This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including details on their down payment assistance options for both conventional and FHA loans. The summary includes descriptions of the Rate Advantage, DPA Edge, and conventional standard 97% LTV loan programs, outlining key details such as eligible property types, minimum credit scores, income limits, loan terms, and down payment assistance percentages. Requirements for borrowers with credit scores between 620-659 are also outlined.
This document provides an overview and details of Chenoa Fund programs offered by CBC Mortgage Agency. It includes 13 training topics that cover all aspects of the programs from initial registration to loan servicing. The programs offered are Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional). Each program is described in 1-2 paragraphs outlining key details such as eligible property types, minimum credit score, income limits, loan terms, and down payment assistance amount.
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including:
1. Details on 13 training modules covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
2. A general overview of Chenoa Fund programs, including eligible property types, loan limits, fees, and that the first mortgage must be sold to CBC Mortgage Agency.
3. Summaries of the Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second, Conventional Standard 97%, and HomeReady programs, including details on qualifying income limits, minimum credit scores, loan terms, and eligibility requirements.
4. A quick comparison matrix
This document provides an overview and summary of Chenoa Fund training programs offered by CBC Mortgage Agency. The training includes 13 modules that cover various topics related to Chenoa Fund programs including how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations. It also includes a module on why to use Chenoa Fund programs and general overviews of the Rate Advantage, DPA Edge, and conventional loan programs.
1.A All Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and summary of Chenoa Fund's down payment assistance programs for conventional and FHA loans. It outlines 13 training topics that are covered, including an overview of all Chenoa Fund programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and loan servicing. Product details are also summarized for various down payment assistance second mortgage options available through Chenoa Fund, including eligibility requirements, terms, interest rates, property types, and other guidelines.
This document provides an overview and summary of Chenoa Fund's down payment assistance programs, including FHA and conventional loan options. The first part describes the general program details for Chenoa Fund and the second part provides a detailed summary of each specific down payment assistance product, including requirements and terms. Key information summarized includes minimum credit scores, income limits, loan terms, property types, and first-time homebuyer requirements for each program.
1.A All Chenoa Fund Programs Overview (9.1)Chenoa Fund
This document provides an overview and summary of CBCMA's training series on their down payment assistance programs. The 13-part training series covers all aspects of originating, underwriting, and servicing loans using CBCMA's Chenoa Fund DPA products. It also includes program overviews, guidelines, and comparisons for their various FHA and conventional loan options that provide 3.5% assistance for down payments and closing costs.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training series on Chenoa Fund programs. The training includes modules on Chenoa Fund programs, calculating area median income, the URLA, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations, final documents, servicing, and an overview of why to use Chenoa Fund programs. It also provides a quick comparison matrix of Conventional Standard 97% LTV Loans and HomeReady products.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training that covers Chenoa Fund down payment assistance programs. The training includes 13 modules that cover topics like calculating AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also provides an overview of Chenoa Fund programs, including details about conventional and FHA options. Key points covered are income limits, minimum credit scores, allowed property types, DTI requirements, and more. Clarification is also provided around topics like second lien fees, credit pulls, and maximum origination fees.
This document provides an overview and details of Chenoa Fund programs offered by CBC Mortgage Agency. It includes 13 training topics that cover all aspects of the programs from initial registration to loan servicing. The programs offered are Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional). Each program is described in 1-2 paragraphs outlining key details such as eligible property types, minimum credit score, income limits, loan terms, and down payment assistance amount.
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including:
1. Details on 13 training modules covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
2. A general overview of Chenoa Fund programs, including eligible property types, loan limits, fees, and that the first mortgage must be sold to CBC Mortgage Agency.
3. Summaries of the Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second, Conventional Standard 97%, and HomeReady programs, including details on qualifying income limits, minimum credit scores, loan terms, and eligibility requirements.
4. A quick comparison matrix
This document provides an overview and summary of Chenoa Fund training programs offered by CBC Mortgage Agency. The training includes 13 modules that cover various topics related to Chenoa Fund programs including how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations. It also includes a module on why to use Chenoa Fund programs and general overviews of the Rate Advantage, DPA Edge, and conventional loan programs.
1.A All Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and summary of Chenoa Fund's down payment assistance programs for conventional and FHA loans. It outlines 13 training topics that are covered, including an overview of all Chenoa Fund programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and loan servicing. Product details are also summarized for various down payment assistance second mortgage options available through Chenoa Fund, including eligibility requirements, terms, interest rates, property types, and other guidelines.
This document provides an overview and summary of Chenoa Fund's down payment assistance programs, including FHA and conventional loan options. The first part describes the general program details for Chenoa Fund and the second part provides a detailed summary of each specific down payment assistance product, including requirements and terms. Key information summarized includes minimum credit scores, income limits, loan terms, property types, and first-time homebuyer requirements for each program.
1.A All Chenoa Fund Programs Overview (9.1)Chenoa Fund
This document provides an overview and summary of CBCMA's training series on their down payment assistance programs. The 13-part training series covers all aspects of originating, underwriting, and servicing loans using CBCMA's Chenoa Fund DPA products. It also includes program overviews, guidelines, and comparisons for their various FHA and conventional loan options that provide 3.5% assistance for down payments and closing costs.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training series on Chenoa Fund programs. The training includes modules on Chenoa Fund programs, calculating area median income, the URLA, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations, final documents, servicing, and an overview of why to use Chenoa Fund programs. It also provides a quick comparison matrix of Conventional Standard 97% LTV Loans and HomeReady products.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training that covers Chenoa Fund down payment assistance programs. The training includes 13 modules that cover topics like calculating AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also provides an overview of Chenoa Fund programs, including details about conventional and FHA options. Key points covered are income limits, minimum credit scores, allowed property types, DTI requirements, and more. Clarification is also provided around topics like second lien fees, credit pulls, and maximum origination fees.
1.A (8.5) All Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of Chenoa Fund's DPA programs. It includes:
1. A training series outline covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
2. An overview of Chenoa Fund's general DPA programs including eligible property types, underwriting by the lender, and reimbursement when the first mortgage is sold to CBC Mortgage Agency.
