Chenoa Fund FHA DPA Program

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

Chenoa Fund FHA DPA Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

Chenoa Fund FHA DPA Program can be used for Single Family, Condo, Townhouse, and 2-4 Unit.

Where does it apply?

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

How do you apply?

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.

1. 1

   Contact the administering agency to reserve funds

   Funds are reserved with the provider 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.