The Chenoa Fund is discontinued as of April 2019. The Department of Housing & Urban Development changed mortgage guidelines to disallow the uses of Chenoa funds for down payment. Interested in learning about other down payment assistance programs? Visit https://www.alexjaffe.com/dpa
The Alex Jaffe Mortgage Team now offers financing with no down payment from the buyer up to $704,300…and there is no income limit for the program!
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% in down payment assistance from the Chenoa Fund.
More about the 3.5% assistance:
For households with incomes above 115% of area median income ($134,780 in DC), the 3.5% assistance is repaid.
For households below this limit, buyers can choose between:
a. 3.5% down payment assistance which is forgiven after 3 years of on time mortgage payments
b. 3.5% down payment assistance is repaid…and in exchange the primary loan comes with a lower interest rate! (restrictions: loan amounts below $453,100 only, 640+ credit, co-signers not permitted, and 1 unit properties only)
- Credit scores 620 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 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.
- Home buyer education required for applicants with credit scores 620-639. Complete at https://www.borrowersuccess.org/prepurchase
Pre-Qualify Now: https://ajaffe.firsthome.com/startapp
Questions? firstname.lastname@example.org 240 – 479 – 7658