Chenoa Down Payment Assistance and FHA Loan

Bringing Dreams Closer With Chenoa and FHA: Making Homeownership Accessible

Harness the power of Chenoa's Down Payment Assistance combined with the flexibility of FHA Loans. Perfect for first-time homebuyers.

Minimum Credit Score


Maximum Debt To Income


Maximum Loan To Value


Maximum Loan Amount

Innovative Mortgage offers a comprehensive FHA Loan program, enhanced by the Chenoa Down Payment Assistance to help make homeownership a reality for many potential buyers, especially those who might find the down payment a significant hurdle.

FHA Loans with Innovative Mortgage:

  • Government-Backed: FHA loans are government-insured mortgages that offer higher flexibility in credit, income, and equity/down payment requirements.
  • Down Payment: Low down payment of 3.5% of the home’s purchase price, which may be gifted by a family member or funded through a down payment assistance program like Chenoa.
  • Credit Flexibility: Typically available to borrowers with a credit score of 580 or higher (lower scores may be considered with a higher down payment).
  • Loan Terms: Typically offered as 15 or 30-year fixed-rate mortgages, as well as adjustable-rate mortgages.

Chenoa Down Payment Assistance:

  • Assistance Options: Provides down payment assistance in the form of a forgivable grant, which may be forgivable over a period such as five years, or a second mortgage, which may be paid over time.
  • Eligibility Requirements: Borrowers must meet certain income limits and other guidelines to qualify for Chenoa Down Payment Assistance.
  • Compatible with FHA Loans: Specifically designed to work in conjunction with FHA Loans, offering a path to homeownership with very little money down.

Advantages of Combining FHA Loans with Chenoa Down Payment Assistance:

  • Greater Access to Homeownership: The combination of an FHA Loan with Chenoa Down Payment Assistance enables more borrowers to become homeowners, even if they have limited savings for a down payment.
  • Increased Affordability: The reduced down payment requirement makes purchasing a home more affordable for many borrowers.
  • Support and Education: Borrowers may benefit from homebuyer education courses that can help prepare for the financial responsibilities of homeownership.

How to Get Started:

Eligible homebuyers who are interested in an FHA Loan combined with Chenoa Down Payment Assistance should reach out to Innovative Mortgage for more details. Our team can provide guidance on income requirements, property eligibility, and the application process for these programs.

Contact Innovative Mortgage today to explore your options for an FHA Loan and Chenoa Down Payment Assistance. We’re here to help make your dream of homeownership come true with personalized support and expert advice.

Pros of Chenoa and FHA Loans


No Immediate Down Payment

Chenoa covers your 3.5% down payment, easing your entry into homeownership.

Forgivable Second Mortgage

If conditions are met, Chenoa's assistance can become a forgivable second mortgage.

Broad Eligibility Criteria

FHA's flexible requirements, combined with Chenoa, opens doors for many more borrowers.

Cons of Chenoa and FHA Loans


Mortgage Insurance

As with all FHA loans, you'll need to pay upfront and annual mortgage insurance premiums.

Income and Geographic Restrictions

Chenoa has specific income and geographic limitations you'll need to meet.

Key Issues That Will Get Early Attention

Review Eligibility
We'll work together to review your eligibility for this combined program.
Understand Mortgage Insurance
We'll ensure you fully understand the costs associated with FHA mortgage insurance.
Assess Financial Position
We'll carefully assess your financial situation to ensure this program suits your needs.
Navigate Income and Geographic Restrictions
We'll help you navigate Chenoa's specific requirements to make sure you qualify.