Learn what Chenoa Fund down payment assistance is, how 3.5%–5% help works nationwide, and forgivable vs repayable options with an FHA 203(b) first mortgage.
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Chenoa Fund
What Is the Chenoa Fund?
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.
Chenoa does not replace your first mortgage — it supplements an FHA 203(b) loan. Here is how the pairing typically works.
Related Chenoa guides and loan programs to compare before you apply.
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.