Buying a house with low income is easier than you think!

Let's face it, everyone wants their dream home! Driving through neighborhoods looking for the perfect house. Dreaming of the day that you will be in yours instead of paying rent every month. There's no reason to pay for something that you will never own. What is the point in shelling out thousands of dollars a year for something that just isn't yours? I know that is a dream many if you reading want. Especially if the title of this post caught your eye!

Did you know that owning a home with low income is easier than you think? Many people think that it is just completely out of the question when really it is not. Don't give up hope because it is there! The Chenoa Fund makes it possible. What is the Chenoa Fund?

Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide. The Chenoa Fund is managed by the CBC Mortgage Agency, a Cedar Band Corp subsidiary. Federally chartered and wholly owned by the federal government, Cedar Band Corporation is the Paiutes Cedar Band, a constituent band of the Utah Paiute Tribe.

I think it is amazing what they are doing. They assist responsible home buyers to overcome the challenge of the minimum investment required for a mortgage. Owning a home is super exciting and is an important milestone in your life. The Chenoa Fund has served the U.S. first-time homebuyer market in a significant way, having completed more than 10,000 mortgage transactions since 2013. How do you apply?

To apply for approval, access the application on their website. Please complete a full application and upload all required documents for review in Optimal Blue. A list of required documents will be provided to you once you accept the invitation to apply to be a correspondent Lender of CBC Mortgage Agency. Once you have uploaded all required documents, CBC Mortgage Agency will do a full file review of your application. During this review, if any documents are missing and/or deficient, we will advise and allow you to correct any deficiencies. Once we have determined that we have a full and complete application, the application materials will be sent to our legal department for a final decision. The average turnaround time for a final decision by the legal department is about two weeks.

How to qualify?
In order to qualify for this program, the borrower must have a Qualifying Income: < or = 115% AMI.
Household Income Worksheets are no longer required.
  • Requires monthly payment.
  • FICO Scores 640 minimum
  • 10-Year term 8% Interest rate
  • Non-occupant co-borrowers are not allowed 
  • No concurrent homeownership 
  • Max DTI 50% 
  • Manual underwrites are not allowed
I can't believe how easy owning a home can be! It is at the tip of your fingertips! What are you doing? Apply today! You won't regret it that is for sure!

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