TMC Preferred Partner: Chenoa Fund
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About Chenoa Fund Down Payment Assistance (DPA)
The Chenoa Fund is a down payment assistance program that provides secondary financing under FHA guidelines. CBC Mortgage Agency (CBCMA) created the program in support of its mission to foster economic stability for homebuying families in diverse communities by offering innovative programs that combat barriers to homeownership. Down payment assistance is a crucial tool in helping families purchase a home in today’s market. Traditionally, the only other route to down payment assistance—outside of government programs—was through gifts from relatives. However, this option is not widely available to all borrowers, particularly those without intergenerational wealth. In fact, nearly 60% of the borrowers who use the Chenoa Fund program identify as minority borrowers, and 90% are first-time homebuyers—groups that often face significant financial hurdles when entering the housing market. Most low-to-moderate-income and minority homebuyers do not come from families with the financial ability to provide a down payment, making programs like Chenoa Fund essential in expanding homeownership opportunities. Partnering with CBC Mortgage Agency to offer Chenoa Fund DPA Lenders, IMB’s and Credit Unions looking to expand their product offerings can partner with CBCMA to offer the Chenoa Fund program. By working together, we can help more families overcome the biggest barrier to homeownership, the down payment. Partnering with CBCMA provides access to a proven down payment assistance solution (we’ve helped over 50,000 families) designed to support first-time and minority homebuyers, fostering stronger, more diverse communities. Reach out today to learn how you can incorporate the Chenoa Fund program into your offerings! Ask us about special pricing for TMC members! |
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