top of page

Down Payment Assistance

RIC3 offers Down Payment Assistance ("DPA") provided by Chenoa Fund, an affordable housing program provided through CBC Mortgage Agency ("CBCMA").  The DPA corresponds with FHA and Conventional loan products and allows for 100% financing through repayable and forgivable seconds.  The DPA is underwritten with the first mortgage loan, allowing the loan process to move forward at a steady pace. 

Home Ready

  • 640 Min FICO

  • 80% Max AMI (No Income Limits in Low Income Census Tracts)

  • MI Coverage 25%

  • Homebuyer Education Required

  • 3.5% DPA to cover down paymen

  • Repayable second - 10 yr amortization

Conventional 97

FHA - Repayable Second

  • 620 Min FICO

  • repayable 2nd Mortgage

  • High Balance Option Available

  • DTI restriction per AUS guidelines

  • 3.5% DPA to cover down payment

  • Home Buyer Education Required (FICO's 620-639)

  • 0% Interest with 10 Year term or 5% interest with 30 year term

FHA - Forgivable Second

  • 640 Min FICO

  • NO INCOME LIMITS

  • MI Coverage 35%

  • Homebuyer Education NOT Required

  • 3.5% DPA to cover down payment

  • Repayable second - 10 yr amortization

  • 620 Min FICO

  • Forgivable Second Mortgage (after 36 consecutive payments on 1st mortgage)

  • High Balance Option Available 

  • 3.5% DPA to cover down payment

  • Qualifying income < 115% AMI

  • DTI restrictions per AUS Guidelines

  • Home Buyer Education Required (FICO's 620-639)

CBCMA’s mission is to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderate-income individuals. 

Insert your email below and press submit to receive an email with a link to apply

There was an error sending the email. Please try again

The email should arrive in your inbox within a few minutes.

bottom of page