non–bona fide discount points) exceeding 1.5% plus CBCMA LLPAs. Reasonable lender underwriting, administrative, or program fees are not considered in this calculation; however, they are considered in the QM 3% points and fees test.


In 5.34.2 (Manual Underwriting), it was clarified that CBCMA strictly follows FHA guidelines for manual underwrites. We do not allow manually underwritten loans to qualify for Chenoa Fund using our alternative qualification requirements. Visit section 5.32.4 in the guidelines to fully review our current policy towards manual underwrites.

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Quick Tips—How to Choose a Lender

If you want to get a mortgage, you’re going to need a mortgage lender. Fortunately, the current mortgage market has an absolute wealth of lenders to choose from: lenders that focus on low rates, on low fees, or refinances, and the list goes on. As a result, it can be very difficult to find a lender that’s just right for you. Here are some tips to help you choose the perfect lender.


The first thing you’ll want to do is connect with a loan officer—a loan officer is invaluable for the most important purchase most people make in their lifetime. You’ll be talking with your loan officer a lot, so make sure you get along with him or her, and make sure that you are comfortable asking your loan officer lots of questions. For many, the best way to find a loan officer that they click with is to ask friends and family if they would recommend their previous loan officer. In short, getting the right loan officer is integral to finding the right lending company.


Another thing to do is learn what the lenders you are interested in specialize in. Some lenders advertise really low rates, but depending on your credit score this could come with higher fees. Other lenders are the opposite; their rates might not be as good, but they keep fees and points very low. If you already have a solid loan officer, your loan officer can help you understand what these differences mean and how they will affect your finances.


Another area of specialty, some lenders specialize in home purchases while others focus on refinances. (“Refinance” means “to replace an existing mortgage loan with a new mortgage loan with different terms,” usually a lower rate.) Make sure that your lender specializes in the right type of loan—for example, you’ll probably get a better rate from a lender that focuses on home purchases, rather than a lender that focuses on refinances, if you want to buy a home.


Finally, learn what other options the lender provides above and beyond just the mortgage. Does the lender have a good relationship with inspection or appraisal companies and can recommend the best? Does the lender offer down payment assistance or closing cost assistance? What other special tools or programs does the lender offer to help that company stand out from the crowd? These are often the final details that edge out one lender ahead of all others.


This list of suggestions is by no means exhaustive, but it can be useful to help you narrow down your list of preferred lenders to the one that is right for you.


One final tool for your toolbelt—if you are specifically looking for a lender that offers Chenoa Fund down payment assistance, you can get help by emailing info@chenoafund.org. Include your state and county if you want to receive a short list of lenders in your area, or include the lenders that you are already interested in if you want to learn if any of them are approved to offer Chenoa Fund.


Getting a mortgage can be hard, but it doesn’t have to be harder than it needs to be. With the right research ahead of time to find the perfect lender for you, you can help make your mortgage journey flow smoothly and easily.


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A Helping Hand for Homebuyers: Chenoa Fund’s Homebuyer Guide, Edition 1

Buying a home can be a long and complicated process! For many, especially first-time homebuyers, it’s often filled with a lot of headaches as they try to sift through mountains of information, new vocabulary, lender options, rates, and more. To top it all off, the current market puts even more stress on borrowers as they compete for desired homes in bidding wars.

Let us help you cut through the confusion! Our Homebuyer Guide is fairly short, coming in at 14 pages, but stuffed full of information useful to homebuyers, presented in short and easy to digest segments. Find advice and tips on:

  • What an agent is and why work with one
  • Whether renting or buying is best for your situation right now
  • Whether to get an FHA or conventional loan
  • What down payment assistance is and whether it is right for you
  • What common mortgage terms mean and how they are used
  • And more!

To download Chenoa Fund’s Homebuyer Guide, Edition 1, click the link below:

A special thanks to our guest contributors: 


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20-10-14 Announcement—October 2020 Program Guidelines Update


All policy changes and updates are referenced to the appropriate section in the Program Guidelines. These policy changes are effective 10/14/2020 unless otherwise noted.

Additionally, CBCMA has compiled all of its announcements related to COVID-19 into one convenient section in the Program Guidelines. This section can be found immediately after the Recent Updates and Announcements section. To review the program guidelines changes made in September, please follow this link to the archived Program Guidelines.


Due to changing industry needs, we retired our FHA Classic product on October 1. CBCMA will no longer accept registrations for this program. The FHA Classic product will remain on our Product Matrix for reference purposes until January 1st, 2021.


In 5.12 (Undisclosed Debt Monitoring and Soft-Pull Credit Refreshes), it was clarified that CBCMA highly recommends the use of an Undisclosed Debt Monitoring service for both conventional and FHA loans. In addition, “closing” and “funding” were changed to “disbursement” to more fully clarify the trigger date.


