Get approved with Chenoa Fund--Correspondent Lending

By
Mortgage and Lending with CBCMA / CBC Mortgage Agency

(This Post is written for Lending Companies seeking to offer our products)

Chenoa FundCBC 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!
Posted by

Shawn King

Chenoa Fund, CBC Mortgage Agency

208-991-8239

shawn.king@chenoafund.org

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Topic:
Mortgage / Finance
Tags:
fha
lender approval
down payment
zerodown
downpayment assistance
wholesale
secondary market
dpa
account executive
correspondent
housing finance agency
chenoa fund
cbcma
cbc mortgage agency
hud mortgagee letter 201906

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Shawn King

Chenoa Fund--Get Signed Up.
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