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Chenoa
The Alex Jaffe Mortgage Team now offers financing with no down payment from the buyer up to sales prices of $1,253,626*…and there is no income limit for the program! *Max sales price varies by county and $1,253,626 is applicable to DC and the counties that surround it, plus Frederick & Calvert County.
This FHA loan program is available to first time home buyers, repeat home buyers, and current homeowners. 100% total financing is made possible by 3.5%-5% in down payment assistance from the Chenoa Fund.
There are options within the Chenoa fund, where the down payment assistance can be repayable or forgiven. Depending on what down payment option you choose, that impacts the mortgage interest rate paired with the down payment assistance.
Down payment assistance options
Repayable: 10 years, rate 2% higher than first mortgage [reduced to 1% higher as of 4/1/25].
OR
Forgivable: 3 years, 0% rate, forgiveness after 36 consecutive on-time payments.
FYI: Why would I choose a repayable down payment assistance loan instead of a forgivable one? It’d be paired with a lower mortgage interest rate.
FYI: If the loan amount is over $806,500 [as of 2025], then the maximum repayable down payment assistance is 3.5% of the purchase price]
Key Criteria:
- Credit scores 640 and above
- Home buyers may finance houses, row houses, condominiums, and 2-unit properties. For a condominium to be eligible, the association must be approved or approvable by FHA.
- Buyers are able to contribute additional funds to the down payment, but the primary loan cannot be less than 90% of the purchase price.
- Non-occupying co borrowers (also called co-signers) are allowed, provided they will also be co-owners of the property and are also family members.
Pre-Qualify Now: https://ajaffe.firsthome.com/startapp
Questions? ajaffe@firsthome.com 240 – 479 – 7658