09/02/2025
The Chenoa Fund program was created to support homebuyers by offering flexible solutions to cover part of the down payment and closing costs.
General Highlights:
Works with FHA 30-year fixed loans, purchase transactions only.
Available for primary residences with a minimum 600 credit score (with AUS approval).
Provides down payment and closing cost assistance as a second mortgage. Assistance can be repayable or forgivable under certain conditions.
Eligible property types include 1–2 unit homes, townhomes, FHA-approved condos, and double-wide manufactured homes (that meet FHA guidelines).
Available in most states except New York, with specific requirements in Alaska, South Carolina, and North Carolina.
Homebuyer education is required in certain cases.
The purpose of this program is to create more flexibility and give qualified buyers an opportunity to achieve homeownership under FHA guidelines.
📌 Disclaimer: This content is provided for educational purposes only and does not constitute a loan offer. Program availability and borrower eligibility are subject to lender approval and program guidelines.
