Do you need help making your down payment on a new home? Mortgage Consultants Group is now offering homebuyers the chance to participate in the Chenoa Fund National Down Payment Assistance Program.
Through this program, you can receive financing of up to 5% of the sales price of a home to help you with down payment costs.
What is the Chenoa Fund National Down Payment Assistance Program?
The Chenoa Fund National Down Payment Assistance Program provides down payment assistance to qualifying homebuyers taking out conventional or FHA loans. More than 30,000 homebuyers have used this program to move into new homes.
There are both repayable and forgivable options available:
- Repayable: With this option, there is a 10-year term and a fixed interest rate. The interest rate is 2% higher than the first mortgage.
- Forgivable: This option has a 30-year term and a 0% APR. No monthly payment is required on the second mortgage. After meeting certain requirements for consecutive, on-time payments for the first mortgage, the borrower may request forgiveness.
Down Payment Assistance Program Features
- The lowest FICO score accepted is 600.
- Borrowers with FICO scores below 640 must complete homebuyer education.
- The income limit is 135% of the area median income (AMI).
- You can borrow between 3.5% and 5% of the sales price, depending on qualifications.
- Use the financing to help you purchase a 1-2 unit home to serve as your primary residence.
- The property you purchase can be a single-family residence, planned unit development, condo, detached or attached unit, modular home, or manufactured home.
- The origination fee is capped at 1.5%. There is a $399 admin fee.
- You may use a gift, grant, or CBCMA second mortgage as a funding source.
Apply for Down Payment Assistance in California Now
Have questions about the Chenoa Fund National Down Payment Assistance Program, or ready to apply? Please give Mortgage Consultants Group a call today at (916) 669-1682. We can help you purchase a home with down payment assistance in Rancho Cordova or throughout CA.