The Chenoa Fund is a national down payment assistance program from CBC Mortgage Agency that provides 3.5% to 5% toward your down payment or closing costs — paired with an FHA 203(b) first mortgage in all 50 states.
Chenoa Fund helps buyers who have steady income and qualifying credit but need help covering upfront costs. Unlike many state programs tied to one geography, Chenoa is available nationwide — making it a strong option when IHCDA or local grants do not fit your purchase location.
Assistance arrives as a second mortgage layered on your FHA 203(b) first loan. You choose how much help you need — 3.5% or 5% of the purchase price — and whether you prefer a forgivable or repayable structure.
Ryan and Steve screen Chenoa early in pre-qualification so you know your real cash-to-close number before you write an offer.
Chenoa is not one-size-fits-all. The two main second-lien structures solve different buyer goals.
0% interest, no monthly payment on the Chenoa second. Forgiven automatically after 36 consecutive on-time payments on your first mortgage. Best when you plan to stay put and want zero second-lien payment burden.
10-year fixed term with a competitive rate. Monthly payment required alongside your primary mortgage until paid off. Best when you need the repayable product for your scenario or prefer structured payoff.
Chenoa does not replace your first mortgage — it supplements an FHA 203(b) loan. Here is how the pairing typically works.
| First mortgage | Typical Chenoa level | Buyer benefit |
|---|---|---|
| FHA 203(b) | 3.5% or 5% | Covers FHA minimum down and/or closing costs — potentially minimal cash at closing |
Related Chenoa guides and loan programs to compare before you apply.
Steps from pre-qual through closing — and forgivable vs repayable pathways.
Credit, loan type, occupancy, education, and income-limit rules.
600 FICO minimum and what else underwriters review.
3.5% and 5% examples by purchase price and cash-to-close.
Full program guide, estimator, comparison table, and qualification form.
Compare Chenoa with IHCDA, Luminate Path, and other DPA options.
How FHA 203(b) pairs with Chenoa for minimal cash at closing.
Chenoa Fund is administered by CBC Mortgage Agency, a federally chartered tribal enterprise. Ryan and Steve originate Chenoa-assisted loans through approved lender channels — this site is not affiliated with CBC, HUD, or FHA.
Yes. Unlike state programs such as IHCDA, Chenoa Fund down payment assistance is available in all 50 states for eligible borrowers who meet credit, loan-type, and occupancy requirements.
Yes. Assistance can be applied toward your down payment, closing costs, or a combination — depending on how Ryan and Steve structure your FHA 203(b) first mortgage and Chenoa second lien.
Chenoa assistance is structured as a second mortgage. Depending on the product you choose, it may be forgivable after 36 on-time first-mortgage payments (DPA Edge) or repayable over 10 years (Rate Advantage / DPA Advantage).
Ryan & Steve will model forgivable and repayable Chenoa options against your FHA pre-approval.
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.