Chenoa Fund is built for primary-residence purchases that qualify for an eligible FHA 203(b) first mortgage — typically single-family homes, eligible condos, and certain owner-occupied 2–4 unit or manufactured properties.
Chenoa Fund assistance pairs with a first mortgage on a home you will occupy as your primary residence. Investment properties and second homes are outside the program’s intent — even if the property type itself could be financed another way.
Within that owner-occupant frame, property eligibility largely follows what FHA 203(b) will accept: site-built single-family homes are the most common path.
Condos, townhomes, manufactured homes, and small multi-unit properties can qualify when project, title, and occupancy rules clear — Ryan and Steve screen that before you write an offer.
Use this checklist before you fall in love with a listing that cannot clear underwriting.
Detached homes on permanent foundations that meet FHA appraisal standards are the clearest Chenoa path.
Project must be acceptable to the first mortgage. Warrantable or FHA-approved status matters more than HOA marketing.
You must live in one unit. Rental income may help qualifying on the first mortgage, but Chenoa still requires primary occupancy.
Pure rentals, vacation homes, bare land, and properties that fail first-mortgage eligibility generally cannot pair with Chenoa.
Chenoa follows the first loan’s property rules — then adds occupancy and second-lien requirements.
| Property | Typical first mortgage | Chenoa fit |
|---|---|---|
| Single-family home | FHA 203(b) | Strong — most common |
| Condo / townhome | FHA-approved project | Yes if project clears |
| 2–4 unit (owner-occ) | FHA 203(b) | Yes with occupancy |
| Manufactured (real property) | FHA 203(b) | Case-by-case |
| Investment / second home | Other products | Not eligible |
Related Chenoa and property guides before you write an offer.
Title, foundation, and real-property requirements.
Credit, occupancy, loan type, and education rules.
FHA 203(b) pairing for primary residences.
How seller credits still work with DPA.
Full program guide, estimator, and qualification form.
Owner-occupied multi-unit FHA options.
Compare Chenoa with IHCDA and other DPA.
Often yes if the condo project is eligible for FHA and the purchase is your primary residence. Project review still applies.
Owner-occupied 2–4 unit properties may work when the first mortgage allows them and you occupy one unit as your primary residence. Investment-only purchases do not.
Manufactured homes can qualify when titled and affixed as real property and acceptable to FHA guidelines. See our Chenoa manufactured-home guide for deal-breakers.
Chenoa pairs with an eligible purchase mortgage on a finished (or program-eligible) dwelling — not bare land alone. Construction and renovation pairings need a separate product conversation.
Send Ryan & Steve the address and property type. We’ll confirm Chenoa + first-mortgage eligibility before you write the offer.
Chenoa Fund is a registered trademark of CBC Mortgage Agency. All programs are subject to borrower qualification and lender approval. This website is not directly affiliated with or endorsed by HUD, FHA, or the CBC Mortgage Agency.