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Chenoa Fund Down Payment Assistance Program in Manatee County, Florida

Want to buy a home in Manatee County, Florida? It's a great place to live. You've got the best schools for your kids, plenty of opportunities for jobs and careers, and the most beautiful weather you'll ever find. And if you're working hard to build your credit so you can get your dream home, we have a little secret - there's already a program out there that can help you make it happen.

The Chenoa Fund Down Payment Assistance Program helps low-income families make their dreams come true by helping them with their down payment on a new home!

This guide will tell you everything you need to know about this program so that you can get started right away—and don't worry—this isn't just for people who live in Manatee County, either!

What's Chenoa Fund Down Payment Assistance Program?

The Chenoa Fund gives financial assistance to homebuyers throughout the country. The Chenoa Fund is a federally-created mortgage fund administered by CBC Mortgage Agency (CBCMA), a government corporation.

The goal of the Chenoa Fund is to help low- and moderate-income families purchase homes and keep them in their neighborhoods.

The program helps those who may not qualify for conventional financing due to credit issues, limited down payment, or income documentation. The program also helps people buying their first home who have little or no equity in their current home.

How Chenoa Fund Down Payment Assistance Program Works

Homebuyers apply for assistance through the program's website. Their applications are reviewed by a volunteer, who then decides whether or not they are eligible for assistance based on their income and other factors.

If approved, the volunteer will work with the applicant to identify a home that meets their needs, determine how much assistance they can provide, and then arrange financing from one of the lenders listed on the website.

How Much Down Payment Assistance is Available?

How much down payment assistance is available? The Chenoa Fund's down payment assistance program helps eligible buyers get mortgages by contributing up to 3.5% of the home price in either forgivable or repayable loans.

Forgivable Loans

Chenoa Fund forgives the money if you meet certain conditions, including living in your home for a while and meeting income guidelines. Forgivable loans are not taxable income and do not have to be repaid if you sell or refinance your home within five years of purchase.

Repayable Loans

Chenoa Fund requires repayment of your loan over 15 years at 0% interest. Repayment terms vary based on your income level and the amount of debt you carry at the time of application.

How Chenoa Fund Down Payment Assistance Works with FHA Loans

You can use Chenoa Fund assistance for down payments, closing costs, and other expenses related to buying a home. But it's essential to understand how that works when discussing an FHA loan—which only requires a 3.5% down payment.

All Chenoa Fund loans provide 3.5% down payment assistance—which must be used to pay for the down payment on an FHA loan and not toward closing costs.

If you want to use more than 3.5% of your own money toward buying your home, you'll need to take out a conventional mortgage instead of an FHA one (and then apply for Chenoa Fund assistance to cover some or all of your closing costs.

The Chenoa Fund has three primary programs that work with FHA loans:

Chenoa Fund Rate Advantage Program

With Chenoa Fund's Rate Advantage program, you'll get a competitive rate on your primary mortgage and 3.5% down payment assistance loans. It's excellent news for borrowers with a 640 FICO score or higher looking to buy a home in one of the counties we serve.

What does all this mean? You can get a competitive rate on your primary mortgage AND 3.5% down payment assistance loans! And if that's not enough, the minimum DTI ratio requirement is 50%, which means you can afford to get into a house even if you have high debt payments elsewhere.

The best part? The interest rate on your down payment loan is only 8%, so it's not going to be hard on your pocket either way!

Chenoa Fund DPA Edge

Do you know what's better than a free first mortgage? A free second mortgage!

You can get a second mortgage for nothing on the Chenoa Fund DPA Edge program. You need to make 36 months of on-time payments—no more than 30 days late—and you'll be able to have your loan forgiven. If you don't make it in 36 months, your loan will reset and give you another chance to get that money back.

The income limit for this program is 115% of the median income in Manatee county, where the home is located, so it's perfect for low-income borrowers who might have trouble qualifying for other types of loans.

If you're looking for a low-interest second mortgage loan that doesn't have as many requirements as other options, the Chenoa Fund Edge Repayable Second product is a great choice.

With this option, you don't have to meet a minimum income requirement—all you need is a FICO score of 640 and total debt that doesn't exceed 45% of your monthly gross income.

You can choose between two repayment schedules - 10 years at 0% interest or 30 years at 5%. But no matter which you choose, you repay your loan at the end of the term.

Chenoa Fund Edge Repayable Second Product

Looking for a second mortgage loan that's less strict than some other options? Check out the Chenoa Fund Edge Repayable Second product.

This option doesn't require that you meet a minimum income requirement or have a high FICO score—all you need is a FICO score of 620 and a debt-to-income ratio of 45% or less. You can choose between two repayment schedules - 10 years at 0% interest or 30 years at 5%.

How Chenoa Fund DPA Works With Conventional Loans

The Chenoa Fund DPA works with conventional loans. Now you can get a 3.5% second mortgage to make up for your down payment, which means you only need to come up with 3% of the home's value to purchase it.

That's right—a down payment that's as low as 3%! The rest is covered by the Chenoa Fund, which is offered through Fannie Mae's HomeReady program for low- to moderate-income borrowers.

Real estate agent hand over new home keys to a buyer

Qualifications for The Chenoa Fund Program

Chenoa fund lenders will require you to meet specific criteria to get the money. However, it's vital to note that these requirements depend on whether you use the FHA or the Conventional route.

To qualify for FHA, applicants must have:

  • An income of no more than 80 percent of the area median income.

