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Down-Payment Assistance for First-Time Homebuyers

Now Offering Zero Down-Payment Assistance to First-Time Homebuyers

Expert Advice in Just Seconds!

100% Financing Available
Easy Approval Process
No Cost to Apply
640 Minimum Credit Score Required
"I want to thank Down Payment Aid for their invaluable assistance. They went above and beyond to help me and my fiancé make the whole experience pleasant and satisfying. I truly appreciate the professionalism and courtesy the staff at Down Payment Aid displayed. Because of Down Payment Aid, I will continue doing business with them and will recommend them to friends and coworkers. "
Josephine Galapon
New Homeowner

Talk to a Down Payment Expert!

888.870.3670

NMLS #:1212805
17291 Irvine Blvd Suite 400 Tustin CA 92780

Expanded Down-Payment Assistance Programs for First-Time Homebuyers

Up to $12,500 in Down Payment Assistance

Depending on the program you qualify for, there may be up to $12,500 in grants available for your down payment.
100% Financing Available

Depending on your income and credit, most of our programs include 100% financing which means you don't need to put a down payment.
Easy Approval Process

The process is very simple. We just need to ask you a few simple questions and will need your credit and income information. Most of our loans close within 30 days.
Why Down Payment Aid?

Down Payment Aid is experienced in dealing with First-Time Homebuyers. We will help guide you through the process and will help you understand what is going on. Communication is key for us.
Do You Qualify?

Qualifying for a loan is not difficult as long as you meet the minimum requirements for a Down-Payment Assistance program. We will walk you through all the requirements in order to get Down-Payment Assistance.
How Long Does it Take?

Once you locate a home and the loan process starts, we can have your loan funded within 30 days.

CHENOA FUND EDGE PROGRAM

(Down Payment Assist for FHA Loans)

Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), an FHA approved, federally chartered government agency. CBCMA specializes in providing down payments for borrowers receiving a FHA first mortgage.

CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderateincome individuals. CBCMA partners with reputable mortgage lenders on a Correspondent basis to provide down payment funds for qualified home buyers in the form a second mortgages. All assistance is provided in compliance with FHA guidelines.


HOW DOES THE BORROWER QUALIFY FOR THE CHENOA FUND EDGE PROGRAM?

In order to qualify for the Chenoa Fund Edge DPA (down payment assistance) program, the borrower must meet program criteria, including the following:

  • Minimum FICO 620
  • Qualifying income is equal or less than 115% of the area median income for the county in which the borrower will live (Note: If the borrower makes more than 115% median income, ask about the Chenoa Fund Repayable Second program.)With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. A lien is placed on the property for the amount of the assistance. The loan is forgiven as soon as the borrower makes 36 consecutive on-time payments on the FHA first mortgage.

WHAT IS THE SECOND LIEN ON THE PROPERTY?

The lien is for the DPA (Down-payment assistance) which is the referred to as the second mortgage. This is a 30-year term at a zero percent interest rate. You, as the borrower, will not be required to make any payments on the second. The second can be 100% forgiven after you make 36 consecutive on-time payments to the first FHA mortgage.


WHAT IS MEANT BY THE LOAN IS FORGIVEN AFTER 36 CONSECUTIVE ON-TIME PAYMENTS?

Let’s say that you as the borrower received $10,000 for a down payment under the Chenoa Fund Edge program. As soon as you make 36 consecutive on-time payments to the FHA 1st mortgage, you may provide evidence of these payments in the form of a payment history to CBCMA, and once confirmed by CBCMA, the $10,000 loan is forgiven. If you are 30-days or greater late in making your payment, the 36 consecutive on-time payment period will start over.


WHAT HAPPENS IF I, THE BORROWER, REFINANCE THE FIRST MORTGAGE BEFORE THE 36 CONSECUTIVE PAYMENTS HAVE BEEN MET?

Let’s continue the above example. If you, the borrower, received $10,000 for down payment and you refinanced the first mortgage before you met the 36 consecutive payments, you would be required to pay the $10,000 back in full.

WHY WAS THE CHENOA FUND EDGE PROGRAM CREATED?

While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. By helping responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, CBCMA is helping to create healthy communities by improving the balance between home ownership and other types of housing. This way, new homeowners can start now building equity for their future, rather than waiting for years to save a down payment while home prices become even more unaffordable.