Down Payment Assistance With CHENOA DPA EDGE PROGRAM

Gustan Cho Associates are mortgage brokers licensed in 48 states

This BLOG On Down Payment Assistance With CHENOA DPA EDGE PROGRAM Was PUBLISHED On June 28th, 2020

The American dream is a term we have all heard many times.

But what is the “American Dream”?

According to Wikipedia:

  • American Dream is a belief that anyone can obtain their own version of success in a society where upward Mobility is possible to everyone

It doesn’t matter where you were born, or what class we’re born into, you have the ability to achieve the American Dream through sacrifice and risk-taking:

  • The American dream promises freedom and equality to all
  • As the year’s progress, homeownership is often the main example of obtaining the American dream
  • It’s Not only a symbol of financial success and Independence
  • But it also gives you the ability to control your own living space without the control of a landlord
  • The term dream is not meant to be a fantasy
  • Many of our viewers reading this blog may think that homeownership is something that they will never be able to obtain
  • This is not true!
  • What is the main hurdle for most Americans in 2018?
  • The down payment!

In this article, we will go over a down payment assistance program aimed at lower-income families. It is called the CHENOA DPA EDGE PROGRAM offered by Michael Gracz of Gustan Cho Associates.

“Lower-Income” Family Defined

That is very easy to figure out.

  • The down payment assistance program provided by the Chenoa Fund uses 115% of the HUD area median income (AMI) for your specific county
  • Visit HUD INCOME LIMITS for your specific area
  • For all purposes of this article, your total family income must be below 115% of this number

Let’s go over a quick example for Cook County Illinois. Cook County encompasses all of Chicago and many surrounding suburbs.

  • From the lookup tool, you will use the median family income
  • Then multiply that number by 115%
  • So, in this example for Cook County Illinois, we will use the following calculation.
    • $84,600 * 115% = $97,290.

Homebuyers’ combined family income must be lower than $97,290 annually.

CHENOA DPA EDGE PROGRAM Offers Down Payment Assistance

Why CHENOA DPA EDGE PROGRAM Offers Down Payment Assistance

If you fall under this number for your specific County, this down payment assistance program can HELP YOU! So, how does the program work?

The program is provided by the Chenoa fund and is called DPA Edge.

  • This down payment assistance program will provide home buyers with 3.5% of the purchase price for the down payment

The 3.5% down payment assistance can come in the form of the following:

  • the gift that does not need to be paid back
  • a soft/forgivable secondary financing
  • or a fully amortized second mortgage with a term of 10 or 30 years that do require the funds to be paid back

If buyers are eligible for the soft/ forgivable secondary financing, the 2nd mortgage will be forgiven after 36 on-time payments on your first mortgage. This may be a little confusing, but each borrower is unique and should contact us directly to discuss their situation in more detail.

Please reach out to us at Gustan Cho Associates for more details at 800-900-8569 or text us for a faster response. Or email us at The team at Gustan Cho Associates Grou are experts on the Chenoa Fund!

What are some specific requirements for the Chenoa Fund DPA Edge Program?

  • Non- occupying co-borrower are allowed
  • You may be refunded earnest money deposited and other third-party fees at closing
  • At least one borrower must occupy the property as their primary residence (see FHA guideline)
  • The minimum credit score of 620 or higher * Maximum debt-to-income ratio is determined by AUS approve/eligible findings (see AUS BLOG for more details)
  • Manual underwriting allowed
  • Single-family dwellings or two-unit properties are eligible * Maximum loan amount will mirror HUD loan limits (see HUD LOAN LIMITS for your area)
  • All points and fees must conform to qualified mortgage guidelines

Program not available in IL, MA, MS, NY, SD, or WV.


If you feel this program is for you, what are your next steps?

Gather some basic documentation for your loan officer, see below:

  • Last 60 Days Bank Statements – to source down payment
  • Last 30 Days Pay Stubs
  • Last Two Years W2’S
  • Last Two Years Tax Returns
  • Driver’s License

Now give the team Gustan Cho Associates a phone call at 800-900-8569 or text us for a faster response to discuss your down payment assistance program options or email us at! We are available 7 days a week during the day or evening. Our customer service level is top-notch. please take a look at our reviews if you’re having any second thoughts! 100% Mortgage Financing is a possibility! Gustan Cho Associates has a national reputation for its no overlays on government and conventional loans.

Even if you are above the 115% median income for your county there are still down payment assistance options for you.

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