The Chenoa Fund provides down payment assistance to residents of Charlotte, Mecklenburg and surrounding counties in North Carolina. If you’re interested in learning more about how to get down payment assistance from the Chenoa Fund, here are 3 ways to learn more and get started on your path to homeownership!
1) The Chenoa Fund offers several programs to help with your down payment
Chenoa Fund down payment assistance comes in a variety of forms. Whether you are looking for help with your FHA loan or conventional loan, there are many ways to qualify for assistance. The Chenoa Fund offers $2,500 for an FHA borrower and $6,000 for a conventional borrower. If you have bad credit and can't get approved for a mortgage at all, don't worry! There is still help available! Alternative forms of down payment assistance include:
- For FHA loans- You may be eligible for 3% cash back when refinancing your current home.
- For conventional loans-If you cannot afford to pay your closing costs but qualify for a loan, we will split them with you.
- Many homeowners like this program because it does not require good credit or employment verification.
- Alternative forms of down payment assistance include: grants and forgivable loans are also available through this program.
All alternative forms of downpayment assistance come with different eligibility requirements and maximum amounts, so make sure to find out which one best fits your needs before applying!
2) You can also receive down payment assistance through your state or local government
The Chenoa fund is a nonprofit organization that provides down payment assistance for first-time homebuyers. It is funded by private donations and offers different types of assistance depending on your financial situation. You can receive down payment assistance through your state or local government as well, but these programs may have stricter requirements than the Chenoa fund. Chenoa Fund down payment assistance is available for low-income households with credit scores below 680 (with FHA loans) or 500 (with conventional loans). In order to qualify, you must be a first-time home buyer and intend to live in the house for at least 3 years after purchase.
You'll need a good credit score of 580+ to be eligible, however. You'll also need to be approved for an FHA or conventional loan.
3) There are many private organizations that offer down payment assistance programs
Chenoa Fund is one of many private organizations that offer down-payment assistance programs. They offer up to $35,000 in assistance for FHA loans and $15,000 in assistance for conventional loans. You must be a first-time homebuyer who has not owned a home within the last 3 years or you must purchase your first home with a spouse who has not owned a home within the last 3 years. The program provides up to 100% of the property's appraised value (loan amount) as long as it does not exceed $272,000 for an owner-occupied primary residence. The loan amount cannot exceed 110% of the appraised value if there are no related borrowers on the title and all credit criteria have been met. For example, a home worth $200,000 would need at least $26,500 in equity to qualify for the program.
What is the Chenoa Fund?
The Chenoa Fund offers mortgage down payment assistance and other benefits which helps qualified low-income families buy their first homes. As long as they meet certain qualifications and are approved they can get help paying their mortgages over time through financing or grants.
For more information :
- Contact the Program Director of the fund
- Check out their website at www.chenoafund.org