3. Summaries of Chenoa Fund's specific DPA programs including details on eligible borrowers, loan terms, income limits, minimum credit scores, maximum DTI, and other requirements. Programs include Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training series on Chenoa Fund programs. The training includes modules on Chenoa Fund programs, calculating area median income, the URLA, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations, final documents, servicing, and an overview of why to use Chenoa Fund programs. It also includes a matrix comparing the Conventional Standard 97% LTV and HomeReady products.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs. The training includes 13 sessions covering various topics related to Chenoa Fund programs like how to calculate AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also provides a general overview of Chenoa Fund, including that it offers 3.5% down payment assistance through second mortgages. The document includes matrices comparing the Conventional Standard 97% LTV and HomeReady programs and discusses program requirements.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs. The training includes 13 modules that cover topics like calculating AMI, the URLA, underwriting, locking loans, securing down payment assistance, and servicing. It also provides an overview of Chenoa Fund and its conventional and FHA down payment assistance programs. Key details summarized are the 3.5% assistance for down payments, the repayable 10-year 2nd mortgage, and that the 1st mortgage must be sold to CBC Mortgage Agency.
1.C Conventional Chenoa Fund Programs Overview (10.0)Chenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs. The training includes 13 sessions covering various topics related to Chenoa Fund programs like how to calculate AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also provides a general overview of Chenoa Fund, including that it offers 3.5% down payment assistance through second mortgages. The document includes matrices comparing the Conventional Standard 97% LTV and HomeReady programs and discusses program requirements.
1.a (v8.2) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include:
1. The training covers Chenoa Fund programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and the purchase clearing process.
2. Chenoa Fund offers 3.5% for down payment and closing cost assistance through second mortgages. Programs are available in all states except New York. First mortgages must be sold to CBC Mortgage Agency.
3. Product options include FHA Rate Advantage, FHA DPA Edge repayable
1.a (v8.3) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including:
1. Chenoa Fund offers down payment assistance programs in the form of second mortgages for conventional and FHA loans.
2. Eligible property types include single family homes, condos, townhomes, and manufactured homes. Income limits, minimum credit scores, loan terms and forgiveness terms vary by specific program.
3. The document reviews the key details and requirements of specific Chenoa Fund programs, including Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second, Conventional Standard 97%, and HomeReady. It also provides a quick comparison matrix of the programs
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers all aspects of originating and processing loans through the Chenoa Fund programs, including: an overview of conventional and FHA programs; how to calculate AMI; how to complete the 1003; underwriting; locking loans; securing down payment assistance; document drawing; purchase clearing; final documents; servicing; and why to use Chenoa Fund programs. It also includes a matrix comparing the conventional standard 97% LTV and HomeReady products and program guidelines.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training that covers Chenoa Fund down payment assistance programs. The training includes 13 modules that cover topics like AMI calculations, the 1003 registration process, underwriting, locking loans, document drawing, and servicing. It also provides program details for Conventional Standard 97% LTV loans and Fannie Mae HomeReady, including eligibility requirements, terms, and FICO score guidelines. The document includes program matrices, checklists, letters, and clarifications around fees and disclosures.
1.f (v8.2) fha chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund training programs offered by CBC Mortgage Agency. The training includes 13 modules covering various topics related to Chenoa Fund programs including: program overviews, income calculations, registration, underwriting, locking loans, document preparation, and servicing. It also summarizes key details of CBCMA's FHA down payment assistance programs including Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second. Details provided for each program include eligible property types, minimum credit scores, income limits, DTI requirements, loan terms, and other guidelines.
1.f (v8.3) fha chenoa fund programs overviewChenoa Fund
This training covers Chenoa Fund programs including conventional and FHA loans. It provides overviews of program guidelines for Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second FHA loans. Key details covered include eligible property types, minimum credit scores, income limits, DTI requirements, terms of the secondary financing, and alternative qualification options. The training also addresses topics like funding obligation letters, fees, and homebuyer education requirements.
This training series covers Chenoa Fund down payment assistance programs, including an overview of conventional and FHA programs, how to calculate AMI, the URLA registration process, underwriting, locking loans, securing DPA approvals, document preparation, purchase clearing conditions, final documents, servicing, and why to use Chenoa Fund programs. Specific programs covered include Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional). The training also reviews FHA homebuyer education requirements, verification of housing expense documentation, and alternative qualification options for borrowers with credit scores between 640
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This training series covers Chenoa Fund down payment assistance programs, including conventional and FHA loans. It includes sessions on program overviews, income calculations, the URLA, underwriting, locking loans, securing down payment assistance, document drawing, purchase clearing conditions, final documents, servicing, and why to use Chenoa Fund programs. The document matrix provides a quick comparison of the Conventional Standard 97% LTV Loans and Fannie Mae HomeReady® programs.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers all aspects of the programs from initial registration to final documents. It includes summaries of the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second FHA loan programs. Key details like qualifying criteria, terms, and documentation requirements are highlighted for each program. The document also reviews topics like underwriting, the funding obligation letter, homebuyer education, and undisclosed debt monitoring.
1.F FHA Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and summary of Chenoa Fund training programs, including:
- A list of 13 training topics covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
- General information about Chenoa Fund programs, including that they are DPA products offered in all states except New York, with 3.5% offered for the second mortgage.
- Summaries of the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second FHA loan programs, including details on qualifying income limits, credit score requirements, terms, and more.
1.C (8.5) Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover topics like Chenoa Fund programs, income limits, the loan application process, underwriting, locking loans, down payment assistance approvals, document drawing, and loan servicing. Product details are also provided for conventional 97% LTV loans and HomeReady loans, including requirements for down payment assistance, income limits, minimum credit scores, loan terms, and more. Clarifications are also included around lender fees, verification of housing expenses, and maximum origination fees.
