Orion Lending Chenoa Fund – FHA Repayable Second Program

Special Alert

Maximum Purchase Price

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Credit Score Requirements

Minimum Credit Score: 600 All borrowers must have at least one credit score. Soft pull credit report required within 10 days of Note date. AUS Approve/Eligible required when Alternative Qualification Requirements (AQR) is used.

Deferred Payments?


Accepted First Mortgage Type:

FHA 203(b), FHA 234(c)

Homeowners Education Class:


Is Forgivable?


46 States Program available nationwide, except for New York State

Income Limitations:

No No AMI Limit. LLPA added if income is > = 135%, based on family size.

Maximum Assistance

5% of Purchase Price Minimum of $55,000 3.5% or 5% of the Purchase Price rounded to the nearest dollar (See limitations for additional details). South Carolina and Alaska: $5,000 minimum DPA amount. New York not permitted.

Education Requirements Info:

• Required for borrowers with credit scores between 600–639. This course must be taken prior to closing. • FICO 600-619: Money Management International https://www.moneymanagement.org/buying-a-home • FICO 620-639: Any HUD-approved counseling course may be used. • FICO 640+: No required. Please note: only the borrowers with scores less than 640 are required to take the course. Any borrower on your transaction with scores equal to or greater than 640 is not required to take the course.

Eligible Property Types:

Single Family DetachedCondo Townhome/PUDManufactured Home Modular Home

Income By Household Size:

None Max Seller Contribution: 6%

Qualifying Ratios:

Housing Ratio: — Total DTI: Up To 50% • FICO 660+: DTI per AUS Approval. • FICO 640-659: 50% DTI or less. (Alternative Qualification Requirements (AQR) for more details) https://chenoafund.org/lender/product-matrix/ • FICO 620-639: 45% DTI or less. (See Alternative Qualification Requirements (AQR) for more details) https://chenoafund.org/lender/product-matrix/ • FICO 600-619: 45% DTI or less (not eligible for Alternative Qualification Requirements) • AQR: . Have 2 years employed with the current employer OR 2 months PITI; AND . Have max DTI 31% front-end OR meet VA Residual Income test. Manufactured Homes: Max 50% with FICO 640+ Max 45% with FICO 600-639 AQR may not be used to exceed DTI limits
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