Chenoa Fund FHA Repayable DPA (3.5%)

What is Chenoa Fund FHA Repayable DPA (3.5%)?

Chenoa Fund FHA Repayable DPA (3.5%) is a repayable second loan for homebuyers in California.

• Secondary financing of 3.5% of home price for FHA down payment. Repayable second mortgage (not forgivable). No income limits. Min 600 FICO. Available statewide CA through approved lenders. Can be used for both down payment and closing costs.
• Up to 3.5% of purchase price in assistance.
• Funding comes from Private/Non-profit.

How much assistance does it provide?

Chenoa Fund FHA Repayable DPA (3.5%) provides assistance worth 3.5% of the purchase price, as set by the program.

• The program asks buyers 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.

Do you have to pay it back?

Chenoa Fund FHA Repayable DPA (3.5%) is a repayable second loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Monthly payments required on second mortgage.
• 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.

Who qualifies?

Chenoa Fund FHA Repayable DPA (3.5%) is open to buyers who will live in the home as their primary residence.

What are the income limits?

Chenoa Fund FHA Repayable DPA (3.5%) 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.

What kind of home can it be used for?

Chenoa Fund FHA Repayable DPA (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.

Where does it apply?

Chenoa Fund FHA Repayable DPA (3.5%) serves buyers purchasing anywhere in California.

How do you apply?

Applications for Chenoa Fund FHA Repayable DPA (3.5%) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Contact the administering agency to reserve funds

   Funds are reserved through Contact provider directly; subject to funding availability, and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.