The Chenoa Fund could be your first step to buying a home. Being a homeowner is the 'American Dream', there's no denying that. Many people are not aware of the no down payment mortgage option. In this article we are going to give you details and basic requirements to purchase a home with this great program.
What is the Chenoa Fund?
The Chenoa Fund down payment assistance loan program offers 100% affordable financing for buyers who can meet a minimum credit requirements and lack sufficient funds for a down payment.
This option is great because:
- 100% Financing
- Home buyer education course not required to be approved
- Not limited only to first time home buyers
Let's go over the benefits in more detail to show how this program works.
Benefits of the Chenoa Fund Program
You DO NOT Have to Be a first time home buyer Yes, that's right! Whether this is your first rodeo, second or third, you can apply for this no down payment mortgage program. Which is great for first time home buyers or someone looking to relocate.
Home buyer education is NOT required. There are other loan programs that requires you to sit in a classroom to prepare you for buying a home before being approved.
The Chenoa fund program values your time and does not require you to do this.
100% Down Payment Financing
Saving up funds to make a 20% down payment is not always convenient or an easy thing to do.
This program allows home buyers to apply for a mortgage with no money down. The mortgage rates are low as they're going to be this year which allows people to take advantage and buy a home.
How to Qualify for the Chenoa Fund
In order to qualify for this awesome program you will need a minimum FICO credit score of 640. This credit score will help you qualify for more and have options when finding the house of your dreams.
A 640 score falls under the below average credit score rating which makes it easier to be eligible for the ChenoaFund.
The maximum DTI ratio for this down payment financing program is 50%. If you don't know what Debt-to-Income ration is, no worries, you are not alone. DTI ratio compares monthly debt payments (rent, mortgage, credit cards, car payments, etc.) with how much you earn in a given month. This measurement allows the lender to see how much exactly you can afford too.
Next Steps for You (If You're Thinking About Buying a Home)
The no money down program may or may not be the best option for you. There are other options where you can save even more (in the long run) when purchasing a home/property. This wonderful journey all begins with speaking with a mortgage expert. Learn more about our products and rates by applying for a mortgage consultation on our website.
Learn more about the Chenoa Fund on their official website here.