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
1.c (v8.3) conventional chenoa fund programs overviewChenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover Chenoa Fund programs, income limits, the loan application process, underwriting, locking loans, down payment assistance approvals, document drawing, purchase clearing conditions, final documents, servicing, and the benefits of using Chenoa Fund. Product details are also provided for conventional 97% LTV loans and HomeReady loans. Clarifications are given around administrative fees, second lien loan fees, rate sheets, and maximum origination fees.
1.C Conventional Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and instructions for Chenoa Fund's training series on their down payment assistance programs. The training covers all aspects of originating and processing loans using Chenoa Fund's conventional and FHA down payment assistance, including program guidelines, underwriting, document drawing, and servicing. Specific topics covered include AMI calculations, the 1003 application, underwriting, locking loans, securing down payment assistance approvals, and post-closing loan purchasing.
1.c (v8.2) conventional chenoa fund programs overviewChenoa Fund
This document provides an overview and details of the CBCMA Training Series. The training includes 13 modules that cover all aspects of Chenoa Fund programs, including how to calculate AMI, how to lock a loan, how to secure down payment assistance approvals, final documents, and servicing. The document also provides program details and requirements for Conventional Standard 97% LTV loans, HomeReady loans, and FHA loans. Key information on down payment assistance, funding obligation letters, and clarifications on administrative fees, displaying second lien loan fees, and rate sheets are also included.
1.A (8.5) All Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of Chenoa Fund's DPA programs. It includes:
1. A training series outline covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
2. An overview of Chenoa Fund's general DPA programs including eligible property types, underwriting by the lender, and reimbursement when the first mortgage is sold to CBC Mortgage Agency.
3. Summaries of Chenoa Fund's specific DPA programs including details on eligible borrowers, loan terms, income limits, minimum credit scores, maximum DTI, and other requirements. Programs include Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training series on Chenoa Fund programs. The training includes modules on Chenoa Fund programs, calculating area median income, the URLA, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations, final documents, servicing, and an overview of why to use Chenoa Fund programs. It also includes a matrix comparing the Conventional Standard 97% LTV and HomeReady products.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs. The training includes 13 sessions covering various topics related to Chenoa Fund programs like how to calculate AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also provides a general overview of Chenoa Fund, including that it offers 3.5% down payment assistance through second mortgages. The document includes matrices comparing the Conventional Standard 97% LTV and HomeReady programs and discusses program requirements.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs. The training includes 13 modules that cover topics like calculating AMI, the URLA, underwriting, locking loans, securing down payment assistance, and servicing. It also provides an overview of Chenoa Fund and its conventional and FHA down payment assistance programs. Key details summarized are the 3.5% assistance for down payments, the repayable 10-year 2nd mortgage, and that the 1st mortgage must be sold to CBC Mortgage Agency.
1.C Conventional Chenoa Fund Programs Overview (10.0)Chenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs. The training includes 13 sessions covering various topics related to Chenoa Fund programs like how to calculate AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also provides a general overview of Chenoa Fund, including that it offers 3.5% down payment assistance through second mortgages. The document includes matrices comparing the Conventional Standard 97% LTV and HomeReady programs and discusses program requirements.
1.a (v8.2) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include:
1. The training covers Chenoa Fund programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and the purchase clearing process.
2. Chenoa Fund offers 3.5% for down payment and closing cost assistance through second mortgages. Programs are available in all states except New York. First mortgages must be sold to CBC Mortgage Agency.
3. Product options include FHA Rate Advantage, FHA DPA Edge repayable
1.a (v8.3) all chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund programs offered by CBC Mortgage Agency, including:
1. Chenoa Fund offers down payment assistance programs in the form of second mortgages for conventional and FHA loans.
2. Eligible property types include single family homes, condos, townhomes, and manufactured homes. Income limits, minimum credit scores, loan terms and forgiveness terms vary by specific program.
3. The document reviews the key details and requirements of specific Chenoa Fund programs, including Rate Advantage, DPA Edge Repayable Second, DPA Edge Soft Second, Conventional Standard 97%, and HomeReady. It also provides a quick comparison matrix of the programs
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers all aspects of originating and processing loans through the Chenoa Fund programs, including: an overview of conventional and FHA programs; how to calculate AMI; how to complete the 1003; underwriting; locking loans; securing down payment assistance; document drawing; purchase clearing; final documents; servicing; and why to use Chenoa Fund programs. It also includes a matrix comparing the conventional standard 97% LTV and HomeReady products and program guidelines.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and summary of a training that covers Chenoa Fund down payment assistance programs. The training includes 13 modules that cover topics like AMI calculations, the 1003 registration process, underwriting, locking loans, document drawing, and servicing. It also provides program details for Conventional Standard 97% LTV loans and Fannie Mae HomeReady, including eligibility requirements, terms, and FICO score guidelines. The document includes program matrices, checklists, letters, and clarifications around fees and disclosures.
1.f (v8.2) fha chenoa fund programs overviewChenoa Fund
This document provides an overview and summary of Chenoa Fund training programs offered by CBC Mortgage Agency. The training includes 13 modules covering various topics related to Chenoa Fund programs including: program overviews, income calculations, registration, underwriting, locking loans, document preparation, and servicing. It also summarizes key details of CBCMA's FHA down payment assistance programs including Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second. Details provided for each program include eligible property types, minimum credit scores, income limits, DTI requirements, loan terms, and other guidelines.
1.f (v8.3) fha chenoa fund programs overviewChenoa Fund
This training covers Chenoa Fund programs including conventional and FHA loans. It provides overviews of program guidelines for Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second FHA loans. Key details covered include eligible property types, minimum credit scores, income limits, DTI requirements, terms of the secondary financing, and alternative qualification options. The training also addresses topics like funding obligation letters, fees, and homebuyer education requirements.
