Quick Answer
Chenoa Fund (CBC Mortgage Agency) offers 5 down payment assistance programs with up to $25,000 in assistance (via Chenoa Fund FHA Down Payment Assistance ...). Minimum credit score: 600. All Chenoa Fund programs are available statewide to California homebuyers.
Chenoa Fund (CBC Mortgage Agency) is one of the most widely used sources of down payment assistance in California, offering 5 programs with up to $25,000 in assistance. A nationwide DPA program administered by CBC Mortgage Agency, known for flexible qualification and lower credit score requirements.
This guide covers every Chenoa Fund program currently available, including eligibility requirements, assistance amounts, repayment terms, and how Chenoa Fund compares to alternatives like CalHFA and GSFA.
Chenoa Fund Program Comparison
Side-by-side comparison of all Chenoa Fund down payment assistance programs currently available in California.
| Program | Type | Max Amount | Min Credit | First-Time Buyer | Repayment | Income Limit |
|---|---|---|---|---|---|---|
| Chenoa Fund FHA Down Payment Assistance Forgivable | Deferred Loan | $25,000 | Varies | No | 0 | See program details |
| Chenoa Fund FHA Down Payment Assistance Repayable | Deferred Loan | $25,000 | Varies | No | This loan does require a monthly payment on the se... | See program details |
| Chenoa Fund DPA | Forgivable Loan | $17,500 | 600 | No | Two options: (1) Rate Advantage — soft second, 0% ... | No income limits |
| Chenoa Fund Down Payment Assistance | Forgivable Loan | $17,500 | 600 | No | Forgivable option: forgiven after 36 months of con... | No income limits |
| Chenoa Fund DPA (South Carolina) | Forgivable Loan | $17,500 | 600 | No | Forgivable after 36 months (income-qualified borro... | Varies by product; some products have no... |
Chenoa Fund Programs in Detail
Chenoa Fund FHA Down Payment Assistance Forgivable
CBC Mortgage Agency (Chenoa Fund)
Assistance Amount
$25,000
5 of purchase price
Repayment: 0
Official Program PageChenoa Fund FHA Down Payment Assistance Repayable
CBC Mortgage Agency (Chenoa Fund)
Assistance Amount
$25,000
5 of purchase price
Repayment: This loan does require a monthly payment on the second mortgage.
Official Program PageChenoa Fund DPA
CBC Mortgage Agency (CBCMA)
Assistance Amount
$17,500
3.5% of purchase price
Chenoa Fund Down Payment Assistance
CBC Mortgage Agency (national nonprofit)
Assistance Amount
$17,500
3.5% to 5% of purchase price or appraised value (whichever is lower) of purchase price
Chenoa Fund DPA (South Carolina)
CBC Mortgage Agency (national nonprofit)
Assistance Amount
$17,500
3.5% to 5% of loan amount of purchase price
Repayment: Forgivable after 36 months (income-qualified borrowers) or repayable second mortgage (rate-driven)
Official Program PageWho Is Chenoa Fund Best For?
Chenoa Fund is ideal for:
- Buyers with lower credit scores (as low as 600-620)
- Buyers who don't qualify for CalHFA or GSFA due to credit or income
- Buyers looking for a straightforward, single-program option
- FHA borrowers who need 3.5% down payment covered
How to Apply for Chenoa Fund Down Payment Assistance
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1
Check Your Eligibility
Use our free eligibility tool to see which Chenoa Fund programs match your situation. Enter your county, income, and target home price.
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2
Find a Chenoa Fund-Approved Lender
Not every lender participates in Chenoa Fund programs. Work with a lender who is specifically approved by Chenoa Fund to originate their DPA products.
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3
Complete Homebuyer Education (If Required)
Many Chenoa Fund programs require an 8-hour HUD-approved homebuyer education course. Online options through eHome America and Framework are accepted by most programs.
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4
Get Pre-Approved & Find a Home
Your lender will structure the Chenoa Fund DPA into your loan package. Some programs have purchase price limits and property type restrictions, so confirm eligibility before making offers.
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5
Close & Move In
The Chenoa Fund DPA funds are disbursed at closing alongside your first mortgage. No separate application process — your lender handles everything.
Chenoa Fund vs Alternatives
How does Chenoa Fund compare to other major DPA providers in California?
Chenoa Fund vs CalHFA
Chenoa Fund accepts lower credit scores and has simpler qualification. CalHFA offers more program variety and larger assistance amounts (Dream For All).
Chenoa Fund vs GSFA
Chenoa Fund has broader geographic availability (nationwide) and simpler qualification. GSFA offers profession-specific benefits and potentially better terms for qualifying public employees.
Frequently Asked Questions
What is Chenoa Fund down payment assistance?
Chenoa Fund (CBC Mortgage Agency) offers 5 down payment assistance programs for California homebuyers. A nationwide DPA program administered by CBC Mortgage Agency, known for flexible qualification and lower credit score requirements. Programs range from grants to forgivable loans, deferred loans, and more.
How much assistance can I get from Chenoa Fund?
Up to $25,000 through Chenoa Fund programs. Top programs by amount: Chenoa Fund FHA Down Payment Assistance Forgivable ($25,000), Chenoa Fund FHA Down Payment Assistance Repayable ($25,000), Chenoa Fund DPA ($17,500). Actual amounts depend on the specific program, your income, and purchase price.
What credit score do I need for Chenoa Fund?
As low as 600 (Chenoa Fund DPA (South Carolina)). Credit requirements vary by program — some require 660+, others accept lower scores.
What are the Chenoa Fund income limits?
Income limits for Chenoa Fund programs vary by program and county. Most use Area Median Income (AMI) thresholds — commonly 80%, 120%, or 150% AMI. Use our free eligibility tool to check specific limits for your county.
Do I have to be a first-time homebuyer for Chenoa Fund?
Not always. 5 Chenoa Fund programs are open to repeat buyers, including Chenoa Fund DPA, Chenoa Fund Down Payment Assistance, Chenoa Fund DPA (South Carolina).
Do I have to repay Chenoa Fund assistance?
It depends on the program type. Forgivable loans are forgiven after 3-7 years. Deferred loans are repaid when you sell or move out, with no monthly payments. Chenoa Fund offers multiple assistance types to fit different situations.
How is Chenoa Fund different from CalHFA?
Chenoa Fund accepts lower credit scores and has simpler qualification. CalHFA offers more program variety and larger assistance amounts (Dream For All).
How do I apply for Chenoa Fund down payment assistance?
Apply through a Chenoa Fund-approved lender — not directly with Chenoa Fund. Step 1: Check eligibility using our free tool. Step 2: Get pre-approved with an approved lender. Step 3: Complete homebuyer education if required. Step 4: Find a home and close. The DPA is built into your mortgage.
| Program Name | Type | Max Assistance | Status |
|---|---|---|---|
| Chenoa Fund DPA | Forgivable Loan | $17,500 | Open |
| Chenoa Fund Down Payment Assistance | Forgivable Loan | $17,500 | Verify |
| Chenoa Fund DPA (South Carolina) | Forgivable Loan | $17,500 | Verify |
| Chenoa Fund FHA Down Payment Assistance Forgivable | Deferred Loan | $25,000 | Verify |
| Chenoa Fund FHA Down Payment Assistance Repayable | Deferred Loan | $25,000 | Verify |
Help Us Keep This Data Accurate
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