Solution for High-Income Borrowers in need of Down Payment

Mortgage and Lending with CBCMA / CBC Mortgage Agency

Chenoa Fund, offered by CBC Mortgage Agency, provides 1st and 2nd mortgage products on a national level to home buyers who need assistance with their down payment.  We do this through a channel of approved correspondent lenders in much the same way as local and state Housing Finance Agencies (HFA's).  One difficulty many prospective home buyers face is despite higher income, they still haven't been able to save for a down payment.   Borrowers in strong rental markets may be paying the same or more as a comparable mortgage payment to rent a home, and many local HFA's have programs to assist lower-income borrowers, but higher income borrowers don't have the options.


Chenoa Fund can help high-income borrowers with a down payment in the form of a 2nd mortgage on FHA and Conforming loans. 


The products feature the following:

  • 1st Mortgage Interest rate from 4.625% to 5.5%
  • 2nd Mortgage rate of 8% (FHA) or 6.625% on Standard 97
  • No Income Limit
  • No Geographical Restriction
  • FHA no 1st-time homebuyer requirement
  • Standard 97 must be 1st-time homebuyer
  • Standard 97 receives .5% towards closing costs and 3% for down payment

You can view a product Matrix Here.   Clearly, having too much income should not be the reason someone is disqualified for receiving help with her down payment.  If you have questions, please contact Shawn King 208-991-8239, or send me an email at



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Shawn King

Chenoa Fund, CBC Mortgage Agency



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Shawn King

Chenoa Fund--Get Signed Up.
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