It depends on the product. Forgivable DPA Edge requires no monthly payment and can be forgiven after 36 on-time first-mortgage payments. Repayable Rate Advantage / DPA Advantage options require fixed monthly payments over a 10-year term.
Chenoa Fund is structured as a second mortgage behind your first loan. Whether you “repay” it depends on which pathway you choose — not on whether assistance feels like a gift at closing.
DPA Edge is the forgivable option: 0% interest, no monthly payment, and automatic forgiveness after 36 consecutive on-time payments on your first mortgage. Miss a payment and the forgiveness clock typically resets.
Rate Advantage and DPA Advantage are repayable: fixed competitive interest, a 10-year term, and a monthly payment that sits beside your primary mortgage payment until the second lien is paid off.
Even forgivable assistance can come due if the second lien is not yet forgiven.
Use this to decide which Chenoa structure fits your monthly budget and exit plans.
| Feature | DPA Edge (forgivable) | Rate / DPA Advantage |
|---|---|---|
| Monthly Chenoa payment | None | Yes — fixed rate |
| Interest | 0% | Competitive fixed |
| Term | Forgiven after 36 on-time 1st payments | 10 years |
| Best when | You want zero second-lien payment | You want rate advantage and can budget the payment |
Related Chenoa guides on structure, refinance, and assistance sizing.
How forgivable vs repayable structures are classified.
3.5% vs 5% pathways and DPA Edge vs Rate / DPA Advantage.
What happens to the second lien when you refinance.
3.5% and 5% dollar examples by purchase price.
Full program guide, estimator, and qualification form.
Compare Chenoa with IHCDA and other DPA options.
FHA 203(b) first mortgages that pair with Chenoa.
No. DPA Edge carries 0% interest and no monthly payment. You still make on-time payments on your first mortgage — 36 consecutive ones unlock automatic forgiveness.
If you sell, refinance, or pay off the first mortgage before the forgiveness period ends, the remaining Chenoa second-lien balance is typically due. Ryan and Steve confirm the payoff rules for your exact product.
Rate Advantage and DPA Advantage use a 10-year repayment term with a fixed competitive rate. Monthly payments run alongside your primary mortgage until the second lien is satisfied.
Usually yes — early payoff is allowed on repayable structures, subject to the note terms. Ask during pre-qual if any prepayment language applies to your lender’s Chenoa product.
Ryan & Steve will model forgivable vs. repayable Chenoa against your first mortgage payment and cash-to-close goals.
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.