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) or
double the “Very Low
Income Limits” number; take
the higher value
• Multiply the above number
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 (if above 4)
• 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!
