(This Post is written for Lending Companies seeking to offer our products)
CBC Mortgage Agency, a nationally-chartered housing finance agency, offers the Chenoa Fund, a program that provides a 96.5% 1st mortgage and a 3.5% 2nd mortgage on FHA Loans. Lenders use our program like they would their local, municipal housing program to give more options to prospective homebuyers regarding down payment assistance.
Our program offers the following:
- FHA 96.5% 1st mortgage at a competitive rate
- FHA 3.5% 2nd mortgage to cover down payment
- FICO scores as low as 620
- DTI as per AUS up to 56.99 on FHA
- Options for all income levels
- Non-occupant co-borrowers
- Manufactured Home options
Lender-approval requirements:
- 2.5 Million Net Worth.
- <150% Neighborhood Watch ratios over the last three months.
- $100 Comergence Application Fee.
- We only work with correspondent lenders (call me if you are a broker).
- There is some flexibility--call me with questions.
Lender-approval process:
- Contact Shawn King, your Corporate Account Director, 208-991-8239
- Verify your Neighborhood Watch Ratios
- I will send you a Comergence Application Link
- Fill out associated paperwork in Comergence
- Secure final approval
- Schedule Kick-Off Call for internal training
- Schedule Loan Officer training
- Help Home Buyers!
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