  • A credit score of at least 640.

  • A debt-to-income ratio of no more than 45% (meaning your monthly debt payments can't exceed 45 % of your gross monthly income).

  • Meet the eligibility criteria set by FHA.

To qualify for conventional loan DPA (when it returns), you need:

  • A minimum credit score of 640.

  • A minimum debt-to-income ratio of 50 percent or less.

  • A second mortgage with an interest rate not more than 2% greater than the first and lasting no longer than 10 years.

The Chenoa Fund Loan Application Process

The Chenoa Fund loan application process is very straightforward.

First, to obtain a list of approved lenders, send an email to You can also phone 866-563-3507 to speak with a Chenoa Fund corporate account executive. This person can help you connect with loan officers directly.

You will need:

  • Your complete name (as it appears on your Social Security card) and date of birth.

  • Your Social Security number and driver's license number are for identification purposes.

  • The address where you live and work (if different).

  • A copy of your most recent paycheck stub or income verification letter from your employer if you are self-employed or have a pension or other retirement plan.

  • A copy of your most recent tax return if you are retired and do not currently have an income source other than social security benefits or a pension plan payout.

What Are The Benefits Of Chenoa Funds?

This program can be a great blessing to those who apply for it, and here we will share why. The benefits of the Chenoa Fund include:

  • Low Down Payment Requirements – Most applicants are required to put down just 3.5% of the purchase price on their home, which can save you thousands of dollars in upfront costs compared to other down payment assistance programs.

  • Homeownership Education - Chenoa Fund provides counseling to potential and current homeowners, helping them become prosperous borrowers.

  • Affordable Mortgage Rates - The Chenoa Fund works with lenders who provide competitive rates and terms for qualified borrowers.

  • No Out-Of-Pocket Expenses - No application fees or closing costs are involved with this program.

Are There Any Drawbacks Of Using Chenoa Funds?

While Chenoa Funds offers some of the lowest rates on the market, there are some drawbacks. For example, Chenoa Fund loans must be repaid, except for its DPA Edge Soft Second loan. This is a drawback because if you cannot make your monthly payments or need extra time to repay your loan, you will have to find another funding source.

However, despite this drawback, we still think Chenoa is an excellent option for low-income families in Manatee County. We recommend it to people who want an affordable loan with no credit check requirements or down payments needed to get started!

5 Best Places to Get Acai Bowls in Manatee County, Florida

Acai bowls are one of the most popular food trends in the last decade. They're high in antioxidants and protein, so they're healthy food—and taste delicious! If you've never heard of an acai bowl, it's a smoothie made with a base of frozen acai berries and topped with fruit, granola, or other toppings.

Manatee County is full of great places to get your fill of acai bowls. Here are 5 of the best spots

Yuppie Bowls

Yuppie Bowls is the place to go if you're looking for a fresh, healthy, delicious treat in Manatee County. Their açaí bowls are absolutely the best in the area—the fruit is chopped so finely, and the serving sizes are generous.

Yuppie Bowls has a fun atmosphere and friendly service—plus, they offer a variety of other healthy snacks on top of their signature product! If you're looking for an excuse to get out of the house and try something new today, check out Yuppie Bowls!

Bowled Life Cafe

Bowled Life Cafe offers a wide variety of acai bowls that are affordable and made with fresh ingredients. The staff is friendly and often offers suggestions for different toppings or add-ons that might interest you. They also have a punch card, which is excellent if you want to try something new and don't want to break the bank.

Also, this is a great place to start if you're new to acai bowls. You can try all options and find out what works best for your taste buds.

SOHO Juice Co

SOHO Juice Co is a local, family-owned business serving the community for over ten years. You will not get over how delicious their smoothies and açaí bowls are. The topping to açaí ratio is perfect, and their smoothies are always thick and flavorful.

One of our favorite things about this place is how they always have some special going on; whether it be an exclusive flavor or just a deal on their best-selling smoothies and acai bowls, there's always something new to try at SOHO Juice Co! The owners are super friendly, too! They'll make sure you get what you want before they start making your drink.

Summer Tap Juice Bar

Summer Tap Juice Bar is the best place to get an acai bowl in Manatee County, Florida. They have FRESH ingredients and a super chill vibe. The space is focused on functional and beautiful, with wood, brick, and industrial accents. The employees are friendly, too! It's a great place to sit and work while your kids play!

Every bowl they make is made with fresh ingredients, so you know you're getting something good when you go there. Their smoothies are also delicious—the perfect way to start your day.

3 Natives

3 Natives is a great place to get an acai bowl in Manatee County. Friendly, clean, and tastes great! The açaí bowl was full of tremendous flavor as the fruit was incredibly fresh, and the granola and peanut butter went perfectly together. We recommend coming here for that healthy snack, wrap, or even to pick up some smoothies or juices.

The staff is extremely friendly and helpful, and I would gladly recommend this place to anyone looking for a healthy snack on their way home from work or school.

The Chenoa Fund - A Leg Up on Homeownership In Manatee County

You might have thought you were stuck in your current situation, but with the Chenoa Fund Down Payment Assistance Program in Manatee County, Florida, you are not!

You can get a mortgage and buy your dream home. You can be financially secure and have a nice place to call home. You can live the life you want to live, and we're here to help make that happen.

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For more than 20 years, Phil have been helping customers achieve their home purchase and refinance goals by providing them with invaluable resources and support.

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