The Chenoa Fund
Looking to Finance with No Money Down? – No Problem!
Discouraged by staggering costs associated with buying a home? Searching for ways to make buying your first home a reality, without having to come up with a 20% down payment? We’ve said it before, but buying a home is a lengthy, involved process with many moving parts that include Realtors, loan officers, family members, and other buyers and sellers. While the process of buying a home can be overwhelming, it doesn’t have to be!
To help you out, we are introducing a brand new program that makes it easier for home buyers to secure a loan with less than 10% down: The Chenoa Fund Program.
Through the Chenoa Fund program, borrowers can receive an FHA first mortgage and combine it with either a forgivable or repayable second mortgage to cover the down payment. Intrigued? This unconventional loan option could be just what you’re looking for.
Advantages of the Chenoa Fund
Different loan programs come with their own perks, and this one is no exception. The Chenoa Fund Program comes with a unique set of advantages:
• Multiple options for borrowers in different income brackets.
• Flexible credit score approvals (as low as 620).
• No borrower investment required.
• Non-occupant, co-borrowers are approved.
• No geographic restrictions.
One of the reasons why we’re so excited about the new Chenoa Fund Program has to do with the program’s flexibility for buyers. Because the loan offers either a forgivable or a repayable second mortgage to cover the down payment, there are a couple ways buyers can take advantage:
Scenario One: With a forgivable loan option, the homeowner benefits from a silent loan that is forgivable after just three years of prompt payments on the first mortgage. This option is compatible with financing for 1 or 2 units that represent the homeowner’s primary residence.
Scenario Two: With the repayable loan option, borrowers have a choice between a fully amortized 30-year loan at a fixed 5% rate or a 10-year loan at a fixed 0% rate. Like the forgivable loan option, if you opt for the repayable loan, then you’re eligible to receive financing for 1-2 unit(s) that are a primary residence.
Whether you opt for the forgivable or the repayable second mortgage, either option will help you cover the down payment on your dream home. And there’s another added perk to the Chenoa Fund Program. Homebuyer education isn’t mandatory, and you don’t have to be a first-time homebuyer to take advantage of this great program!
Discover the Benefits of the Chenoa Fund Program
If you’re ready to begin the home-buying process, Options is here to help. We’re creative, knowledgeable, and ready to help you make your homeownership dreams a reality. Reach out to one of our experts to learn more about the Chenoa Fund, and check out additional resources on our blog, “How to Buy Your First Home Without a 20% Down Payment”!