Get ALL your Chenoa fund DPA FHA loans down payment assistance questions answered today and save on your next home purchase.
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Chenoa Fund DPA FHA loans offers one product, with both a repayable or forgivable option. The borrower must have a credit score at least 600 for all products.
Repayable The loan has a 10-year term and an interest rate that is 2% higher then the FHA first mortgage. This loan requires a monthly payment for the second mortgage.
Forgivable: This loan has an interest rate of 0.0% (0% APR) for a period of 30 years. This loan doesn’t require you to make a monthly payment on your second mortgage. The DPA amount is what determines forgiveness.
3.5%: Cancelled after 36 consecutive on-time payments of the FHA first mortgage. The forgiveness period ends if the borrower fails to make a timely payment. However, the borrower can still meet the forgiveness conditions for the entire 30-year term. If the previous forgiveness condition has not been fulfilled, this loan may be forgiven after the 30 year term.
5%: After the 120 consecutive, on time payments to the FHA initial mortgage, the 5% forgiven. The forgiveness period will end if the borrower is late with 60 or more days of payments. Otherwise, the loan will be renewed at 0% interest for a term of 30 years, and there will be no monthly payment.
Both forgivable loan options are available if all conditions have been met. If the loan has not been forgiven, the loan must be repaid upon transfer or refinance.
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