Borrowers must meet a minimum FICO score of 620. The DPA Edge Soft Second, for FHA loans, is a forgivable loan. • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loans. 1. Chenoa Fund Edge Repayable Second product. The borrower can choose a 10-year repayable second at a 0% interest rate, or a 30-year repayable second at a 5% interest rate. Chenoa Fund Releases Revised Program Guidelines 8.1. You will need to meet the minimum credit score of 620. In order to qualify for the Chenoa Fund DPA Edge: Soft Second product, you must meet program criteria, including the following: Minimum credit score of 620 Qualifying income is equal to or less than 115% of the area median income (AMI) for the county in which the you will live (note: If you make more than 115% median income, ask about the Chenoa Fund DPA Edge: Repayable Second … With this program, the borrower does not have any income restrictions. The funds are delivered at closing. It is the originating lender’s responsibility to ensure The advantages of the DPA Edge: Soft Second include: In order to qualify for this program, the borrower must have a: The DPA Edge follows FHA guidelines, with the following overlays: Go to the Chenoa Fund Program Guidelines for additional details. You will need to meet the minimum credit score of 620. There are two options for a repayable second. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. Repayable down payment assistance programs provide buyers with the down payment they need now so they can buy a home sooner. CBCMA Training Series #2: Locks, Registrations, and Closing Documents. Borrowers must meet a minimum FICO score of 620. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. One example is the Chenoa Fund DPA Edge: Repayable Second Product. On top of this, qualified borrowers may obtain a repayable second mortgage for the down payment. CBC Mortgage Agency adheres strictly to TRID/ATR guidelines with first … With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. Borrowers will have to achieve the FICO minimum score of 620. The site and the information contained therein is not a solicitation to lend money to consumers. Borrowers whose credit scores are between 620 to 639 must complete pre-purchase homebuyer counseling prior to closing through any HUD-approved course. There are two options for the repayable second. While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. There are two options for a repayable second. Borrowers will need to meet the minimum FICO score of 620 and have a qualifying income less than or equal to 115% of the median income for the county in which the borrower will live. Servicing: 866.563.7572 Borrowers will need to meet the minimum FICO score of 620. It is the correspondent’s responsibility in these instances, if desired, to track income limits and request a switch between programs. One example is the Chenoa Fund DPA Edge: Repayable Second Product. While this won’t affect most Chenoa Fund second mortgages, in edge cases the AMI may raise enough for a DPA Edge Repayable Second mortgage to qualify as a DPA Edge Soft Second. The Chenoa Fund DPA Edge-Soft Second product is an FHA mortgage combined with a second that lends 3.5% to cover the borrower’s down-payment. Chenoa Fund Edge Program: With this program, borrowers receive a 30-year term, 0% rate, no payment second mortgage. Borrowers will need to meet the minimum FICO score of 620. Chenoa Fund Lender Login Programs; Program Guidelines 5.4.2; Program FAQs; Income Limits; Documentation Requirements CBCMA Documents and Tools; Training Material; Marketing Resources; What People … 912 W. Baxter Drive, Suite 150 The borrower can choose a 10-year repayable second at a 0% interest rate, or a 30-year repayable second at a 5% interest rate. This soft second will be forgiven if … Continue reading Borrowers that make 36 consecutive, on-time payments on the first mortgage will see their second mortgage entirely forgiven if their second mortgage is the DPA Edge Soft Second. CBCMA specializes in providing down payment assistance (DPA) for borrowers receiving an FHA 1st mortgage. With this program, there are no income limitations. The loan provides a lower interest rate on the first mortgage than the DPA Edge … To register a loan with Chenoa Fund simply click HERE. Chenoa Fund Repayable Second Program: Requirements: no income restrictions; FICO score of 620 or higher. 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