This training series covers Chenoa Fund down payment assistance programs, including an overview of conventional and FHA programs, how to calculate AMI, the URLA registration process, underwriting, locking loans, securing DPA approvals, document preparation, purchase clearing conditions, final documents, servicing, and why to use Chenoa Fund programs. Specific programs covered include Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), DPA Edge: Soft Second (FHA), Conventional Standard 97% LTV Loans, and HomeReady® (Conventional). The training also reviews FHA homebuyer education requirements, verification of housing expense documentation, and alternative qualification options for borrowers with credit scores between 640
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This training series covers Chenoa Fund down payment assistance programs, including conventional and FHA loans. It includes sessions on program overviews, income calculations, the URLA, underwriting, locking loans, securing down payment assistance, document drawing, purchase clearing conditions, final documents, servicing, and why to use Chenoa Fund programs. The document matrix provides a quick comparison of the Conventional Standard 97% LTV Loans and Fannie Mae HomeReady® programs.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers all aspects of the programs from initial registration to final documents. It includes summaries of the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second FHA loan programs. Key details like qualifying criteria, terms, and documentation requirements are highlighted for each program. The document also reviews topics like underwriting, the funding obligation letter, homebuyer education, and undisclosed debt monitoring.
1.F FHA Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and summary of Chenoa Fund training programs, including:
- A list of 13 training topics covering Chenoa Fund programs, underwriting, locks, documents, and servicing.
- General information about Chenoa Fund programs, including that they are DPA products offered in all states except New York, with 3.5% offered for the second mortgage.
- Summaries of the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second FHA loan programs, including details on qualifying income limits, credit score requirements, terms, and more.
1.C (8.5) Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover topics like Chenoa Fund programs, income limits, the loan application process, underwriting, locking loans, down payment assistance approvals, document drawing, and loan servicing. Product details are also provided for conventional 97% LTV loans and HomeReady loans, including requirements for down payment assistance, income limits, minimum credit scores, loan terms, and more. Clarifications are also included around lender fees, verification of housing expenses, and maximum origination fees.
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
1.c (v8.3) conventional chenoa fund programs overviewChenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover Chenoa Fund programs, income limits, the loan application process, underwriting, locking loans, down payment assistance approvals, document drawing, purchase clearing conditions, final documents, servicing, and the benefits of using Chenoa Fund. Product details are also provided for conventional 97% LTV loans and HomeReady loans. Clarifications are given around administrative fees, second lien loan fees, rate sheets, and maximum origination fees.
1.C Conventional Chenoa Fund Programs Overview (v9.2)Chenoa Fund
This document provides an overview and instructions for Chenoa Fund's training series on their down payment assistance programs. The training covers all aspects of originating and processing loans using Chenoa Fund's conventional and FHA down payment assistance, including program guidelines, underwriting, document drawing, and servicing. Specific topics covered include AMI calculations, the 1003 application, underwriting, locking loans, securing down payment assistance approvals, and post-closing loan purchasing.
1.c (v8.2) conventional chenoa fund programs overviewChenoa Fund
This document provides an overview and details of the CBCMA Training Series. The training includes 13 modules that cover all aspects of Chenoa Fund programs, including how to calculate AMI, how to lock a loan, how to secure down payment assistance approvals, final documents, and servicing. The document also provides program details and requirements for Conventional Standard 97% LTV loans, HomeReady loans, and FHA loans. Key information on down payment assistance, funding obligation letters, and clarifications on administrative fees, displaying second lien loan fees, and rate sheets are also included.
1.C Conventional Chenoa Fund Programs Overview (9.1)Chenoa Fund
This document provides an overview and details of CBCMA's training program for lenders. The training includes 13 modules that cover topics such as Chenoa Fund programs, underwriting, locking loans, and servicing. Product details are also outlined for HomeReady and 97% LTV conventional loans, including eligibility requirements and terms. Guidelines are clarified for verifying housing expenses, fees, rate sheets, and maximum origination fees.
1.C Conventional Chenoa Fund Programs OverviewChenoa Fund
This document provides an overview and instructions for Chenoa Fund training programs. It outlines 12 training modules that cover topics like Chenoa Fund programs, income limits, the loan application process, underwriting, locking loans, document drawing, purchasing, servicing, and why to use Chenoa Fund. It also includes details on Conventional and FHA loan products, guidelines for different FICO scores, documentation requirements, fee policies, and other program rules.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
Similar to 1.A All Chenoa Fund Programs Overview (10)
This document provides instructions for three topics:
1. Submitting exception requests through the client site for loans registered in the system. It describes registering loans first before submitting exception requests.
2. Submitting exception requests through an exception request form for loans already registered. It describes entirely filling out the form and submitting required documents.
3. Exporting Fannie Mae (FNMA) loan files from the Encompass loan origination system. It provides step-by-step instructions for navigating to a file and saving it.
This document provides guidelines for qualifying borrowers for FHA and conventional loans based on their FICO score and other factors. For FHA loans, borrowers with scores of 620-639 must meet additional requirements depending on whether they have a current housing payment. Borrowers with scores of 640+ have more flexible debt-to-income ratio and payment shock requirements. For conventional loans, borrowers with scores of 640-659 must meet additional debt ratio guidelines if approved above 50% by an automated underwriting system. Borrowers at 660+ must meet the debt ratios determined by the AUS. The document outlines alternative qualification options for borrowers exceeding certain debt and payment shock limits.
This document provides important contact information for CBC Mortgage Agency, including submitting and locking loans, pricing locks, underwriting, purchase clearing specialists, collateral and shipping, and borrower payments. Key contacts listed are for requesting company account executive information, registering and locking loans and drawing initial and closing packages, pricing locks, underwriting scenarios, and final collateral and shipping documentation.
This document provides an overview of a training on Chenoa Fund programs that includes 13 sessions covering topics like program overviews, income calculations, the URLA, underwriting, locking loans, securing down payment assistance approvals, purchasing processes, servicing, and why to use Chenoa Fund programs. It also compares Chenoa Fund to other state and local HFA programs and provides marketing ideas. The training is designed to help lenders understand and utilize Chenoa Fund, a down payment assistance program through CBC Mortgage Agency, to increase homeownership by offering zero down payment options to qualified borrowers.
