Florida First Time Home Buyers and Repeat Home Buyers alike can take advatage of 100% Financing using the Chenoa Fund Down Payment Assistance Program tyo purchase a home.
As an approved lender with Chenoa Fund we underwtire the loan inhouse making the process move more smoothly.
The FHA Loan Programs with DAP:
Chenoa Fund DPA Edge: Soft Second product. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the you will live. The loan is forgiven when you make 36 consecutive on-time payments on the first mortgage.
Chenoa Fund Edge Repayable Second product. With this program, your income must be greater than 115% of the Area Median Income. There are two options for a repayable second. You can choose a 10-year repayable second or a 30-year repayable second. You will need to meet the minimum credit score of 620.
Chenoa Fund Rate Advantage program. With this program, you are able to lock their first mortgage at market comparable rate. You will need to meet the minimum credit score of 640, have a debt to income ratio of 50% or less, and have a qualifying household income less than or equal to 115% of the median income for the county in which you will live.
Contact me today to help you and your clients go from home shopper to home owner!
Chenoa Fund Lender
Canopy Mortgage Florida
First Time Home Buyers FL