Chenoa Fund FHA Rate Advantage (Forgivable 3.5%)

Chenoa Fund FHA Rate Advantage (Forgivable 3.5%) is a forgivable loan for homebuyers in California. 3.5% of purchase price as forgivable second mortgage on FHA loans. Forgiven after 36 on-time monthly payments on the first mortgage (3 years). Higher first mortgage rate offset by DPA benefit. Min 620 FICO. No income limits. Statewide CA. Up to 3.5% of purchase price in assistance. loan forgiven after required occupancy. Funding comes from Private/Non-profit.

Chenoa Fund FHA Rate Advantage (Forgivable 3.5%) 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 Rate Advantage (Forgivable 3.5%) 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 Rate Advantage (Forgivable 3.5%) 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: Primary residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. 3.5% DPA forgiven after 36 months of on-time mortgage payments. Income at or below 115% AMI. Must accept slightly higher first mortgage interest rate (Rate Advantage product).

Chenoa Fund FHA Rate Advantage (Forgivable 3.5%) sets its income limit as follows: 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 Rate Advantage (Forgivable 3.5%) 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 Rate Advantage (Forgivable 3.5%) serves homebuyers purchasing anywhere in California.

Applications for Chenoa Fund FHA Rate Advantage (Forgivable 3.5%) 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.