This training covers Chenoa Fund programs including an overview of conventional and FHA loan programs, how to calculate AMI, pre-registration, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing, final documents, servicing, and why use Chenoa Fund. It also compares Chenoa Fund to other state and local HFA programs and provides marketing ideas. The document outlines features and benefits of Chenoa Fund, such as down payment assistance with zero down payments to increase homeownership, flexibility in borrower qualifications, and consistently available funding.
The document provides an overview of a CBCMA training series on Chenoa Fund programs. It lists 13 topics that will be covered in the training, including an overview of all Chenoa Fund programs, how to calculate AMI, the URLA pre-registration process, underwriting, locking loans, securing down payment assistance approvals, and servicing. It also suggests comparing Chenoa Fund to other state and local HFA programs and provides marketing ideas. Finally, it outlines some key features and benefits of Chenoa Fund's conventional and FHA down payment assistance programs.
This document provides information about CBCMA Training topics, payment addresses, and policies. The training series covers all Chenoa Fund programs, underwriting, locking loans, securing down payment assistance, and more. It lists payment addresses for first and second mortgages. The document also discusses early payment default policy, subordination policy, and requirements.
The document provides information on CBCMA's training series topics, document requirements, and how to pull outstanding document reports. It discusses 14 topics in the training series including an overview of all Chenoa Fund programs, how to calculate AMI, pre-registration, underwriting, locking loans, securing down payment assistance approvals, and why to use Chenoa Fund. It provides details on document requirements for collateral, trailing documents, insuring documents, MERS registration, and FHA loans. It also explains how to pull outstanding reports for trailing documents and mortgage insurance certificates from the client portal without needing login credentials.
10.L Purchase Clearing - Conditions and EscalationsChenoa Fund
This document provides an overview of CBCMA's training series on their purchase clearing process. It describes the topics covered in the training, including an overview of Chenoa Fund programs, how to calculate AMI, pre-registration, underwriting, locking loans, securing down payment assistance, and more. It provides contact information for CBCMA's purchase clearing department and explains their typical 2-3 business day review process before conditions are released. It outlines how to log back into the system after review, search for an uploaded loan, access and clear conditions by uploading documents, and how to email the purchase clearing specialist for escalations.
This document provides an overview and instructions for CBCMA's training series on their lending programs. It outlines 12 topics that will be covered in the training, including an overview of all CBCMA programs, how to calculate AMI, the URLA registration process, underwriting, locking loans, securing down payment assistance approvals, and document drawing. It also provides general instructions for interacting with CBCMA's purchase clearing and final documents departments. Important reminders are given about due diligence reviews and the loan delivery checklist. Initial upload instructions and a list of commonly missed documents are also included.
This document provides an overview of the topics covered in the CBCMA Training Series on using the Chenoa Fund portal. It outlines 13 topics that will be covered, including an overview of Chenoa Fund programs, how to calculate AMI, the URLA pre-registration process, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing uploads and conditions, final documents, servicing, and the benefits of using Chenoa Fund. It also provides instructions on accessing the Chenoa Fund portal, beginning to generate documents, filling in required fields, troubleshooting ULI and document date fields, accessing generated documents, and making changes to documents.
This document provides an overview of a training series for CBCMA programs. It lists 13 topics that will be covered in the training, including an overview of all Chenoa Fund programs, how to calculate area median income, the URLA pre-registration process, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing conditions and escalations, final documents, servicing, and why to use Chenoa Fund programs. It also provides brief instructions on waiting for down payment assistance approvals, how to retrieve passwords, what to do after file approval, and interacting with approved files.
This document provides instructions for a training series on Chenoa Fund programs. It outlines the topics that will be covered in the training, including an overview of Chenoa Fund conventional and FHA programs, how to calculate area median income, the pre-registration and underwriting processes, how to lock and draw documents, purchase clearing procedures, and servicing. It provides important details on registering loans in Chenoa Fund's portal, including selecting the correct program, filling out required fields, and obtaining registration or lock confirmations.
This document provides an overview of CBCMA Training which includes 13 modules covering all aspects of the loan process when using Chenoa Fund programs. It outlines good delivery requirements, lock policies, and lock desk closing times. Loans must be locked before the lock desk closes each day or a reinstatement fee will be charged. Conditions must be cleared within 7 days or roll fees will be assessed. Expired locks can be relocked after 30 days with worst case pricing.
The document provides an overview of a CBCMA training series that covers various topics related to Chenoa Fund programs, including an overview of all Chenoa Fund programs, how to calculate AMI, the pre-registration URLA process, underwriting, the lock desk, how to lock a loan, how to secure DPA approvals, how to draw documents, purchase clearing by uploading documents and addressing conditions and escalations, final documents, servicing, and why use Chenoa Fund. It also includes sections on general program guidelines, closing and MERS requirements, second lien documentation requirements, commonly missed documents for the credit and closing packages, admin fee clarifications, rate sheet clarification, displaying second lien loan fees on the closing disclosure,
This training series covers the Chenoa Fund lending programs including an overview of conventional and FHA programs, how to calculate AMI, how to complete the URLA, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing, final documents, servicing, and benefits of using Chenoa Fund. The training covers requirements for TRID compliant disclosures on both the first and second mortgages including how to reflect the secondary financing from Chenoa Fund accurately on the URLA, closing disclosures, and in the Encompass system.
3.C Conventional Pre-registration The URLAChenoa Fund
This document provides an overview of a training that includes 13 modules covering Chenoa Fund programs, calculating AMI, the URLA, underwriting, locking loans, securing down payment assistance approvals, document drawing, purchase clearing conditions and escalations, final documents, servicing, and the benefits of using Chenoa Fund. It provides instructions for various steps in the origination process when using Chenoa Fund assistance, including disclosing the assistance on various loan documents and the Desktop Underwriter submission process.
This document provides an overview of a training series on Chenoa Fund programs. It lists 13 topics that will be covered, including an overview of all Chenoa Fund programs, how to calculate AMI, how to complete the URLA, underwriting, locking loans, securing down payment assistance approvals, and servicing. It provides instructions for completing the URLA and disclosure documents for loans using Chenoa Fund down payment assistance. Key steps include disclosing the assistance on the URLA and closing documents.
