West Valley City is proud to
partner with CBC Mortgage Agency
to offer its down payment assistance
program, Chenoa Fund.
CBC Mortgage Agency
CBC Mortgage Agency is a National Housing Finance Agency that provides down payment assistance nationwide 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.
What is the Chenoa Fund down payment assistance program?
This program helps qualified applicants with the down payment needed to purchase a home. The assistance comes in the form of a secondary mortgage loan. The secondary mortgage loan may provide either 3.5% or 5% of the home’s purchase price or appraised value, whichever is lower.
Our Mission
CBC Mortgage Agency strives to increase affordable and sustainable homeownership opportunities nationwide for all creditworthy, low- to moderate-income individuals.
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. CBC Mortgage Agency provides a solution to help with the down payment and closing costs needed to purchase a home.
How does it work?
The Chenoa Fund program is offered through its network of approved lenders. If you are interested in using the Chenoa Fund program you can reach out to us at info@chenoafund.org and a representative will get back to you with a selection of approved lenders in your area.
Chenoa Fund offerings:
- 3.5% or 5% down payment assistance
- Secondary mortgage loan options for FHA loans with a minimum credit score requirement of 600.
- One on one pre-purchase homeownership counseling and education at no cost to the borrower.
- 18 months of post purchase homeownership counseling for homebuyers at no cost to the borrower.
Access our national down payment assistance program to help homebuyers attain homeownership.
Testimonials
"I’m glad my loan company was able to introduce Chenoa Fund to help save the day. It was very easy to go through the process to get extra funds to make closing day possible."
“After college I knew I did not want to rent and instead wanted to put money towards something with return value. With the help of Chenoa Fund I was able to make this dream into a reality.”
“Very happy with the program. It allowed me to get the home of my dreams. They also provided me with tools that I will use for the lifetime of being a homeowner.”