(Mar 20, 2023)
If you meet their income requirements and have a credit score of 640 or higher, you might qualify for a loan under this program which is available in Brevard County, FL.
The Chenoa Fund down payment assistance program is available to low and moderate-income homebuyers looking to purchase a single-family home in Brevard County, Florida.
The Chenoa Fund Down Payment Assistance Program helps make homeownership more affordable for low- and moderate-income families. This program will help you with your down payment, closing costs, and seller concessions.
What is the Chenoa Fund?
The Chenoa Fund by CBC mortgage agency, a non-profit organization, provides down payment assistance loans to Brevard County residents purchasing their first or second home in Florida. Properties include single-family homes, condominiums, townhomes, and manufactured homes on permanent foundations.
The Chenoa Fund offers down payment assistance to low-income families and individuals who want to purchase a home. This program benefits those who don't have the money saved up for a down payment or closing costs.
The Chenoa Fund also assists self-employed people who may have difficulty qualifying for loans because they don't have a steady income. The program will look at their credit score, assets, liabilities, and other factors to determine if they qualify for help with their down payment and closing costs.
This program aims to enable you as a first-time homebuyer to realize your dream of owning a home by making it possible to save thousands of dollars upfront in cash or financing costs that would otherwise be required before buying a new home.
Chenoa is also approved by the U.S Department of Housing and Urban Development (HUD) and can help you get a mortgage insured by HUD or FHA (Federal Housing Administration). You can use these mortgages to buy properties anywhere in Brevard County, FL.
Chenoa Fund has been helping families buy homes for many years now, and many of its clients take advantage of its down payment assistance when buying their homes through the Federal Housing Administration (FHA). FHA loans require lower credit scores than conventional mortgages do.
This program offers low- and moderate-income homebuyers down payment assistance that can support up to 3.5 % of the purchase price based on the home's sales price.
The amount depends on the home's sales price, how much you make, and how many family members are buying with you. Families must meet specific income requirements so they may qualify for this program.
No income requirements
The Chenoa Fund has no income limits, making it a rare program that allows first-time homebuyers with little or no income to receive down payment assistance.
You may even be able to buy a house with no income at all — in some cases, if you have savings or other assets such as stocks or bonds that can be converted into cash quickly enough for your lender's underwriting guidelines.
According to the fund's annual report, the average income of a homeowner who received a loan from The Chenoa Fund was $42,000 in 2016. Brevard County Median income is 29,652 USD, according to Data USA.
Credit score requirements
Chenoa fund down payment assistance requires a FICO score of 640 or higher. Your credit history will be checked as part of the application process.
If you have negative items on your credit report, you may still be eligible for assistance if you can show evidence that you're working to improve your credit score.
Home Requirements
The purchased home must be located within Brevard County. The program is available to those who live in the county at the time of application, although they may not have owned their residence for more than three years before applying with Chenoa Fund.
If you purchase a manufactured home on land owned by someone else (rather than building on vacant land), you will still qualify if all other requirements are met.
However, they require that the lot size meet minimum size requirements and that there is sufficient ground space around the property so that utilities such as water service lines can reach them without crossing another person's land easement area beyond what would generally be considered standard utility easement lengths.
Home buyer counseling
The program, mandatory for all buyers, includes a credit check, a homebuyer education course, financial planning and budgeting advice, and mortgage pre-qualification. This program aims to help you make informed decisions about your purchase, protect your investment and reduce the risk of foreclosure.
Chenoa requires that you complete the counseling before they fund your loan application. They do not want you to assume that the loan has been funded because you have been pre-approved for financing. They want to make sure that you know how much money you need to borrow to purchase your home
Owner occupancy
Chenoa fund requires the home to be owner-occupied. A home is considered owner-occupied if you live in it for at least six consecutive months out of the year.
Chenoa Fund programs
Chenoa Fund by CBC offers several down payment assistance products, including:
Chenoa fund rate advantage program
With this program, you can lock a favorable rate on your primary mortgage by applying for a second mortgage through Chenoa while applying for your first mortgage. However, you'll need to meet specific requirements and other criteria, so be sure to check with them before applying for any loan.
The down payment assistance offered is 3.5%. The interest rate o is 8%, which is high compared to other programs but locked for the life of the loan (10 years). You will also need to have at least a 50% DTI ratio.
Chenoa fund DPA edge program
The Down Payment Assistance (DPA) program is a program that offers eligible, qualified home buyers up to 3.5 % in down payment assistance on their purchase of a new home in Brevard County. The funds are forgivable- you don't have to pay them back!
The DTI required for this program is 45%. This means that your total debt as a percentage of your gross income cannot exceed 45%. The FICO required for this program is 620. The higher the FICO score, the better your chance of being accepted into the program. Assistance can be forgiven after 36 months.
Chenoa fund edge repayable second product
The Chenoa fund edge repayable second product has no income limits, and DTI requirements are 45%. The FICO required is 620; the loan term can be 10 years at 0% interest or 30 years at 5% interest.
Benefits of the Chenoa Fund
Although there are many advantages to owning a home, saving up enough money for a down payment can be difficult. If you're a first-time homebuyer looking for assistance with the cost of buying your first home, Chenoa may be able to help.
