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For many first time homebuyers, saving up with the down-payment for a new home purchase can be the biggest hurdle to owning a home. Fortunately, Capital City Home Loans has partnered with the Chenoa Fund to offer 100% financing for certain FHA buyers to help overcome that challenge through a down-payment assistance program.
The Chenoa Fund provides the down payment to assist you with a home purchase. There are no first-time borrower requirements, and there are multiple products offered:
Chenoa Fund DPA Edge Soft Second product. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. You will need to meet the minimum credit score of 660 and have a qualifying income equal or less than 115% of the median income for the county in which the you will live. The loan is forgiven when you make 36 consecutive, on-time payments on the first mortgage.
Chenoa Fund Edge: Repayable Second product. With this program, there are no income limitations. There are two options for a repayable second. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. You will need to meet the minimum credit score of 660.
This program does have a higher set of closing costs and interest rates than a traditional FHA mortgage, but that is typical of most down-payment assistance programs. To learn more about this program, Apply Online today, or contact me to discuss your options.