Chenoa Fund FHA Down Payment Assistance Repayable

What is Chenoa Fund FHA Down Payment Assistance Repayable?

Chenoa Fund FHA Down Payment Assistance Repayable is a repayable second loan for homebuyers in Statewide, Utah.

• Chenoa Fund DPA Edge Rate Advantage (Repayable) is a 10-year amortizing second mortgage of up to 5% of the FHA first-mortgage amount, paired with a reduced first-mortgage interest rate. Originated by CBC Mortgage Agency in South Jordan, UT (Cedar Band of Paiutes-owned); offered nationwide to general public.
• Up to 5% of FHA loan amount as a 10-year amortizing second mortgage at the first-mortgage interest rate plus 2.00%. Covers FHA 3.5% MRI plus closing costs. Pairs with a REDUCED first-mortgage rate vs. the forgivable variant (the borrower trades long-term repayment for a lower payment). Statewide availability nationwide.
• minimum 600 FICO. No first-time-homebuyer requirement.
• Funding comes from Tribal and Other.

How much assistance does it provide?

Chenoa Fund FHA Down Payment Assistance Repayable provides assistance worth 5% of the purchase price, as set by the program.

• The program asks buyers to contribute $0 minimum borrower contribution; FHA 3.5% MRI fully covered by Chenoa repayable second.
• 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 Down Payment Assistance Repayable is a repayable second loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Monthly amortizing payments over 10-year term and balance due at sale, refinance, or non-occupancy.
• 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 Down Payment Assistance Repayable is open to buyers who will live in the home as their primary residence.

What are the income limits?

Chenoa Fund FHA Down Payment Assistance Repayable sets its income limit as follows: No income limit at 620+ FICO; income-tiered at 600-619 FICO per CBCMA product matrix (typically <=140% AMI).

• 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.

What kind of home can it be used for?

Chenoa Fund FHA Down Payment Assistance Repayable 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.

Where does it apply?

Chenoa Fund FHA Down Payment Assistance Repayable serves buyers purchasing in Statewide, Utah.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through CBC Mortgage Agency-approved homebuyer education (Framework, MGIC, Genworth/Enact) required before closing..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Loan officer reserves DPA via CBCMA correspondent lender portal at time of locking., and are subject to availability.

3. 3

   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.