Down Payment Assistance
Freedom First is a proud preferred partner with CBC Mortgage Agency to offer its down payment assistance program, Chenoa Fund.
Click below to connect with Chenoa Fund approved mortgage and home loan experts, Freedom First.
What is the Chenoa Fund down payment assistance program?
The Chenoa Fund program is a down payment assistance program, administered by CBC Mortgage Agency, that helps qualified applicants with the down payment needed to purchase a home using an FHA loan.
The assistance comes in the form of a secondary mortgage loan. The secondary loans may provide 3.5% or 5% of the home’s sale price or appraised value, whichever is lower.
Why would a homebuyer need down payment assistance?
Many individuals have a steady income and good credit. However, they may not have enough savings for a traditional down payment. Down payment assistance provides a solution to help with the minimum amount needed to purchase a home.
How does it work?
Freedom First has partnered with CBC Mortgage Agency to offer its Chenoa Fund down payment assistance program by becoming a trained and approved lender. CBC Mortgage Agency purchases the FHA first mortgage loan and the down payment assistance mortgage loan from Freedom First after closing and once you complete your home purchase transaction.
Borrower Success Program
Borrowers below a certain credit score must take a homebuyer education course uniquely tailored to the Chenoa Fund down payment assistance program through a HUD-approved housing counseling agency.
About Freedom First
Freedom First serves Central & Southwest Virginia with the mission of Helping People Prosper - Helping Communities Thrive.
How can you learn more?
You can reach out to Freedom First by contacting us here.
About CBC Mortgage Agency
CBC Mortgage Agency is a National Housing Finance Agency that provides down payment assistance nationwide (except New York) through its Chenoa Fund program. Our program helps with the 3.5% or 5% down payment required for FHA loans. The down payment assistance may be repayable or forgivable and can be applied toward the down payment and closing costs.
CBC Mortgage Agency was founded in 2013 and is a subsidiary of The Cedar Band Corporation, an enterprise wholly owned by the Cedar Band of Paiutes. As a federally recognized tribal authority, CBC Mortgage Agency is able to offer its down payment assistance program, Chenoa Fund.
The Chenoa Fund™ program has not been reviewed or approved by HUD or FHA. Freedom First and CBC Mortgage Agency are separate entities and not affiliated. This site is for information purposes only. The site and the information contained therein is not a solicitation to lend money to consumers. For licensing information, go to www.nmlsconsumeraccess.org. CBC Mortgage Agency's Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 555 W. Monroe St., Suite 500, Chicago, IL 60661 – 1-888-473-4858. Equal housing opportunity.
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CBC Mortgage Agency
NMLS: 1186381
912 Baxter Dr STE 150, South Jordan, UT 84095
866-563-3507