Chenoa Fund FHA Down Payment Assistance - Repayable

Chenoa Fund FHA Down Payment Assistance - Repayable is a repayable second loan for homebuyers in Texas. The Chenoa Fund Repayable program provides up to 3.5% of the purchase price as a second mortgage repayable over 10 years at 0% interest (with a 30-year term at 5% interest also available). Monthly payments on the second mortgage are required. No income limits apply and first-time buyer status is not required. No income limit. No first-time buyer requirement. 10-year repayable second mortgage. Perpetual funding. 100% financing possible. Funding comes from Nonprofit.

Chenoa Fund FHA Down Payment Assistance - Repayable provides assistance worth 3.5% of the purchase price, as set by the program. 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 Down Payment Assistance - Repayable is a repayable second loan and is repaid under the terms set by the administering agency. Repayment is triggered by Sale, Refinance, and No Longer Primary. 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 Down Payment Assistance - Repayable is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 620. A homebuyer education course is required. Citizenship or immigration status: yes.

Chenoa Fund FHA Down Payment Assistance - Repayable sets its income limit as follows: No income limits for repayable option. 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 Down Payment Assistance - Repayable can be used for Single-family. New construction is eligible.

Chenoa Fund FHA Down Payment Assistance - Repayable serves homebuyers purchasing anywhere in Texas.

Applications for Chenoa Fund FHA Down Payment Assistance - Repayable 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.