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The Chenoa Fund down-payment assistance program makes it possible to buy a home even if you don’t have money for a down payment. The program is an FHA-insured plan available to homebuyers shopping for a single-family residence.

I’m Timmy Ostrom, branch manager of Fairway Independent Mortgage Corporation in Vancouver. I’m excited to help you purchase a home using this great program. If you’re looking for a home around Vancouver, Washington or Portland, Oregon, take a look at the Chenoa Fund.

Fairway is the only mortgage company offering the Chenoa down-payment assistance program. Please contact me at 360-787-9362 to learn about qualifying for this or another affordable mortgage option.

What Is the Chenoa Fund?

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The Chenoa Fund provides grants or second mortgages that cover the 3.5 percent minimum down payment of an FHA loan. As long as you stay in your home for at least 3 years, you won’t have to repay the grant.

Many people in Vancouver and Portland have a decent credit score, make a good wage but don’t have the means to put down tens of thousands on a home.

Young professionals are often paying on college debt. People further on in life have kids in school, medical bills and other expenses. For lots of reasons, it can be challenging to save for a down payment.

Whether you’re a millennial, a baby boomer or somewhere in between, the Chenoa Fund down-payment assistance program could be right for you. Help is available for first-time homebuyers and those who have previously owned a home.

Zero Down

Home Financing Available!

Exclusive to
Fairway

  • Credit ScoreMinimum 640
  • First MortgagesMust be a fixed-rate and conform to FHA guidelines
  • Second MortgagesCan be up to 3.5% of the sales price or appraised value. The combined loan cannot exceed the amount of the total sales price or appraised value, whichever is lower.
  • Debt-to-Income (DTI) Ratio*Recommended total household DTI is 43%.
  • No Income Cap
  • No Geographical Limitations
home

The Chenoa Fund is a FHA-insured down payment assistance program offered by CBC Mortgage Agency that provides homebuyers with an affordable option for purchasing a home The program offers a 1st lien with a soft second mortgage or amortized secondary financing when purchasing an owner-occupied, single-family, primary residence.

Contact me today to learn more!

No Income Cap or Geographic Restrictions

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The Chenoa Fund doesn’t have an income cap. This flexibility sets the Chenoa Fund apart. It’s the only down-payment assistance program that doesn’t place a ceiling on borrowers’ earnings.

Whether you’re looking to buy in the heart of the city or a bit farther out, it’s OK. Chenoa doesn’t put geographic constraints on where you can buy your home. Help is available for city lovers as well as those who crave the country life.

Here are some highlights and requirements of the Chenoa Fund:

  • Credit Score: Homebuyers must have a minimum credit score of 640.
    First Mortgages: Must conform to FHA guidelines and have a fixed-rate.
    Second Mortgages: Can be up to 3.5 percent of the sales price or appraised value.
    Down-Payment Assistance Gift: Borrowers who live in their home for at least 3 years don’t have to repay the loan.
    Debt-to-Income Ratio: Maximum DTI ratio of 40 or 43 percent, depending on rental history.
    Single-Family Residence: Borrowers must purchase a single-family unit and live in their home. The house may be attached or detached.

Who Is the Chenoa Fund For?

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The fund helps any borrower who has a credit score of 640, qualifies for an FHA loan and has a DTI of 40 or 43 percent.

I’m excited to offer this fund because I know it will help so many people in Washington and Oregon. If you’re a millennial with a great job but little savings, the Chenoa Fund could be tailor-made for you.

Your income may disqualify you for other zero down-payment options. You’re stuck paying rent. How can anyone save when they’re paying the high rents in Portland and Vancouver.

Who Is the Chenoa Fund Not For?

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If your credit score is lower than 640, you aren’t eligible for this fund. Don’t despair. It’s possible to improve a credit score over time. I can point you to resources that will help.

Don’t hesitate to ask me about the Chenoa Fund even if you don’t yet have good credit.

If you have savings for a down payment, the Chenoa Fund may not make sense for you. We can find another option that makes the most of your financial situation

Building Relationships One Homebuyer at a Time

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My goal is to make getting a mortgage easy and comfortable. As we get to know one another, I hope you’ll see me as a trusted resource that you can turn to with questions or concerns.

Contact me today. Together we can map out a route to homeownership and find the most affordable options for your mortgage

*Grant amount varies based on credit score. Grant is not available in the state of Montana.
**Debt-to-income ratio is monthly income debt/expenses divided by gross monthly income. Copyright© 2017 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement.Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Equal Housing Lender. Washington Consumer Loan Company License No. CL-2289

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