Frequently asked questions
How can I get down payment assistance?
Through our sponsor, Chenoa Fund, down payment assistance is available to all credit worthy borrowers. The minimum credit score required for assistance with the Chenoa Fund is 620. There are several different down payment assistance options available depending on your gross monthly income and credit score. Ask your loan officer which Chenoa Fund program is best for you!
Is the Chenoa Fund down payment assistance program a loan?
Yes. The Chenoa Fund DPA is a 2nd mortgage on your home loan. One of the Chenoa Fund 2nd mortgage options is a forgivable loan - this is a loan with 0% interest and no monthly payment. After 36 months of paying your first mortgage on time, the 2nd mortgage from Chenoa Fund is forgiven. Ask your loan officer for more details about this program!
Do I need to pre-approved for a mortgage prior to looking for homes?
Yes. House hunting without knowing exactly how much house you can afford to purchase is a waste of your time, your real estate agents time and the sellers time. You should be pre-approved for a mortgage before shopping for a home and have your mortgage pre-approval letter from your lender.
What income documentation is needed to buy a home?
For most borrowers, you will need to provide two years of W-2 forms, two months of your most recent bank statements and two years of tax returns (especially if you are self employed).
Can I buy a home with no money out of pocket?
Yes this is possible but you will need to work with your loan officer to make sure this is available for your specific set of circumstances.
What if I filled out my QBI but I have not heard from a lender partner?
If you have filled out your QBI and it has been more than 5 business days with no response from a lender partner, please email firstname.lastname@example.org for assistance.
What if I have bad credit? Can I still buy a home?
For most lenders, the minimum credit score needed to purchase a home is 620. However, if your score is lower than 620 it may still be possible to purchase a home. Your loan officer may also be able to assist you with increasing your score.