Steve determined that his best option was to go with the Chenoa Advantage program. Fact! Myth! Customers have the option of paying a market rate on the first … In CBC Mortgage Agency’s Training Series #1, the presenter begins by reviewing all five Chenoa Fund Products, including our conventional offerings, our DPA Edge Program, and the Rate Advantage product. Chenoa Fund Rate Advantage Program: This alternative allows borrowers to lock in their first mortgage at a market comparable rate. Myth or Fact: Chenoa Fund offers down payment assistance for Freddie loans. Myth or Fact: The Rate Advantage product offers 3.5% assistance or 5% assistance. The Rate Advantage program truly is the first of its kind. “Chenoa Fund demonstrates how responsibly run national DPA programs benefit the consumer. Myth or Fact: The Rate Advantage product offers 3.5% assistance or 5% assistance. Households In Chenoa (McLean County), IL, the aggregate number of households is 5,644 Median Income Households in the city of Chenoa (McLean County), IL have a median income of $52,158. Once you have made 36 consecutive on-time payments on your original FHA mortgage, the Chenoa Fund loan is forgiven. Please let me know if you have any questions. Starting September 15 th, we are now allowing borrowers to receive 5% down payment assistance through our Rate Advantage product.Buyers, sellers, and lenders, let out a cheer! With this program, you are able to lock their first mortgage at market comparable rate. NA. NMLS License #2611 Arizona Mortgage Banker License #0907078 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283 The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guarantee prior to an interest rate lock. Monetization launch party release validation first mover advantage. The current, crazy market is a seller’s market for sure, which can be very difficult for borrowers who need seller concessions in order to … Why was the Chenoa Fund Rate Advantage program created? Innovative financial solutions, such as our CRA Note Exchange, have allowed us to offer the Rate Advantage program, which offers rates competitive with standard FHA loans, even with DPA included.Also, by running mortgage banking in-house vs. outsourcing operations through large … 12/17/18. I have a borrower (California) who makes $164,000 a year and due to supporting family members only has $5,000 down on a $450,000 purchase price. It allows borrowers to lock in a competitive rate on … Under the program, the Chenoa Fund may help qualified families obtain access to the highly attractive DRPA Edge and Rate Advantage programs covered under the FHA insured loans. Chenoa Fund Rate Advantage program. CHENOA FUND RATE ADVANTAGE PROGRAM? With this program, you are able to lock their first mortgage at market comparable rate. What does the Chenoa Fund Edge Program offer? Chenoa Fund Rate Advantage program. In the email she said "I completed my training yesterday on our new Chenoa program that offers 100% FHA financing and I have one word to say about the program. Chenoa Fund by CBC Mortgage Agency: General Overview • The Chenoa Fund, as a whole, is subdivided into three different programs with one to two products apiece. Not for consumer distribution. New Home Sales Sales of new, single-family homes declined to an annual rate of 999,000 in… Continue Reading; See all posts. Great program, easy to close. FHA Chenoa Edge DPA Program. The Rate Advantage Program is similar, but also allows borrowers to lock in their first mortgage using market rates. Chenoa Fund Rate Advantage program. Chenoa FHA Rate Advantage and FHA Edge Product Training Tue Jan 26, 2021 Join PRMG University to learn about the Chenoa Product, which s available nationwide and offers the FHA Edge and FHA Rate Advantage programs, both which includes down payment assistance. Repayable Second. Soft Second. With this program, the borrower is able to lock their first mortgage at a market comparable rate. The program offered him an FHA 30 year fixed first at only 4.125% interest rate! Chenoa Fund Rate Advantage Program:This alternative allows borrowers to lock in their first mortgage at a market comparable rate. With this program, you are able to lock their first mortgage at market comparable rate. • The Rate Advantage and DPA Edge Programs are issued in conjunction with FHA insured loans. Learn More. While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. 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