CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
CBC Mortgage Agency (CBCMA) partners with quality mortgage lenders on a correspondent basis to provide down payment assistance for qualified home buyers in the form of second mortgages. All assistance is provided in compliance with FHA guidelines. Our affordable housing programs help meet the needs of an under-served population.
Because of the restrictions put on lending in recent years, there is a significant need for home financing for those who have good credit and a responsible debt burden, but who have been unable to put aside sufficient funds to provide a down payment. There is also a significant number of borrowers who would rather save the nest-egg they have carefully put aside for a rainy day rather than use it for a down payment. "