Get 3.5% to 5% toward your down payment or closing costs. Available nationwide with an FHA 203(b) first mortgage — so you keep more cash after closing.
Administered by CBC Mortgage Agency — a federally chartered tribal enterprise. Program subject to borrower qualification and lender approval.
Two assistance levels
Chenoa Fund covers a percentage of your purchase price as a second mortgage layered on top of your FHA 203(b) first loan. The amount you receive depends on the product — and whether you choose a forgivable or repayable structure.
Standard assistance
Most common FHA pairing
Example: $350,000 home → $12,250 in assistance
Enhanced assistance
Higher cash-to-close relief
Example: $400,000 home → $20,000 in assistance
Quick estimate
Slide to your target purchase price and see how much Chenoa Fund could contribute at 3.5% and 5%. Ryan and Steve confirm exact numbers against current product guidelines.
At 3.5%
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estimated assistance
At 5%
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estimated assistance
A ${purchasePrice.toLocaleString()} home could receive ${assistance35.toLocaleString()}–${assistance5.toLocaleString()} toward down payment or closing costs.
Forgivable vs repayable
Chenoa Fund offers two main pathways. The forgivable option costs nothing monthly if you stay on track — the repayable option trades forgiveness for a predictable 10-year payment schedule.
Forgivable
Interest rate
0% — no interest charged on the assistance
Monthly payment
No monthly payment on the Chenoa second mortgage
Forgiveness
Forgiven automatically after 36 consecutive on-time first-mortgage payments
Best for
Buyers who plan to stay and want zero second-lien payment burden
Repayable
Repayment term
10-year fixed term on the Chenoa second mortgage
Interest rate
Fixed, competitive rate set at origination
Monthly payment
Monthly payment required alongside your primary mortgage
Best for
Buyers who prefer a structured payoff or need the repayable product for their scenario
Chenoa Fund opens doors for buyers who might not qualify for state programs — but every file still goes through full underwriting. Here is what we screen before you write an offer.
Minimum 600 FICO score
Chenoa Fund generally requires at least a 600 credit score. Higher scores may unlock better first-mortgage pricing.
FHA 203(b) first mortgage
Assistance pairs only with an FHA 203(b) first loan — Chenoa is not offered with conventional financing.
No income limits on standard products
Standard FHA-paired Chenoa products typically have no income caps.
Homebuyer Education (HBE)
Required if all borrowers are first-time homebuyers.
No temporary buydowns
Temporary interest rate buydowns are not allowed with Chenoa Fund assistance.
No co-signors
Co-signors are not allowed on Chenoa Fund transactions.
No renovation products
Renovation loan products cannot be paired with Chenoa Fund assistance.
Payment shock reserves
If payment shock is greater than 100% (for example, current rent is $1,000 and the new payment is $2,250 — payment shock is 125%: $1,250 ÷ $1,000), or the borrower lives rent-free, 2 months of reserves are required. Gift funds cannot be used to meet the reserve requirement. If rent is not clearly noted on the bank statement, it must be verified with a VOR.
Mortgage Knowledge Center
Deep-dive guides on how Chenoa works, closing timelines, documents, stacking with other DPA, pros and cons, and more.
Ryan and Steve will model forgivable and repayable Chenoa structures against your FHA pre-approval — so you know your cash to close before you shop.
Chenoa Fund is a registered trademark of CBC Mortgage Agency. All programs are subject to borrower qualification and lender approval. This website is not directly affiliated with or endorsed by HUD, FHA, or the CBC Mortgage Agency.