CHENOA FUND PROGRAM
3.5% HOME LOAN DOWN PAYMENT ASSISTANCE
The Chenoa Fund down payment assistance program offers up to 3.5% of the purchase price towards your down payment throughout Nevada. Income limitations are based on Area Median Income and type of down payment assistance. You do not need to be a first-time homebuyer but must meet minimum FICO scores of 620.
Chenoa Fund PROGRAM DETAILS
Chenoa Fund has created this program for individuals or families that need down payment assistance but may lack the higher credit scores that other programs require. The 3.5% down payment assistance is a silent second grant that is combined with a FHA first loan on a 30 year fixed rate mortgage. Financing for these loans are available on single family homes ONLY.
Contact a licensed down payment assistance specialist now!
(702) 903 -5745
PROGRAM ELIGIBILITY
- Homebuyers may purchase a home in any city throughout Nevada.
- Buyers must occupy the home as their principal residence within 60 days of closing.
- The program may only be used to purchase a home (i.e.: no refinancing).
INCOME LIMITS FOR ELIGIBLE BORROWER
Maximum credit qualifying income may not exceed 115% of Area Median Income for a silent second mortgage that is forgivable after 36 months. If 115% of AMI is exceeded then the second will have repayment terms.
PURCHASE PRICE LIMIT
Maximum purchase price limit of $280,880.
DOWN PAYMENT ASSISTANCE
- All homebuyers qualifying for down payment assistance will receive 3.5% of the original loan amount to be used for down payment.
- THIS ASSISTANCE IS A SECOND MORTGAGE WITH A 0% RATE IF AMI < 115%.
- DPA Second Mortgage is a lien against the subject property with the following components: three‐year, deferred loan, 100% forgiven after five years, 0% interest rate, no monthly payment.
- THIS ASSISTANCE IS A SECOND MORTGAGE WITH A REPAYABLE AMMORTIZATION IF AMI > 115%. RATE IS BASED ON AMMORTIZATION.
NV License Numbers
URG | United Realty Group
Info@NVHomesLV.com2389 Renaissance Dr Suite C, Las Vegas, NV 89119
