Time to Say YES – Keys to Homeownership Await

The Chenoa FundTM from CBC Mortgage Agency helps make homeownership possible for creditworthy borrowers who may lack the funds for a down payment. This down payment assistance program, offered through approved lenders, provides a second mortgage to cover either 3.5% or 5% of the purchase price or appraised value of the home.

Chenoa Fund – Helping Families Achieve Homeownership


The Chenoa Fund down payment assistance program increases access to affordable housing and homeownership for creditworthy borrowers. CBC Mortgage Agency partners with reputable lenders to provide down payment assistance in the form of second mortgages to qualified buyers.

Chenoa Fund believes that responsible homeownership strengthens families and communities. While homeownership isn’t right for everyone, we help remove barriers for buyers who have the income, credit, and ability to maintain a home but lack funds for a down payment. Our down payment assistance gives creditworthy borrowers a path to homeownership.

Chenoa Fund provides 3.5% or 5% down payment assistance for FHA loans to help borrowers meet the minimum investment required. By assisting buyers who can afford mortgage payments but face hurdles saving for a down payment, we improve housing stability and availability for all.

Contact Us at https://homesinsdcounty.com/contact/contact to learn more about these and other down payment assistance mortgage options. Our experienced team is ready to help you understand the program and get started on your path to homeownership.

An Affordable Housing Program Dedicated To Sustainable Homeownership

Who We Are

Chenoa Fund™ is a down payment assistance program provided through CBC Mortgage Agency™ (CBCMA), which is one of nine tribally owned enterprises of the Cedar Band Corporation. CBCMA’s mission is to increase nationwide affordable and sustainable homeownership, with a focus on creditworthy, low- and moderate-income individuals.

Chenoa Fund Provides

  • Homebuyers 3.5% or 5% down payment assistance
  • Post-closing for homebuyer assistance
  • Fast approval process without review delays
  • Minority opportunities with UHOUSI and the Kani Urban Indian Housing initiative
  • The ability to become a first-time homebuyer and build wealth

Chenoa Fund offerings:

  • 3.5% or 5% down payment assistance
  • FHA program offerings with a minimum credit score of 600
  • Industry-leading customer service that guides homebuyers through the home buying process
  • 18 months of post purchase counseling for homebuyers
  • Minority-focused initiatives to help educate underserved communities about building wealth through sustainable homeownership

Borrowers have two options for the down payment assistance loan:

  1. Repayable loan with a 10-year term, fixed interest rate 2% higher than the first mortgage rate, and fully amortized payments.
  2. Forgivable loan with a 0% interest rate and no monthly payments. The 3.5% loan is forgiven after 36 consecutive, on-time first mortgage payments. The 5% loan is forgiven after the first 120 payments on the first mortgage.

To qualify, borrowers need a minimum credit score of 600 and must meet Chenoa FundTM income and other eligibility criteria. The program helps creditworthy buyers overcome the biggest hurdle to homeownership — the down payment. By assisting responsible homebuyers, Chenoa FundTM aims to build stronger communities through improved housing stability.

The Chenoa FundTM down payment assistance program has the following guidelines:

  • Down payment assistance is available in all states except New York.
  • Borrowers can receive 3%, 3.5%, or 5% down payment assistance based on the specific Chenoa Fund product.
  • Origination fees and lender charges must comply with the 3% points and fees rule for Qualified Mortgages under TRID regulations.
  • The first mortgage must be sold to CBC Mortgage Agency.
  • The delegated underwriter approves the loan and appraisal for closing by the approved lender.
  • Eligible properties include attached and detached single family residences, PUDs, townhomes, condos, and modular homes.
  • Two-unit properties are allowed only with certain DPA Edge products. Three to four units are not eligible with any product.
  • Manufactured homes may qualify for FHA loans in some cases.
  • HPML (Rebuttable Presumption) loans are permitted on certain products, but High-Cost Mortgages are not allowed.

Through Chenoa Fund™, CBC Mortgage Agency offers down payment assistance products that are issued in conjunction with FHA-insured first mortgages.

Chenoa Fund Down Payment Assistance for FHA Loans

3.5% and 5% DPA
600+ FICO Score

Chenoa Fund offers 3.5% and 5% down payment assistance (DPA) for borrowers with a minimum credit score of 600 using an FHA-insured first mortgage.

Repayable Option:

  • 10-year term
  • Interest rate 2% higher than first mortgage rate
  • Fully amortized with fixed interest rate
  • Requires monthly payments

Forgivable Option:

  • 0% interest rate (0% APR)
  • No monthly payments
  • 30-year term
  • Forgiveness conditions:
    • 3.5% DPA – Forgiven after 36 consecutive, on-time first mortgage payments. Forgiveness period resets with any late payment, but borrower has full term to meet conditions.
    • 5% DPA – Forgiven after first 120 consecutive, on-time first mortgage payments. Forgiveness period ends if payment is 60+ days late.
  • Both options can be forgiven at the end of the 30-year term if prior forgiveness conditions are not met, even if first mortgage payments were late.
  • Must be repaid upon transfer of ownership or refinance if not forgiven.

USDA30 Program

USDA30 Program

100% financing (zero-down) mortgage loan.
Secondary Financing with the USDA30 program is not allowed.

The USDA loan is a zero-down mortgage program that is meant to support homeownership in rural and semi-rural areas. USDA home loans are designed to provide “low and moderate-income households” an opportunity to own a home with 100% (zero-down) financing.

Like its definition of “rural,” what it considered moderate income is generous. You can make up to 115% of your area’s median income and still qualify. The higher your city’s typical income, the more you can make and still be eligible.

The home must be within a USDA-eligible area. https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp There are no exceptions granted.

First mortgage loans submitted to CBC Mortgage Agency must conform with USDA 3555-1 Technical handbook as well as the FHA 4000.1 Handbook and be of investment quality and saleable on the secondary market. Secondary Financing with the USDA program is not allowed.


Here at CBC Mortgage Agency, we are driven by a single goal; to do our part in making the world a better place for all.  As a federally chartered, public-purpose driven government agency, we work to increase affordable and sustainable homeownership opportunities for credit-worthy individuals who lack down payment funds. 

We have partnered with Money Management International (MMI), a non-profit Consumer Credit Counseling Agency, who shares our values, mission and commitment for service excellence. To find out more about MMI, please visit https://www.moneymanagement.org

For the initial 18 months after closing on a Chenoa Fund down payment assistance loan program, The Borrower Success Team at MMI will provide you with monthly support, education material and tools that are focused on being a successful homeowner.

The Chenoa Fund™ program has not been reviewed or approved by HUD or FHA. This site is for information purposes, The information contained therein is not a solicitation to lend money to consumers. For licensing information, go to: www.nmlsconsumeraccess.org. Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 – 1-888-473-4858. Georgia Residential Mortgage Licensee, License # 1186381.

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