Chenoa Fund FHA DPA Program

Chenoa Fund FHA DPA Program is a deferred second loan for homebuyers in Florida. Chenoa Fund provides 3.5% or 5% of purchase price as secondary financing paired with FHA first mortgage. Forgivable option: 30-year 0% second mortgage forgiven if primary residence maintained. Repayable option: 10-year second mortgage at first mortgage rate + 2%. No income limits. Min 600 credit score. Funding comes from Nonprofit.

Chenoa Fund FHA DPA Program provides assistance worth 5% of the purchase price, as set by the program. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Chenoa Fund FHA DPA Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, and No longer primary (forgivable option). The assistance is recorded in 2nd Lien 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 DPA Program is open to homebuyers who will live in the home as their primary residence. The program lists a minimum credit score of 600.

Chenoa Fund FHA DPA Program sets its income limit as follows: No income limits. 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 DPA Program can be used for Single Family, Condo, Townhouse, and 2-4 Unit.

Chenoa Fund FHA DPA Program serves homebuyers purchasing anywhere in Florida.

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