The Chenoa Fund is a new program helping homeowners in Washington County, Florida, to get out of their homes and into a better one. It is a government program that helps people trying to buy or refinance a home achieve their dreams.
The Chenoa Fund is designed to help homeowners trying to buy or refinance their homes. It provides a low-interest rate loan for those who qualify and can be used for both the first and second mortgage payments.
The assistance program is designed to help first-time homebuyers get on the right track toward homeownership. It can help you make your dream of homeownership a reality by providing down payment assistance options for qualified buyers buying homes in Washington County, Florida.
If you want to understand this program better, here is everything you should know.
What is the Chenoa Fund?
The Chenoa Fund Down Payment Assistance Program is a financial aid program that helps you buy your dream home. The program offers down payment assistance as part of purchasing a home.
The Chenoa Fund Down Payment Assistance Program is administered by the South Florida Community Development Corporation (SFCDC), which serves Miami-Dade County.
The SFCDC is a nonprofit organization established in 1974 to help low-income families buy homes through its Home Buyer's Program. SFCDC offers other programs that provide financial assistance to low-income families, including its Buyer Counseling Service and Get Ahead Program.
The Chenoa Fund Down Payment Assistance Program will provide up to $15,000 for the down payment and closing costs for first-time home buyers looking to purchase a new home in Washington County, Florida.
The Chenoa Fund Down Payment Assistance Program (CFDPA) is a low-cost, interest-free loan that allows qualified home buyers to purchase homes with no money. The CFDPA program offers two types of assistance:
The CFDPA program is a partnership between the National Community Reinvestment Coalition and the National Low Income Housing Coalition (NLIHC). The NLIHC is a nonprofit organization that advocates for fair and affordable housing opportunities in communities nationwide.
The NLIHC's mission is to ensure that every American has access to safe, decent, affordable housing as a matter of right — not just by providing funds for low-income housing development but also through its advocacy efforts on behalf of renters and homeownership programs.
Essentially, The Chenoa Fund Down Payment Assistance Program is a partnership between the Chenoa Fund, which provides capital funding to qualified borrowers, and participating lenders who offer down payment assistance. The first mortgage will be paid off at a lower interest rate than if you were paying only the second mortgage. The loan will then be paid back over time with interest.
What's more, homebuyers with a down payment of as little as 5% can receive assistance from the program Chenoa Fund created.
How does Chenoa Fund Down Payment Assistance Program work?
It's simple! The provider will match you up with a lender that has a competitive rate and no prepayment penalty. You then pay us back at closing, usually in monthly installments of around $350 per month.
Chenoa Fund's down payment assistance program works by offering a lump sum of cash to first-time homebuyers in Washington County, Florida. The program is available to residential homebuyers with a down payment of at least 10% and can secure a mortgage with a conventional lender.
The program works like this:
A client will apply online.
They will be asked to furnish information about his credit history and income level, along with other financial details such as how much money he has saved up for the down payment and how long he has been looking for a home.
- After reviewing these details, the loan officer will determine whether the applicant qualifies for an affordable loan. The loan officer will then discuss the loan details with you and set up an appointment at your convenience.
What kind of Chenoa Program loans do I qualify for?
Chenoa Fund is a popular down payment assistance program that helps homebuyers in Washington County, Florida purchase their dream home.
The program provides up to $25,000 in down payment assistance funds. The assistance you receive depends on the purchase price and your income. This is good news for those looking to buy their first home but doesn't have sufficient savings or credit history to qualify for traditional loans.
This home mortgage program offers several different loan options, including:
Chenoa Fund Home Loan - This loan option requires no down payment and has a fixed interest rate of 4%. The loan's term is ten years and requires a monthly payment of $113.79.
Chenoa Fund Conventional Mortgage - This loan option requires a down payment of 20% and includes an interest rate of 4%. The loan's term is 30 years and requires a monthly payment of $157.42.
Chenoa Fund FHA Mortgage - This loan option requires a minimum 20% down payment and includes an interest rate of 3%. The loan's term is 30 years (including the 5-year certificate period), but it requires paying closing costs over time and paying mortgage insurance during this period. The monthly payment on this program would start at $194.36.
- Down Payment Assistance Programs – These grants help with down payment and closing costs.
