Chenoa FHA Edge
Whether you are a first-time homebuyer, starting a family or just ready for a change, don’t let lack of funds stop you from purchasing your dream home. Northeast Financial has several solutions to make the down payment on your new home more achievable. The Chenoa FHA Edge Program is one of them.
What is Chenoa FHA Edge?
A 30-year fixed FHA Edge first mortgage with a 3.5% down payment assistance grant for borrowers who lack the down payment fund requirement for an FHA loan. These funds can also be applied toward closing costs!
- Released November 1st, 2019
- 30- year fixed FHA Edge first mortgage (standard and high balance)
- Fully amortizing
- Down payment assistance included
- 620 minimum credit score
- S. Citizen, permanent alien or qualified alien
- Both first time and non-first-time homebuyers are eligible
- Borrowers must occupy the property as primary residence within 60 days of closing
- A valid SSN
- Title must be held in individuals name, no trusts, ect.
The Chenoa FHA Edge Program offers multiple grants based off income. If your income is the same as or less than 115% of the area’s median income your grant could be forgivable. There are no other fees associated with the down payment assistant grant.
If you are thinking this program is the right option for you, please contact me.
I am willing to discuss this program in more detail, the complete homebuying process, and any other loan programs we offer.
Northeast Financial LLC