This document provides an overview of a training series on Chenoa Fund programs. The training covers topics such as an overview of conventional and FHA programs, how to calculate area median income through HUD resources, how to complete the URLA, underwriting, locking loans, securing down payment assistance approvals, drawing documents, purchase clearing, final documents, servicing, and why to use Chenoa Fund programs. It also provides two methods for calculating area median income using HUD data by county to determine eligibility for different down payment assistance programs.
This document provides an overview and summary of Chenoa Fund programs offered through CBC Mortgage Agency, including conventional, FHA, and down payment assistance options. Key details summarized include eligible property types, minimum credit scores, income limits, DTI requirements, terms of the secondary financing, and documentation requirements for verifying housing expenses and credit.
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2. This Training Includes …
1 – All Chenoa Fund Programs Overview
Conventional / FHA
2 – How to Calculate AMI
3 – Pre-Registration: The URLA
Conventional / FHA
4 – Underwriting
5 – Lock Desk
6 – How to Lock a Loan
7 – How to Secure DPA Approvals
8 – How to Draw Documents
9 – Purchase Clearing: Uploading
10 – Purchase Clearing: Conditions and
Escalations
11 – Final Documents
12 – Servicing
13 – Why Use Chenoa Fund
Conventional / FHA
3. Chenoa Fund by CBC Mortgage Agency:
General Overview
• Chenoa Fund is the program name for CBC Mortgage
Agency’s suite of DPA products, offered to borrowers in
the form of second mortgages.
• Operates in all states except New York.
• All programs offer 3.5% for the second mortgage. The
Rate Advantage and DPA Edge Soft Second program
also offers 5%. Up-front fees are limited only by the QM
3% points and fees rule.
• The first mortgage must be sold to CBC Mortgage
Agency; the down payment funds you advanced are
reimbursed at the time of sale.
• Your underwriter underwrites the file.
• Approved property types include SFR, PUD,
Townhome, Condo, Attached, Detached, and Modular
Homes. Manufactured Homes are allowed with certain
products.
• HPML (Rebuttable Presumption) is allowed, but no High
Cost Mortgages.
4. Rate Advantage (FHA)
a.) 3.5% or 5% offered to
cover the down payment,
closing costs, prepaid items
b.) 2nd mortgage repayable
c.) 10-year term with 6%
interest
d.) 640 minimum FICO score
e.) Qualifying income less than
or equal to 135% AMI
f.) Max DTI 50%
g.) First-time homebuyer not
required
h.) Please see HUD handbook
4000.1 for MIP rates.
i.) Homebuyer education not
required
DPA Edge: Repayable
Second (FHA)
a.) 3.5% is offered to cover the
down payment, closing costs,
and prepaid items
b.) 2nd mortgage repayable
c.) 10-year term with 0%
interest –or–
30-year term with 5% interest
d.) 620 minimum FICO score
e.) No income limits
f.) FICO 620–639: 45% DTI
or less
FICO 640–659: 50% DTI or
less
FICO 660+: DTI restrictions
per AUS guidelines
g.) First-time homebuyer not
required
h.) Please see HUD handbook
4000.1 for MIP rates
i.) Homebuyer education
required for borrowers with
credit scores between 620–639
DPA Edge: Soft Second
(FHA)
a.) 3.5% or 5% offered to
cover down payment, closing
costs, and prepaid items
b.) 2nd mortgage forgivable
c.) 30-year term with 0%
interest (forgiveness conditions
dependent on DPA amount)
d.) 620 minimum FICO score
e.) Qualifying income less than
or equal to 115% AMI
f.) FICO 620–639: 45% DTI
or less
FICO 640–659: 50% DTI or
less
FICO 660+: DTI restrictions
per AUS guidelines
g.) First-time homebuyer not
required
h.) Please see HUD handbook
4000.1 for MIP rates
i.) Homebuyer education
required for borrowers with
credit scores between 620–639
Conventional Standard
97% LTV Loans
a.) 3.5% is offered to cover
the down payment, closing
costs, and prepaid items
b.) 2nd mortgage repayable
c.) 10-year term with an
interest rate 2% higher than
the first mortgage
d.) 640 minimum FICO score
e.) No income limits
f.) FICO 640–659: 50% DTI
or less
FICO 660+: DTI restrictions
per AUS guidelines
g.) First-time homebuyer
required
h.) MI Coverage 35%
i.) Homebuyer education may
be required by Fannie Mae
HomeReady®️
(Conventional)
a.) 3.5% is offered to cover the
down payment, closing costs,
and prepaid items
b.) 2nd mortgage repayable
c.) 10-year term with an
interest rate 2% higher than
the first mortgage
d.) 640 minimum FICO score
e.) Follow FNMA guidelines
on income limits.
f.) FICO 640–659: 50% DTI
or less
FICO 660+: DTI restrictions
per AUS guidelines
g.) First-time homebuyer not
required
h.) MI coverage 25%
i.) Homebuyer education
required
Quick Comparison Matrix: All Products
5. Check out our Product Matrix!
A more detailed version of our product matrix can be found on chenoafund.org.
6. • Required in the closed loan package for all
programs
• The letter states:
• Where the down payment is coming
from
• CBCMA’s promise to reimburse your
company for the secondary financing
• When we purchase the first mortgage,
CBCMA reimburses the funds you
advanced for the borrower’s down payment
Funding Obligation Letter
600 N 100 E
Cedar City, UT 84721
Lender: ABC Lender
Loan Application Number: 151110001
FHA Case Number 123-230598230-704
Borrower(s): John Doe
Jane Doe
Purchase Price of Property: $200,000.00
Property Address: 123 Main Street
Anywhere, TN 34222
Form of Assistance: Soft Second
Amount of Assistance: $7,000.00
Interest Rate (If Applicable): 0
Term (If Applicable): 360
Monthly Payment Amount (If Applicable): $0.00
Commitment Date: 11/10/15
As of the commitment date, CBC Mortgage Agency has incurred a legally enforceable obligation to
provide the funds towards the Borrower(s)’ Minimum Required Investment. Lender should
deliver funds for the MRI to the closing entity prior to or at the time of loan closing. CBCMA will
reimburse Lender from funds legally belonging to CBCMA at or before closing under this
obligation once the following conditions are met:
• The first mortgage associated with this assistance must be closed and delivered to CBCMA
for purchase.
