The Chenoa Fund is designed to make homeownership more accessible, often allowing eligible buyers to achieve 100% financing by combining the assistance with a primary mortgage such as an FHA loan.

Key Features and Benefits

• Down Payment Coverage: Offers a second mortgage providing 3.5% or up to 5% of the home's purchase price or appraised value, whichever is lower—typically enough to cover the entire minimum FHA down payment.
• Availability: A national program that does not run out of funds, unlike many state- or local-bond programs.
• Not Limited to First-Time Buyers: Eligibility is open to repeat buyers as well.

Flexible Guidelines

• Credit Score: Minimum FICO scores generally begin around 600–620 depending on the specific product.
• Income Limits: Some options (such as DPA Edge) have limits around 115% of Area Median Income, while other Chenoa Fund products have no income limits at all.

Two Main Assistance Options

Forgivable Option (Soft Second)

• Typically 0% interest with no monthly payments.
• Forgiven after a set period (often 36 consecutive, on-time payments on the first mortgage).
• Repayment required if the borrower sells, refinances, or moves before the forgiveness period is satisfied.

Repayable Option

• Traditional second mortgage with fixed interest (often 0% or 5%) and monthly payments.
• Common terms include 10-year or 30-year repayment periods.
• No income limits for qualifying.

How It Works in Southeastern NC Real Estate

In competitive markets like Wilmington, Pender, and Brunswick, the Chenoa Fund serves as an essential tool for buyers facing high upfront costs.

• Enter the Market Sooner: Eliminates the need to save for a down payment, allowing buyers to move sooner and capture price appreciation.
• Retain Savings: Buyers can preserve cash for closing costs, moving expenses, or future home repairs.

Aspyre Realty Group: Your Guide to Down Payment Programs

Navigating down payment assistance programs—including the Chenoa Fund, NC Home Advantage Mortgage, and local HOP (Home Ownership Pool) programs—requires specialized real estate and lending expertise.

At Aspyre Realty Group, we track every rezoning application, monitor new home inventory from national and local builders, and analyze infrastructure plans. We're experts in helping you navigate the real estate market because of this knowledge, and we partner with approved lenders who can determine which DPA program offers the best financial fit and fastest path to homeownership.