Chenoa Fund FHA Forgivable DPA (3.5% - 36 month)

Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) is a forgivable loan for homebuyers in California. Chenoa Fund FHA forgivable DPA: 3.5% second mortgage forgiven after 36 consecutive on-time payments on the first mortgage. No income limits for most borrowers. Up to 3.5% of purchase price in assistance. loan forgiven after required occupancy. Funding comes from Chenoa Fund.

Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) provides assistance worth 3.5% of the purchase price, as set by the program. The program asks homebuyers to contribute 1% of purchase price (borrower minimum). The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) is forgiven after 3 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven after 36 months of on-time payments. Income at or below 115% AMI. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 620 FICO score required for all borrowers. Residency requirement: Must occupy as primary residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen.

Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) limits household income to 115% of the area median income, which varies by county and household size. Contact program provider for current income limits. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) caps the purchase price as follows: Contact program for current purchase price limits. Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD. New construction is eligible. Manufactured homes are not eligible.

Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) serves homebuyers purchasing anywhere in California.

Applications for Chenoa Fund FHA Forgivable DPA (3.5% - 36 month) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Contact provider directly; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.