Chenoa Grant Program
Unlocking Your Path to Homeownership: Exploring the Chenoa Grant Program in Texas
Are you a Texan dreaming of owning your first home but struggling to gather the hefty down payment required? American Mortgage Company is here to guide you through an exceptional opportunity: the Chenoa Grant Program. Designed for first-time homebuyers with low to moderate incomes, this program is tailored to make homeownership a reality for you.
Understanding the Chenoa Grant Program
The Chenoa Grant Program offers Down Payment Assistance (DPA) to eligible first-time homebuyers aiming to purchase their primary residence. Here’s what you need to qualify:
- First-Time Buyer Status: To qualify, you must be purchasing your first home.
- Income Criteria: The program targets individuals with low to moderate incomes.
- Local Price Limits: Your home purchase should fall within your area’s defined price limits.
- Approved Mortgage Programs: You must utilize one of today’s approved mortgage programs.
Advantages of Chenoa Fund DPA
Chenoa Fund DPA provides invaluable support to aspiring homeowners:
- Forgivable Loans: Qualifying buyers may receive forgivable loans, essentially cash gifts that do not require repayment.
- Low-Interest Loans: If eligible, you’ll benefit from low-interest loans, easing the repayment burden.
- Preservation of Savings: Even if you have a lump sum for a down payment, you can maintain a reserve fund with Chenoa Fund DPA.
Additional Qualification Requirements
In addition to the basic criteria, you must meet specific requirements:
- Credit Score: A minimum credit score of 600 is necessary.
- Debt-to-Income Ratio: Your debt-to-income ratio should be under 50%.
- Employment History: A satisfactory employment history is essential.
Chenoa Fund Assistance Options
The program offers two types of assistance:
- Repayable Loan: With a term of 10 years, this loan requires monthly payments slightly higher than your mortgage interest rate.
- Forgivable Loan: This loan, with a term of 30 years and 0% interest, becomes a grant under certain conditions.
Forgiveness Conditions
- Forgivable 3.5% DPA: Forgiveness is granted after 36 consecutive months of on-time mortgage payments.
- Forgivable 5% DPA: Forgiveness occurs after 120 payments, subject to timely payments.
Mortgages Compatible with DPA
Chenoa Fund DPA can be used in conjunction with various mortgage programs, including FHA, USDA, VA, and conforming loans through Freddie Mac and Fannie Mae.
Your Trusted Partner: American Mortgage Company
As a trusted loan provider in Texas, American Mortgage Company is committed to helping first-time homebuyers realize their dreams. Our expert team will navigate you through the Chenoa Grant Program, ensuring a smooth path to homeownership.
Don’t let the barrier of a hefty down payment hinder your homeownership aspirations. Contact American Mortgage Company today and embark on your journey to owning the home of your dreams with the Chenoa Grant Program.