This document provides an overview of a training that includes 13 topics on Chenoa Fund programs, including how to calculate area median income using HUD resources, how to complete the URLA, the underwriting and locking processes, obtaining down payment assistance approvals, document drawing, purchase clearing, final documents, and servicing. It details the primary and alternative methods for calculating area median income by multiplying the median family income or very low income limits by 115% or 135% depending on the Chenoa Fund program.

1. CBCMA Training
Series

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. • Visit the HUD Area Median
Income Site:
https://www.huduser.gov/portal/
datasets/il.html
• Select the most recent fiscal
year
• Select “Click Here for FY
[most recent year] IL
Documentation”
Calculating Area Median Income

4. • Select the state
• Select the county
• Click “View County Calculations”
Note: This is a third party site. CBCMA State Restrictions still
apply, even if you see the option here.
Calculating Area Median Income

5. Calculating Area Median Income: Primary Method
• Pull the number from the
“Median Family Income”
column (outlined in red)
• Multiply the Median Family
Income by
• 115% for Soft Second
• 135% for Rate Advantage
Example: $69,100 x 115% =
$79,465
Note: Pick the method that
will best match your
borrower to their desired
program.

6. Calculating Area Median Income: Alternative Method
• Locate the correct family size
in the “Persons in Family”
column
• Use the “Very Low (50%)
Income Limits” row
• Find the correct income limit
• Multiply that number by two,
then by
• 115% for Soft Second
• 135% for Rate Advantage
Example, using a family of 6:
$40,100 x 2 = $80,200 x 115% =
$92,230
Note: Pick the method that will
best match your borrower to
their desired program!