Chenoa Fund Archives

One of the biggest reasons holding people back from becoming homeowners is lack of funds, specifically to cover the cost of a down payment on a loan. Luckily, there are several assistance programs available to help people in those financial situations become homeowners by covering the required down payment. If you’re in a tight financial situation, make this the year you become a homeowner by checking out the Chenoa Fund Program.

The Chenoa Fund Program assists borrowers who lack funds by helping them finance the down payment requirement of an FHA loan, which is 3.5%. It essentially combines the ease of an FHA loan with a grant or second mortgage to cover the 3.5% down payment requirement, meaning you receive could receive up to 100% financing.

There are three different options to choose from based on your income. If your income is the same or less than 115% of your area median income, you might be eligible for a different program than if your income exceeds 115%. Let one of our Mortgage Loan Originators help you determine if and for what kind of assistance you may qualify.

Like any loan option, the Chenoa Fund does have a credit requirement. You must have a minimum of 620 FICO score and all additional FHA loan criteria must be met. In some instances, a non-occupant co-borrower is allowed.

As a homebuyer, you should research and discuss with your lender all the possible loan and program options available to you. If you’re thinking an FHA loan might be right for you, talk with your lender about the Chenoa Fund Program. Being unable to fulfill a down payment requirement is no longer a reason to stall your dreams of becoming a homeowner.

Proceeds from the financing can only be used for down payment. Closing costs and prepaid items are the responsibility of the borrower and must be paid by other FHA eligible sources. Please visit http://chenoafund.org/ for more information.

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All FHA Case Transfer Requests must be sent in writing via email to: FHAINFO@nfmlending.com. The request must include the FHA Case number, the new lender’s Origination ID or Sponsor ID, the full subject property address, and a letter signed and dated by the borrower expressing desire for the transfer.
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If your loan is being serviced by the NFM Lake Zurich Servicing Center, please call 1-866-352-6802 to request a payoff. You can also request a payoff via the online borrower portal, if you are a registered user on the portal.
If your loan is being serviced by the NFM Lending Linthicum Maryland Office, you may submit the request to Servicing@nfmlending.com or call 1-866-765-1827.
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