Chenoa Fund FHA Down Payment Assistance Forgivable

Chenoa Fund FHA Down Payment Assistance Forgivable is a deferred second loan for homebuyers in Statewide, Utah. Chenoa Fund DPA Edge Soft (Forgivable) is a 0% silent second mortgage of up to 5% of the FHA first-mortgage amount, forgiven after 36 consecutive on-time payments on the first mortgage. Originated by CBC Mortgage Agency, a federally chartered tribally owned (Cedar Band of Paiutes) HFA based in South Jordan, Utah; the program is offered nationwide and is available to the general public, not restricted to tribal members. Up to 5% of FHA loan amount as a 0% silent second mortgage, fully forgiven after 36 consecutive on-time first-mortgage payments (3 years). No monthly payment on the second. Covers FHA 3.5% minimum required investment plus closing costs/prepaids. Statewide availability in all 50 states. UT-based program. No first-time-homebuyer requirement. Minimum 600 FICO. No income limit at 600+ FICO. income-restricted only at lower FICO tiers (e.g., <620 may require <=140% AMI). Funding comes from Tribal and Other.

Chenoa Fund FHA Down Payment Assistance Forgivable is forgiven after 3 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven after 36 consecutive on-time first-mortgage payments and if borrower misses payments and falls out of on-time status, balance reverts to a 10-year amortizing repayable second. 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 Forgivable is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 600 FICO; higher FICO unlocks income-unrestricted tier. A homebuyer education course is required, through CBC Mortgage Agency requires online homebuyer education through approved partners (Framework, MGIC, Genworth/Enact, etc.) prior to closing. Residency requirement: Property must be primary residence (any U.S. state where CBCMA originates; UT eligible). Citizenship or immigration status: U.S. citizen or qualifying permanent/non-permanent resident alien per FHA. Property must be primary residence. Standard FHA underwriting. Minimum 600 FICO (income tier may apply at lower scores). Must complete CBCMA-approved homebuyer education. 36 consecutive on-time first-mortgage payments required for full forgiveness; missing payments triggers conversion to 10-year repayable second.

Chenoa Fund FHA Down Payment Assistance Forgivable sets its income limit as follows: No income limit at 620+ FICO; at 600-619 FICO, household income capped at 140% AMI for most areas (per current product matrix). The limit applies to total household income, not only the borrower&rsquo;s. 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 Forgivable caps the purchase price at $766,550. Eligible property types include Single-family detached, FHA-approved condo, townhouse, PUD, 2-4 unit (per FHA), manufactured (per FHA). New construction is eligible. Manufactured homes are eligible.

Chenoa Fund FHA Down Payment Assistance Forgivable serves homebuyers purchasing in Statewide, Utah.

Applications for Chenoa Fund FHA Down Payment Assistance Forgivable go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Loan officer reserves DPA via CBCMA correspondent lender portal at time of locking. 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.