Chenoa loan program/Orange County
Chenoa lon program this program offers the ability to utilize an FHA-insured home loan by offering eligible applicants 3.5% of the purchase price to cover the down-payment. The assistance funds come in the form of a zero-interest second mortgage with a 30-year term. This second mortgage will be forgiven if the borrower makes 36 consecutive, on-time payments on the first mortgage.which provides funding to income-eligible first-time homebuyers to help them purchase a new or existing home.
To Qualifying applicants of the Orange County Down Payment Assistance Program can receive assistance funds up to $30,000, in the form of a 10-year deferred loan. This amount must be repaid if the applicant’s home is sold, rented, refinanced without prior approval of Orange County, or no longer serves as the applicant’s primary residence during the lien period
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