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.

580

Minimum Credit Score

50%

Maximum Debt To Income

105%

Maximum Loan To Value

$822k

Maximum Loan Amount

With 1 Application,130 Mortgage Lenders Will Compete For Your Business

Unlock unparalleled opportunities with a single application. Dive into a competitive marketplace where 130 top-tier mortgage lenders vie to offer you the best terms, ensuring you get the deal you deserve. It’s not just about choice; it’s about empowering you with the best options available.

🔒Does not Affect Credit. No SSN until you’re ready.

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.

We're Simply Better and Not Just on Price...

We Have More Lenders and More Loan Programs

Diverse Choices, Tailored for You: With a vast array of lenders and loan programs, we ensure a perfect fit for your unique financial needs.

Our Loyalty is To YOU not the lender

Your Interests, Our Priority: Our commitment is to you, not the lenders, ensuring unbiased and dedicated support throughout your mortgage journey.

Non QM, Convert to Cash and Flexible Funding Options Available

Flexible, Innovative Financing: Explore Non-QM loans, easy cash conversion options, and flexible funding solutions tailored for your financial freedom.

🔒No Credit Pull, No Obligation.

Compare For Yourself

Explore the difference that sets us apart in the financial world. See how our innovative services and unmatched benefits distinguish us from the competition, ensuring you make an informed choice.

Lightning Loans

Local Bank Branch

Big Name Online Lenders

Shops Hundreds of Lenders

Scans Thousands of Programs To Find You The Best Available

Is Loyal to Borrowers and Not Lenders

Has Multiple No Tax Return Mortgage Options

Can Show You Conventional and Non QM Options

Multiple 100% Financing Options for First Time Home Buyers

Can Do Hard Money, Bridge Financing and Other Unique Funding Types

🔒No Credit Pull, No Obligation.

You need a tenacious loan officer who has obsessively over-prepared and knows every single trick in the book to secure the ideal mortgage for your unique situation

And that is exactly what you'll find when working with me…

Read What Our Happy Clients Have to Say

Don't Wait, Secure Your Perfect Mortgage Today

"Andres is dependable, reliable and productive to the highest degree. His services will be required by our company in the future, and unequivocally we will be contracting him."

"A true example of a multitasking 24/7 powerhouse with no deal is too small attitude coupled with creative thinking and always open mind!!!"

"Lightning Loans made the mortgage process so easy and stress-free. Their team is knowledgeable and dedicated to providing tailored solutions for each client. I highly recommend them." -

1. Unparalleled Access to Mortgage Options With a Single Application

With a single application, we’ll comparison shop thousands of loan programs across hundreds of lenders.

This includes conventional loans at 130 different sources, FHA loans at 130 different sources, and even bank statement or no tax return options. If a mortgage product exists, we have access to it.

No more wondering if you’re getting the best deal – we’ll make sure of it.

2. Expert Guidance and Outstanding Communication

With over two decades of experience working with clients, I’ve developed a keen sense of what my clients need and when they need it.

It’s almost like having a psychic connection!

I pride myself on putting my clients first and providing outstanding communication throughout the entire mortgage process.

3. A Faster, Easier Path to Perfect Mortgage Loans For Your Specific Situation

Say goodbye to the headaches and hassles of traditional mortgage processes.

With Lightning Loans, you’ll enjoy a streamlined, efficient journey that gets you to your goals faster and with less stress.

You’ve got enough to worry about, let us put your mind at ease with regard to your mortgage financing.

We only request the things that are absolutely necessary

4. The Peace of Mind Knowing You've Made the Right Choice Because You've Seen ALL Your Options

When you work with Lightning Loans, you’re not just getting a mortgage –

You’re getting a partner who is committed to your success.

We’ll go above and beyond to ensure that you’ve made the best possible choice for your unique situation.

These might just seem like words on a page but one conversation with us and it will be abudantly clear to we walk our talk.

Experts at your service.

Meet the experts committed to providing you with exceptional financial solutions

Andres Garcia

Loan Officer

Dedicated, high energy real estate expert that is adept at working with investors and traditional borrowers.

Your Contact

Andrew Kashella

Senior Vice President

Mortgage Industry veteran responsible for thousands of loan originations and billions in closings.

Bryan P. Ehrlich

CEO/General Counsel

Founder, Juris Doctor and Lead Counsel for Innovative Mortgage Services.