• All purchase conditions for the first mortgage associated with this assistance must be
satisfied.
If these items are not delivered to CBCMA, this obligation will be void. WARNING: Failure of
CBCMA to satisfy the obligation may result in a determination that the funds for the Borrower(s)’
MRI were provided by a prohibited source and the first mortgage obligation may not be insurable
under the FHA insurance program.
Sincerely,
MRI Funding Obligation
Image: Soft Second FOL
8. *Note: to offer conventional products,
you must be FNMA-approved.
Neither CBC Mortgage Agency (CBCMA),
nor any Chenoa Fund products, are
approved by or affiliated with Fannie Mae.
Originating lenders are responsible for
ensuring that their use of CBCMA second
mortgages and conventional first mortgages
are compliant with Fannie Mae
requirements.
CBCMA’s Correspondent Lending Guide
(CLG) include overlays to the HomeReady®️
program.
HomeReady®️ is a registered trademark of
Fannie Mae.
DU®️ is also a registered trademark of Fannie
Mae.
9. • 3.5% DPA (rounded up to the dollar)
• No borrower investment required
• Income limits per FNMA guidelines
• Minimum FICO score of 640
• 30-year fixed rate first mortgage
• Second lien is a 10-year fixed rate
mortgage with an interest rate 2% higher
than the first mortgage
• Concurrent homeownership not allowed
• DU®️ only—see our Correspondent
Lending Guide for more information on
LTV/CLTV limitations
• Single family only
HomeReady®️
• Purchase only
• MI coverage 25%
• First-time homebuyer not required
• Requires borrower to take homebuyer
education class
10. Conventional Standard 97% LTV Loans
• 3.5% DPA (rounded up to the dollar)
• No borrower investment required
• No income limits
• Minimum FICO score of 640
• 30-year fixed rate first mortgage
• Second lien is a 10-year fixed rate
mortgage with an interest rate 2% higher
than the first mortgage
• Concurrent homeownership not allowed
• DU®️ only—see our Correspondent Lending
Guide for more information on LTV/CLTV
limitations
• Single family only
• Purchase only
• MI coverage 35%
• One borrower must be a first-time
homebuyer
• Homebuyer education class
required if LTV is 97% or higher
(per Fannie Mae guidelines)
11. Is my borrower in the 640–659 range?
CBCMA requires
DTI of 50% or
less
The borrower has…
• Two (2) years employed with the
current employer OR two (2) months
PITI reserves.
Not to exceed 55% DTI.
The borrower has…
• A maximum DTI 31% front-
end OR met VA Residual
Income Tests
Not to exceed 55% DTI.
Start Here!
Choose one alternative qualification
requirement from both boxes that
best fits your borrower’s situation:
But my borrower
exceeds those DTI
requirements, has
DTI 55% or lower,
and AUS approves
above 50%…
Choice 1
AND
Choice 2
13. • FHA product
• 3.5% or 5% DPA (rounded up to the
dollar)
• Qualifying Income: < or = 135% AMI
• Requires monthly payment
• Minimum FICO score of 640
• 30-year fixed rate first mortgage
• Second mortgage has a 10-year term at
an 6% Interest rate
• Non-occupant co-borrowers not allowed
• No concurrent homeownership
• Manual underwrites not allowed
• DTI 50% or less; alternative qualification
requirements do not apply
Look to this product first to benefit you
and your client.
Rate Advantage Program
15. • FHA product
• 3.5% or 5% DPA (rounded up to the dollar)
• Qualifying Income: < or = 115% AMI
• No monthly payment
• FICO score 620 minimum
• 30-year fixed rate first mortgage
• Second mortgage has a 0% interest rate and
a 30-year term, with no monthly payment
• Forgiveness determined by DPA amount:
• 3.5%: After 36 consecutive, on-time
payments on FHA 1st mortgage
• 5%: After 120 consecutive, on-time payments
on FHA first mortgage; becomes non-
forgivable if any payment is 60+ days late
• Only offered for single-family and two-unit
properties
DPA Edge Program: Soft Second
• Non-occupant co-borrowers are allowed
• Concurrent homeownership is allowed,
but one of the borrowers must occupy
the property as their primary residence
and an LOE is required; see CBCMA’s
Product Matrix for more information.
• No first-time homebuyer requirement
16. • FHA product
• 3.5% DPA (rounded up to the dollar)
• No income limits
• No loan forgiveness for this product
• FICO Score 620 minimum
• 30-year fixed rate first mortgage
• Second Mortgage is repayable, with two
options for terms:
• 10-year term 0% interest rate
• 30-year term 5% interest rate
• Non-occupant co-borrowers are allowed.
• Concurrent homeownership is allowed,
but one of the borrowers must occupy the
property as their primary residence and
an LOE is required; see CBCMA’s
Product Matrix for more information.
DPA Edge Program: Repayable Second
• Only offered for single-family and two-
unit properties
• No first-time homebuyer requirement
17. Is my borrower in the 620–639 range?
Does my borrower have
12 months of current
housing expense?
Start Here! CBCMA requires…
• Verification of 12 months of
current housing expense (LLC
or management company)
• 12 months of cancelled
checks or bank statements
(family or individual)
• HBE
• Payment shock of 125% or
less
• DTI of 45% or less
CBCMA requires…
• A VOR documenting no rent paid
• An explanation in the comments
section of the 92900-LT
• HBE
• Maximum DTI of 31% front-end and
45% backend
• 3 months PITI reserves
• Minimum 2 years with present
employer
• Meet VA Residual Income
requirements
Choose one alternative
qualification requirement
from both boxes that best fits
your borrower’s situation:
The borrower has…
• Two (2) years employed with the
current employer OR two (2)
months PITI reserves.