Here is why we believe this fund is the best approach to low-cost home ownership:
Money for the Down Payment
The Chenoa Fund offers up to 3.5% free money for down payment assistance to qualified borrowers. If you qualify, you could get as much as $10,000 in free money for your down payment and closing costs, which would otherwise be available only through private lending or grant programs.
The amount can be forgiven
If you have been out of work for more than six months because of a layoff or disability, Chenoa Fund may forgive all or part of your loan balance after five years of timely payments (or earlier if your loan balance is paid off).
This way, you can use the funds that generally go towards mortgage payments for other purposes — such as saving for retirement or paying off high-interest consumer debt.
Low mortgage payments
Chenoa also offers assistance programs to help you qualify for low-interest rate mortgages. The Home Buyer Assistance Program is designed to help you afford the monthly payments on your new home by making them affordable on your budget and paying off your mortgage faster than standard loan terms would allow.
Competitive rates
Chenoa has competitive interest rates available for all its loans. Competitive interest rates are available to qualified borrowers. The rate you qualify for depends on your credit score and total debt-to-income ratio.
Diverse products
Chenoa offers a wide range of mortgage products designed to meet the needs of our customers. Whether you are looking for a fixed-rate or an adjustable-rate mortgage, they will help you find the right loan product to meet your needs.
Steps to apply for a Chenoa Fund Loan in Brevard County, Florida
Here are the steps you need to follow:
Step 1 - Check your eligibility
Before applying for Chenoa Fund Down Payment Assistance, ensure you meet the program's eligibility requirements.
Step 2 - Contact an approved Chenoa Fund Lender
Contact an approved Chenoa Fund Lender and let them know you would like to apply for down payment assistance. The lender will ask you for basic information about your income, assets, and credit history. They will tell you they are ready to help you if it looks good!
Step 3 - Work with your lender to complete the required steps
After you have been approved by one of our lenders, they will provide instructions on completing your application for approval. Some lenders may require that you meet in person, while others may allow you to complete everything online or over the phone.
Read through all the instructions carefully before submitting any paperwork so that nothing is missed! Also, remember that most lenders require a minimum credit score of 640 or above for you to be eligible for their program.
Step 4 - Get pre-approved for a mortgage
Your lender will conduct an underwriting review to determine how much home you can afford based on your income, credit history, and assets. The lender will also determine what kind of loan product is best for your situation.
If necessary, they'll work with you to improve your credit score so that you can qualify for the lowest possible interest rate on your mortgage loan.
Step 5 - Find a home
The next step is finding a home that meets your needs and budget. Suppose you're moving into an existing home or purchasing one from a private seller.
In that case, you should ask about any liens against the property before making an offer — as well as any other fees associated with closing the property (such as title insurance). Once you've found a suitable property, ensure it meets all of the fund's property requirements.
Step 6 - Sign the contract and make your down payment
Once you have found the home you want to buy and received approval from your lender, we will need your signature on a Purchase Agreement. This document outlines all of the terms of the sale, including the price, closing date, and down payment amount.
Step 7 - Apply for Chenoa Fund Down Payment Assistance
Once you've signed your Purchase Agreement, we'll send you an application form that allows us to evaluate whether or not you qualify for our down payment assistance program.
If we find that you do qualify, we will send you an additional application form along with instructions on how to submit it. Please note that this application is separate from any other credit applications that lenders may require in the purchase process.
Top places to get an Acai Bowl in Brevard County, Florida
These are the favorite places to get an acai bowl in Brevard County:
The Plant-Based Foodie
The Plant-Based Foodie is a vegan, gluten-free, and 100% plant-based restaurant in Cocoa Village. The restaurant offers a variety of food options, including acai bowls, smoothies, salads, and sandwiches. All of the food is made with fresh ingredients that are locally sourced.
They offer toppings for their acai bowls, including almond butter, coconut flakes, cacao nibs, and peanut butter cups. You can also choose from several different fruit smoothies at this restaurant.
Coco Co.
Coco Co. is a healthy cafe that offers acai bowls, smoothies, and breakfast bowls. The menu features locally sourced ingredients to create fresh dishes for customers to enjoy. The cafe has locations in Rockledge, Cocoa Beach, and Melbourne.
They also have gluten-free and vegan options for those who are looking for them. The restaurant offers many toppings to add to your bowl, including granola, walnuts, and coconut flakes.
Health First
Health First is a chain of fitness clubs throughout Florida that offers healthy food options for its members and guests.
Health First has an extensive menu of acai bowls at each location across the state, as well as smoothies, juices, and other healthy snacks for those who want something on the go during their workday or after an intense workout session at one of their gyms or health clubs.
Health First also offers several other organic products, such as organic coffee beans and tea bags, that can be purchased at any store in Brevard County, Florida.
Conclusion
The Chenoa Fund Down Payment Assistance Program helps make homeownership more affordable for low- and moderate-income families. The program is designed to help first-time homebuyers and those who qualify for conventional loans from Fannie Mae or Freddie Mac.
If you meet their income requirements and have a credit score of 640 or higher, you might qualify for a loan under this program.
(Mar 20, 2023)