Section 5.26 (Loan Amounts [Minimum and Maximum]) was changed to clarify that CBCMA has no minimum or maximum loan amounts; we follow relevant Agency guidelines regarding loan amounts.


Section 7.18 (Real Estate Taxes Due the Following Month After Loan Purchase) was reworded to the following:

“All escrow disbursements due the month following the loan purchase must be paid prior to loan purchase with evidence of payment documented (a copy of a check or a paid receipt) and an updated pay history. For example, if a loan is to be purchased in October and taxes are due in November, the November taxes must be paid prior to CBC Mortgage Agency purchasing the loan. An exception to this rule will be granted if a tax bill is not yet released.”


Section 11.1 (Early Payment Default) was reworded. The biggest changes involve the loan admin fee the correspondent pays in the case of an early payment default. The changed text is included below:

“An early payment default (for the purpose of the agreement between the correspondent and CBC Mortgage Agency) is defined as the first payment that becomes thirty (30) days or more delinquent, or any of the second through sixth payments that become sixty (60) days or more delinquent, or if the mortgagor becomes a debtor in bankruptcy (or any similar type of proceeding). A payment is considered delinquent if a payment is not received within thirty (30) days of the due date designated on the mortgage note (first or second).

In the event that a borrower goes into an early payment default (EPD), CBCMA will invoice the correspondent lender for any premium pricing paid to the correspondent at the time of loan purchase plus an admin fee. The admin fee will be equal to the admin fee charged by CBCMA’s investor (up to $3500) or, for loans securitized indirectly by CBCMA, the admin fee will be $1500. The correspondent will also be required to purchase the second mortgage.”

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LenderConnect: DPA Audible #2: Millennial Homeownership (#HTTC) with Qiana Jones of NAREB and Carlton Realty

Here at CBC Mortgage Agency (provider of Chenoa Fund), one of our main initiatives is to bridge the gap to homeownership specifically in minority groups. While we understand this is a big feat to undertake, it is with help of partnerships with groups like the National Association of Real Estate Brokers that we are able to get one step closer to success. Today, we’re excited to feature, in this month’s episode of DPA Audible, the work of NAREB and their mission to conquer the millennial minority homeownership gaps.

Meet Qiana! A prominent figure head in the nationally recognized group NAREB (National Association of Real Estate Brokers). Listen as she walks through one NAREB’s newest initiatives—conquering the millennial minority homeownership gap with a program called House Then the Car. You can learn more about this initiative by visiting: www.housethenthecar.com

In her segment, she also mentions 2 of the initiatives that NAREB is currently featuring: 

Homeownership Changed My Life: Tuesday’s at 2pm EST

Millennial Talk: House Then the Car on on Facebook Live 

Find a House Then the Car Ambassador here.

Listen to Episode 2 of LenderConnect- DPA Audible below!



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5 Tips to Help You Afford Your First Home

Getting started on the homebuying process can be difficult—particularly for first-time homebuyers, who can’t rely on selling a home to help them afford a new one. Fortunately, there are a lot of ways to prepare to afford a home, not all of which involve padding your bank account. Here are 5 tips to help you afford your first home.


1—Do the Math

Online mortgage calculators can be a tremendous tool to help you determine how large of a mortgage you can afford. Just search “Mortgage Calculator” and you’ll immediately find hundreds of options.

How can a mortgage calculator help you afford a home? The tip is in knowing how much a mortgage payment costs. If you look up the price of different homes with different mortgage rates and compare those numbers with your income, you can get a pretty good idea of how large of a mortgage you can currently afford. Keep in mind this oft-repeated advice from the experts: where possible, keep your monthly housing payments (mortgage, insurance, HOA fees, etc) 30% or less of your monthly gross income. If the combined expenses of a home exceed that amount, it’s probably out of your budget.


2—Research Your Options

Having a good working knowledge of what homes cost, what rates are for your credit profile, and what types of homes are available can help you find a home that you can afford. When researching your options, there are a lot of things that you’ll learn and that professionals will suggest you keep in mind, so try to determine what’s most important for you to focus on:

  1. What kind of house do I want? Many borrowers want the American Dream of a large home with a white picket fence. While many homeowners do manage to achieve this eventually, condos and townhouses often make more affordable starter homes.
  2. What are the prices and rates where I want to live? Where possible, keep a broad outlook on where to live, as that greatly expands your options when hunting for affordable housing. In addition, speak to many lenders and have them quote rates; this can help you find a better deal than just contacting one or two lenders would.
  3. How big of a down payment do I want to make? Many borrowers are unaware that lenders can provide mortgages with only 5%, 3.5%, or 3% down payments required. This goes a long way to help you find a mortgage that you can afford. This does result in an added expense, though—mortgage insurance.
  4. Should I consider down payment assistance?