Note that the borrower still needs
verification of 12 months of housing
expense or 12 months of cancelled
checks/bank statements, and an HBE.
Not to exceed 50% DTI backend.
The borrower has…
• A maximum DTI 31% front-end OR
meets VA Residual Income Tests
Note that the borrower still needs
verification of 12 months of housing
expense or 12 months of cancelled
checks/bank statements, and an HBE.
Not to exceed 50% DTI backend.
No…
Yes!
But my borrower
exceeds the
payment shock
and/or DTI
requirements and
is less than 50%
DTI…
Choice 1 Choice 2
AND
18. Is my borrower in the 640–659 range (and not using Rate
Advantage)?
CBCMA requires
DTI of 50% or
less.
The borrower has…
• Two (2) years employed with the
current employer OR two (2) months
PITI reserves
Not to exceed 55% DTI.
Start Here!
Choose one alternative qualification
requirement from both boxes that
best fits your borrower’s situation:
As of June 15, 2020, CBCMA also requires
borrowers in the 640-659 range to have a
verification of their current housing expense.
But my borrower
exceeds those DTI
requirements, and
AUS approves
above 50%…
The borrower has…
• A maximum DTI 31% front-
end OR met VA Residual
Income Tests
Not to exceed 55% DTI.
Choice 1 Choice 2
AND
19. FHA Homebuyer Education
• Pre-purchase counseling required for borrowers within
the FICO band of 620–639
• HUD-approved counseling only
• If you are unsure of appropriate alternatives, CBC
Mortgage Agency pays for pre-purchase counseling
through Money Management International
• Be sure to visit our Lender FAQs for more information
on this topic: https://chenoafund.org/lender/lender-faq/
• MMI offers counseling to borrowers up to 18 months after
closing
• MMI is an outreach program; they do not automatically
initiate counseling unless the borrower requests it
• MMI checks in with the borrower to make sure they are
doing okay and offer encouragement and assistance of any
kind to further support the borrower’s path to successful
homeownership
20. • Borrowers in the 620–639 FICO range
making a present housing payment must
either:
• Provide a 12-month verification of housing
payment (if renting from an LLC or
management)
• Provide 12 months of cancelled checks or
bank statements (if renting from family or
an individual)
Verification of Housing Expense
• All borrowers in the 640–659 FICO range
must provide a verification of current
housing expense, but a payment history is
not required. Acceptable documentation
includes:
• A copy of the rent/lease agreement
• Bank statements tracking payments for
the amount of reported rent
• A letter from the landlord
• A filled-out VOR (if a VOR is provided, the
rental history will be used in credit
qualification)
• All borrowers in the 640–659 FICO range
may have a housing gap of up to 90
calendar days; a gap of more than 30
days will require an LOX (620–639 FICO)
• All borrowers making no present housing
payment in the 620–650 FICO range must
provide verification of housing payment
documenting that no rent is required to be
paid.
21. • All borrowers must have one credit score.
• CBCMA requires either a soft pull credit
report OR UDM within ten calendar days of
close.
• CBCMA prefers UDM; if you do a soft pull,
you must pull from all three bureaus, even if
the borrower only has one credit score.
• If you use UDM, you may choose to pull
from only one bureau.
• Our primary goal behind this requirement is
to verify that there are no new material
inquiries, which may require the file to be
rerun through AUS.
• If a new material inquiry is discovered, then
CBCMA will require that an LOE explaining
the new material inquiry be provided to
determine if new debt was incurred.
• If new debt was incurred prior to closing,
then Agency guidelines may require that the
file be re-run through AUS and the debt
added to the borrower’s final application.
Undisclosed Debt Monitoring and Soft Pull of the Credit Report
22. Admin Fee Clarifications
• $399 Admin Fee on first mortgage
• Charged to the correspondent
• Reflected on the PA as a deduction from total
loan sale proceeds
• No lender fees on secondary financing
• Additions to the lender fees to offset the
Admin Fee:
• NEVER reflect as a charge payable to
CBCMA
• List fee must always be listed in Section A, in
Origination Charges or as a separate line item
Admin charge
• If passed to the borrower, this fee is subject to
the QM 3% points & fees test
23. • No lender fees should be charged on
the second.
• The only fees allowed to be charged on
the second:
• Prepaid interest
• Recording fees for the Deed of Trust
• Reasonable settlement fees
• A courier fee to return the signed
documents to the lender
• At no time will CBCMA purchase a loan
that exceeds the QM 3% points and
fees test.
Displaying 2nd Lien Loan Fees on the 2nd CD
24. • Review the Buckley Sandler memo on
converting points and fees between
borrower and seller:
https://chenoafund.org/lender/cbc-
documents-and-tools/
• Converting seller credits can pay this fee if
the following is done before closing:
• Borrower has signed an addendum to the
note (found at the above link)
• The fee is itemized in the seller’s column on
the CD
• This allows the charges to not be counted
for the QM 3% points and fees rule.
Rate Sheet Clarification
• CBCMA:
• Offers one rate for each product and its
FICO band
• Does not charge discount points
• Cannot, in the current market, offer the
alternative par rate necessary for discount
points to be bona fide
• Our rate sheets refer to fees from specific
FICO bands as “Fee Paid by Lender.”
• Any fees paid by the lender to CBCMA are
a reduction in the YSP/SRP.
• If this fee is passed on to the borrower, the
QM 3% points and fees rule applies.
• Fees from corporate margins (from lower
rates) belong in section A of the CD, “points
and fees.”
25. Maximum Origination Fee
• CBCMA will allow a maximum origination
fee of 1.5%.
• Additionally, the lender may charge for any
CBCMA loan level pricing adjustments
(LLPAs); this charge may be seller-paid.
• Lenders will be required to refund
borrowers for any origination fees (including
non-bona-fide discount points) exceeding
1.5% plus CBCMA LLPAs.
• Reasonable lender underwriting,
administrative, or program fees are not
considered in this calculation; however,
they are considered in the QM 3% points
and fees test.