If you’re a low or middle-income home buyer who qualifies for an FHA first mortgage but could use some down payment assistance, Ideal Lending may have the answer. In fact, based on your income there are three options possibly available, providing up to 3.5% of the sale price or appraised value (whichever is less).
Thousands of people each year dream of becoming homeowners. Chenoa Fund presents an alternative down payment solution for your home
BENEFITS:
- All FHA approved buyers with 620+ FICO are qualified
- Down payment assistance of up to 3.5 % of the sale price or appraised value
- Underwritten in-house for seamless process, keeping you competitive in this sellers market
- No income restrictions
- No first-time homebuyer restrictions
- Premium pricing (1st MTG) to cover closing costs
- No DTI restrictions with AUS approval
- High Balance Options
TO QUALIFY:
- Must be combined with an FHA insured first mortgage loan
- Qualifying income used for AMI calculations is based on the value of the property and the areas median income
- Appraisal required
- Eligible properties, Single family property only, condominium unit, primary residence only
- Mortgage Redemption Insurance (MRI) is required
Let Us Help Make Your Dream A Reality
Find out how much home you can afford today!
Ideal Lending LLC is not acting on behalf of or at the direction of any state or federal agencies. Brokered products may have higher rates or different terms. Products not available in all areas. Please contact your loan professional for more details. Additional terms and conditions may apply. Please contact your loan professional for more details. Chenoa Fund is a program of CBC Mortgage Agency, an FHA Approved Government Lender – NMLS# 1175025. To receive down payment assistance from Chenoa Fund, you must qualify for an FHA First mortgage loan through your mortgage lender.
