Chenoa Fund Edge Program Down Payment Assist for FHA Loans Chenoa Fund is an affordable housing program provided through With this program, the borrower receives a 30-year term, 0% rate, CBC Mortgage Agency (CBCMA), an FHA approved, federally no payment,...
More
Chenoa Fund Edge Program Down Payment Assist for FHA Loans Chenoa Fund is an affordable housing program provided through With this program, the borrower receives a 30-year term, 0% rate, CBC Mortgage Agency (CBCMA), an FHA approved, federally no payment, second mortgage. A lien is placed on the property for chartered government agency. CBCMA specializes in providing the amount of the assistance. The loan is forgiven as soon as the down payments for borrowers receiving a FHA first mortgage. borrower makes 36 consecutive on-time payments on the FHA first mortgage CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderate- WHAT IS THE SECOND LIEN ON THE PROPERTY? income individuals. CBCMA partners with reputable mortgage The lien is for the DPA (Down-payment assistance) which is the lenders on a Correspondent basis to provide down payment funds referred to as the second mortgage. This is a 30-year term at a zero for qualified
Less