Other notable funding options you can enjoy with this program include:
Single Parent Home Buyer with A Child Under Age 6 Who Is in Need of Affordable Housing Assistance to Purchase A Home In Washington County, Florida;
A Family with Children Under Age 18 Who Has Income That Is Below 80% Of Median Income for Their Community; Or;
A Family with Children Under Age 18 Who Cannot Afford to Purchase a Home Because Of Financial Hardship And Needs Help Paying Off Their Mortgage Before Closing; Or;
- A Family with Children Under Age 18 Who Are Living at Home but Need Help Financing the Down Payment.
This down payment assistance can be used for first-time and repeat home buyers. You may be eligible for down payment assistance if purchasing your first home or refinancing your existing mortgage.
Before applying, though, the first step is finding out whether or not you qualify for the housing counseling services offered by the state agency that administers this down payment assistance program. However, it would help if you met specific criteria to qualify for this down payment assistance program.
First, the house you want to buy must be located in Washington County, Florida. Also, your income must meet certain limits. Finally, it would be best if you had a plan for paying back the money you receive from Chenoa Fund.
Limits of the Chenoa Fund in Washington County, Florida
The Chenoa Fund Down Payment Assistance Program in Washington County, Florida, allows qualified applicants to receive up to $12,500 to purchase their first home.
The loan amount depends on how much money you would like to borrow from the fund and how long you need it. In most cases, qualifying borrowers must be able to make a down payment of between 3% and 20% of the home's purchase price.
Note - The amount of money you are given will depend on your loan amount.
Qualifications & Eligibility - Who is Eligible for the fund?
Eligibility for the program is based on income, credit, and employment history. Applicants must qualify for down payment assistance within 90% of the county's median income. Those who meet those criteria will receive an initial $1000 grant towards their purchase price.
To be eligible for the program, you must meet these criteria:
To qualify for this loan, you must already own a house or be currently renting one. You will also need to be able to qualify for a conventional mortgage with a minimum down payment of 10%.
Be able to prove that you have made a good-faith effort to find employment that would allow you to maintain your income and expenses within the confines of your budget.
Have been denied a conventional mortgage loan due partly to credit issues (such as bankruptcy).
Not owe more than 2% of your home's value on any debt other than an existing mortgage loan.
Being at least 18 years old.
Having a job that pays a minimum of $25 per hour (or $50 per day).
Having an annual household income that falls below 80% of the area median income (AMI) for the metro area where you live.
Be a first-time home buyer (have not owned a home in the past three years).
Have a valid Social Security number.
Have a steady job for at least one year before applying for assistance. The income requirement is up to $35,000 per year and cannot be below the Federal Poverty Level (FPL).
Have a credit score of at least 620 or higher. Applicants must have a FICO score of 620 or higher with no late payments in the last two years.
You must live in Washington County, Florida.
You must own your home.
Your home must have been occupied within one year of applying.
- You must have a good credit score (no late payments).
This program offers down payment assistance matching funds to qualified homebuyers who meet eligibility requirements. It is specially designed to help homeowners facing a short sale or foreclosure due to an unexpected job loss or medical emergency.
The program is open to all qualified homeowners and can be used by anyone who has been denied a conventional mortgage loan due to credit issues.
Benefits of the Chenoa Down payment Program in Washington County, Florida
The Chenoa Fund Down Payment Assistance Program in Washington County, Florida, is a down payment assistance program that helps you get into your dream home. The Chenoa Fund created the program to help low-income families buy their first homes.
While there are multiple benefits associated with the program, here are some notable ones that stand out:
Promotes home owning notwithstanding Income-level - The fund helps people who have an income of less than 80% of the median income for their community. If you do not have enough saved-up cash, this down payment assistance can help with that too! Ideally, this fund is designed to help low- and moderate-income borrowers qualify for home purchase loans.
Complimentary Grants - The program also offers grants for part of the closing costs and down payments on homes in Washington County, Florida. The program is available to all first-time homebuyers and provides a grant of up to $5,000 towards the purchase price of your new home.
- Quality & Diverse Home Options - This down payment assistance program provides real estate investors with a powerful platform for acquiring desirable properties in Washington County, Florida, at attractive prices. Investors can invest in these properties through various methods, including purchasing them as individuals or as part of an investment syndicate.
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In summary, this Chenoa Fund Down Payment Assistance Program in Washington County, Florida, is a program that will help you with your down payment on a home.
The program helps qualified buyers purchase homes in Washington County. It offers low-interest loans to qualified buyers.
Ultimately, since the goal of the program is to provide down payment assistance so that families can begin building wealth and stability for themselves and their children.
This also gives you the perfect opportunity to live in a safe environment where they can have access to resources such as education and healthcare.