Some borrowers are able to afford a monthly mortgage payment but can’t afford a down payment right now. These borrowers should consider looking into down payment assistance programs—in many markets borrowers can accumulate more wealth over time by buying a home now rather than saving up a down payment and buying a home later.

  1. Do I want an FHA or a Conventional loan? FHA loans generally have lower interest rates, but they are also paired with mortgage insurance that doesn’t go away at 20% home equity, while conventional loans are. Or perhaps a USDA loan would be better for you—or a VA? There are many types of mortgage loans, and knowing which kind fits your needs best will go a long way towards helping you afford a home.


3—Make and Keep a Budget

Becoming a homeowner is an important commitment—for most people, your home is one of the biggest financial investments you’ll ever make. Are you financially disciplined enough to spend within your means and make on-time monthly payments on a mortgage? Making payments on-time and living under-budget are important skills to turn into habits before owning a home.

In addition, going through your finances and seeing where you spend your money can help you recognize how large (or small) of a home you’ll be able to afford in the first place. It’s ok if your first home is smaller than you imagined—starter homes exist for a reason.

Part of making and keeping a budget includes paying off debts, which has two great benefits. First, you’ll have more income to spare, which will help you afford a mortgage payment. Second, paying off your debts can help increase your credit score, which in turn can help you qualify for a lower rate on a mortgage, and therefore a lower monthly mortgage payment.


4—Don’t Set Unrealistic Dreams

As we mentioned before, starter homes exist for a reason—they can be a good training ground for the demands of homeownership. An enormous, expensive home with lots of leaky faucets to fix and a gigantic lawn to care for might sound enticing, but it can easily be overwhelming for first-time homebuyers, even if they can afford it.

When hunting for homes, use all of this information you’re collecting to determine a price range, location, and house type that you can reasonably afford, then try to find your dream home there. Many borrowers find it hard to be happy with homes that fit their budget when they go to showings for homes they know they can’t afford, so for most it’s a good idea to only have your realtor take you to visit a home that you should be able to afford if you were to purchase it.


5—Be Patient

Believe it or not, even in this crazy seller’s market with homes being snapped up overnight, a little patience goes a long way. Borrowers who rush into purchasing a home can find themselves in all kinds of trouble, including unexpected and expensive repairs, neighborhoods rougher than they expected, or simply financial shock over the unexpected cost of making mortgage payments. Being patient may mean passing up some home opportunities that seem promising, but patience ends with you finding the home that’s perfect for you.

Keep in mind that patience comes in many forms—for example, patience doesn’t mean waiting six months to find the exact right home for you if your lease is up soon and you need to move out in a month. In that situation, patience could mean taking the time you need to breath, destress, and take a break before throwing yourself into hunting for homes and good mortgage deals again.

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20-10-02 Announcement—Quick Guidelines Update: Real Estate Taxes Due

Section 7.18 of the Correspondent Lending Guide has been updated to the following:

7.18 | Real Estate Taxes Due

All escrow disbursements (based on the IEADS provided to the borrower at closing) due the month following the loan purchase must be paid prior to loan purchase with evidence of payment documented (a copy of a check or a paid receipt) and an updated pay history. For example, if a loan is to be purchased in October and taxes are due in November, the November taxes must be paid prior to CBC Mortgage Agency purchasing the loan. An exception to this rule will be granted if a tax bill is not yet released.

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Three Steps For Millennials To Prepare For Their First Home Purchase

Well, it looks like you have already started step one in the home buying process, research! It can feel daunting once you begin to realize the different aspects of purchasing a home. The good news is lenders and realtors are great resources to help you get into your dream home. With knowledge and the right people by your side, you will be able to close on your first house with confidence. Here are our tips to help you from start to finish. 


Step 1 Prepare Your Credit

Buying a home may not even be on your radar, but it is never too early to get your credit score in shape. You can improve your credit score by paying off existing debt. To calculate your debt-to-income ratio, you add up all your monthly debt payments, which includes installment debt, revolving credit debt, and your new mortgage payment (which includes principal, interest taxes and insurance and any  HOA fees), and then divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2,000 ($1500 + $100 + $400 = $2,000). If your gross monthly income is $6,000, then your debt-to-income ratio is 33 percent ($2,000 is 33% of $6,000).


Evidence from studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43% debt-to-income ratio is important because, in most cases, that is the highest ratio a borrower can have and still get a Qualified Mortgage.


Making on-time monthly credit card payments and making more than the minimum payment due, as well as keeping your balance below 30% of your credit card limit, is also imperative in increasing and maintaining good credit. 


