CBC Mortgage Chenoa Fund - FHA Repayable DPA

Maximum Amount

5% of Purchase Price


  • Assistance up to 5% of the sales price or appraised value, whichever is lower.
  • No income limits.
  • High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TR requirements are met.
  • Manual Underwriting is permitted.
  • Alternatively, the mortgagee may begin amortization up to ten (10) days prior to the disbursement date and provide a per diem interest credit. Any per diem interest credit may not be used to meet the Borrower’s MRI. Per diem interest must be computed using a factor of 1/365th of the annual rate.

Participating Lenders

Approved Education Providers

Required for borrowers with credit scores between 600–639. This course must be taken prior to closing.

  • Any HUD-approved counseling course is approved by CBCMA; CBCMA no longer requires that this course be completed through Money Management International (MMI). However, CBCMA will continue to pay the course fee for those borrowers who
    choose to take the MMI course. (Borrowers with a FICO less than 620 are required to take the MMI course.) https://www.borrowersuccess.org/prepurchase
  • Please note: only the borrowers with scores less than 640 are required to take a counseling course. Any borrower on your transaction with scores equal to or greater than 640 is not required to take a course.

Program Provider Contact

Information Team 866-563-3507