Chenoa Fund FHA Manufactured Home Purchase Loan
Most PopularBest For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Easy Qualification
Low down payment requirements, easier qualification guidelines, lower rates, and flexible terms for first time homebuyers and beyond.
This loan program is not available in USA
Program Description
The Chenoa Fund Down Payment Assistance (DPA) program provides 3.5% or 5% assistance for Federal Housing Administration (FHA) loans. This program does not impose income limits, making it accessible to a wider range of borrowers. Applicants need a minimum credit score of 600 to qualify. The assistance is repayable over a 10-year term, offering an affordable solution to homebuyers needing financial aid for their down payment.
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Chenoa Fund FHA Manufactured Home Purchase Loan
Min. Credit Score
599.98
Min. Down Payment
3.5%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Flexible aid: Offers 3.5% or 5% assistance.
- No income limits: Accessible to many borrowers.
- Low credit requirement: Only 600 score needed.
- Repayable aid: Not a grant, but a loan.
- FHA specific: Only for FHA loans.
- Credit barrier: 600 score may still exclude some.
Program Availability
Chenoa Fund FHA Manufactured Home Purchase Loans are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“This program is great for first time homebuyers, and super flexible for different property types and borrower profiles."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
55.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- DPA: Assistance for FHA down payments.
- Income flexibility: No income limits imposed.
- 10-year term: Repayment over a decade.
Additional Conditions
- FHA qualification guidelines can vary by lender to lender (see info on Lender Overlays). This page represents the minimum qualification guidelines as established by the Federal Housing Administration (FHA)
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: HUD approved homebuyer course
Based on credit score: 600-619: Required. Must be through Money Management International. (No extra cost to borrower) 620-639: Required. Must be through any HUD-approved education course. 640+: No overlay.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this Chenoa MFH FHA Purchase program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
San Antonio HIP 120 Existing Home
|Chenoa MFH FHA PurchaseSan Antonio first time homebuyers of an existing home can receive up to $15,000 in down payment and closing cost assistance within the city limits.
Max. Loan Amount
$472,030
Min. Credit Score
599.98
Min. Down Payment:
0%
San Antonio HIP 120 New Construction
|Chenoa MFH FHA PurchaseSan Antonio new construction first time homebuyers can receive up to $15,000 in down payment and closing cost assistance within the city limits.
Max. Loan Amount
$472,030
Min. Credit Score
599.98
Min. Down Payment:
0%
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
FHFC First USDA Purchase Loan
Best For: First Time Homebuyers, Lowest Rates, Zero Down
USDA rural development loan program for Florida residents with below market interest rates and down payment assistance options.
IHFA Tax-Exempt RD Targeted
Best For: First Time Homebuyers, Lowest Rates, Zero Down
Tax-Exempt RD rural development loan program for targeted Idaho Counties with below market interest rates and down payment assistance options.
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* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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