Step-by-step guide to Chenoa Fund from pre-qual through closing — 3.5% vs 5% pathways, DPA Edge forgiveness, and repayable second-lien options.
How Does Chenoa Fund Work? | The 2 Mortgage Guys
Step-by-step guide to Chenoa Fund from pre-qual through closing — 3.5% vs 5% pathways, DPA Edge forgiveness, and repayable second-lien options.
How Does Chenoa Fund Work?
From Pre-Qual to Closing
3.5% vs. 5% Pathways
DPA Edge vs. Rate / DPA Advantage
DPA Edge
Rate Advantage / DPA Advantage
Keep Exploring
Frequently Asked Questions
Walk Through Your Chenoa Pathway
From pre-qual through closing, Chenoa layers a second mortgage on your FHA or conventional first lien — delivering 3.5% or 5% toward down payment or closing costs via a forgivable or repayable structure.
Four milestones every Chenoa-assisted purchase follows.
The assistance percentage depends on your first-mortgage type and how much help you need at closing.
3.5%
The most common pairing with FHA 203(b). On a $350,000 home, that is $12,250 — enough to cover FHA's minimum down payment so you may bring little or no cash to closing.
Also available on Conventional 97 when you need help reaching the 3% down threshold or offsetting closing costs.
5%
Higher assistance for buyers who need more help at the table. On a $400,000 home, 5% equals $20,000 toward down payment or closing costs.
Often paired with Conventional 97 or when closing costs would otherwise drain your reserves after down payment.
Your second-lien structure determines whether you make monthly Chenoa payments and when assistance is forgiven.
Forgivable
Repayable
Related Chenoa guides and loan programs to compare before you apply.
Ryan & Steve will map your pre-qual through closing — including which Chenoa structure fits your timeline and budget.
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.
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