However, be wary about opening new lines of credit and taking out other large loans, as this can cause a dip in your credit. Having a higher credit score will help you qualify for lower interest rates and ultimately save you money in the end. Boosting your credit can take anywhere between a few months or a about year, depending on if you have severe derogatory credit events or if you are paying down balances, so get started today. Contact lenders to obtain a preapproval and get more advice on what program will be the best for you.


Step 2 Prepare Your Finances

Work towards building your nest. The sooner you begin saving for your down payment, and the unexpected, the smoother your home buying process will be. Start by knowing how much house you can afford. You may want to use a mortgage calculator to determine what the total payment will be on your mortgage and make sure your mortgage payment and other debt payments won’t be more than 43% of your gross monthly income.


Putting more towards your down payment and having a higher credit score can help you secure a lower interest rate and lower monthly payments, as you will start out with higher equity in your home. Other benefits include being able to avoid costs such PMI (private mortgage insurance), which protects the lender if you default on your loan. To avoid mortgage insurance, shoot to save for a 20% down payment.


Conventional loans offer a 3% down payment with restrictions. One program requires at least one borrower to be a first time homebuyer and the other program has income restrictions.

Research the possibility of VA, FHA loans that allow you to be eligible for a mortgage without a little or no money down payment or with other restrictions.


Another thing to keep in mind are closing costs. Closing costs can range from 3–5% of the home’s purchase price and often include fees for a credit check, appraisal, underwriting, title search, and lender fees, just to name a few. However, if these fees feel out of reach, there are resources to help make your dream home become a reality! 


Also, look to see if some parts of your closing costs are negotiable. There are many down payment assistance programs that may be available in your area. If the seller is looking to move out quickly or the market is not currently particularly competitive, the seller may be willing to pay for part. Alternatively, you could ask your lender if they could pay some of your closing costs. Plan for a higher interest rate if you choose this option.  

Step 3 Housing classes and Extended Resources

Now, that was a ton of information, and it is understandable to feel a little overwhelmed. We are here to help you get on the right track! To get the most comprehensive information and feel the most secure, consider taking an online homebuyer education class. In a homebuyer education class, you will learn about the entire home buying process further, so there will be no surprises from the beginning to end. Find an experienced lender to work with to advise you more about your financial concerns and other aspects of purchasing a home.   


There are also several Homebuyer Education courses that can help you learn more about the financial aspects of purchasing a home. In these courses, you will come to find that you are not alone in this journey and that thousands of others have the same questions and worries you do. Housing courses can also help you find and get approved for Down Payment Assistance Programs (DPA). 


DPA programs allow you to have all or some of your down payment covered by a forgivable or deferred second loan. Some DPA programs come in the form of a grant that does not need to be repaid. These options are great for first-time homebuyers who don’t believe they have the savings to purchase a house. Compare the different DPA programs available to see what you might qualify for. 

One example is the nationally acclaimed Chenoa Fund program. The Chenoa Fund program offers 3.5% down payment assistance that gets paired with an FHA first mortgage. This assistance comes in the form of a second lien, can be forgivable or repayable, and covers the entire down payment. The Chenoa Fund program also offers down payment assistance for FNMA conventional loans at 3.5% of the purchase price. Assistance for conventional loans comes in the form of a 10-year fixed rate mortgage with an interest rate 2% higher than the first mortgage. Visit Chenoa Fund’s DPA program page for more information on these programs and their requirements.

Reach Out to a Professional Today 

While the process may not always be straightforward, it is worth it and gratifying. Most importantly, you don’t need to go through it alone. Contact an On Q Financial mortgage consultant who can further help guide you through your biggest investment so far. The good news is that, if you familiarize yourself and follow these steps, you will be in great shape when the time comes to pick out your first house, and don’t be surprised when you start to find it fun! Get in touch with an expert today. 


*Not offered in North Carolina.


Loan Scenario 

The following loan scenario is only an example. Actual amounts, fees, and rates vary depending on each individual borrower’s situation and additional factors. Loan scenario is based on a fixed 30-year Conventional loan with a purchase price of $200,000, 3% down payment equaling $6,000, Interest rate of 4.000%, and APR of 5.155%. Additional estimated funds due at closing $6,302. Approximate monthly payment of $1,338. Loan scenario does not include additional costs/fees associated with monthly mortgage expenses such as HOA fee. All amounts shown are estimates and will vary for each loan. Rates and fees are subject to change at any time. This is not a commitment to lend or extend credit. Loan approval is subject to applicant’s qualification for a loan program. These are two separate programs with different guideline restrictions & area limitations.


Please contact your Mortgage Consultant for specific information/details regarding the programs mentioned. Information is subject to change without notice. On Q Financial does not guarantee that each applicant will receive a loan. On Q Financial, Inc. is an Equal Housing Lender. NMLS 5645



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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