Chenoa Fund FHA Down Payment Assistance Florida allows buyers to purchase a home with little or no money out of pocket. This program combines a standard FHA loan with a second mortgage that covers your down payment. In many cases, that second loan can even be forgiven.

If you are trying to buy a home in Jacksonville, St. Augustine, Duval County, St. Johns County, Clay County, or anywhere in Florida, this program may help you move forward sooner.

Let’s break it down clearly.

What Is Chenoa Fund FHA Down Payment Assistance Florida?

Chenoa Fund FHA Down Payment Assistance Florida is an FHA purchase loan that includes either 3.5% or 5% assistance toward your down payment CBC_20Mortgage_20Agency_20Produ….

This assistance comes as a second mortgage.

There are two types:

Repayable Assistance
This is a 10-year second mortgage. The rate is fixed and 2% higher than your first mortgage. You make monthly payments.

Forgivable Assistance
This is a 30-year second mortgage at 0% interest. There are no monthly payments. It may be forgiven if you meet the required number of on-time payments.

3.5% assistance may be forgiven after 36 on-time payments.
5% assistance may be forgiven after 120 on-time payments CBC_20Mortgage_20Agency_20Produ….

If you refinance or sell before meeting those terms, repayment may be required.

Credit Score Requirements for Chenoa Fund FHA Down Payment Assistance Florida

The minimum credit score is 600 CBC_20Mortgage_20Agency_20Produ….

Debt-to-income ratios must receive automated approval through FHA’s AUS system.

Manual underwriting is not allowed CBC_20Mortgage_20Agency_20Produ….

Payment shock rules apply if your score is below 640. Borrowers with scores above 640 have fewer overlays.

Before closing, a soft credit refresh or UDM check is required within 10 days to confirm no new debts were added CBC_20Mortgage_20Agency_20Produ….

Income Limits and Eligibility

There is no strict income cap CBC_20Mortgage_20Agency_20Produ….

However, to receive the best pricing, qualifying income must be at or below 135% of the area median income.

This program is for primary residences only CBC_20Mortgage_20Agency_20Produ….

You do not have to be a first-time homebuyer unless required by FHA guidelines.

Non-occupant co-borrowers are allowed, but only occupant income counts toward income limits CBC_20Mortgage_20Agency_20Produ….

Property Types Allowed

Chenoa Fund FHA Down Payment Assistance Florida allows:

Single-family homes
Townhomes
Condos
PUDs
Manufactured homes (with overlays)
2-unit properties

3- and 4-unit properties are not allowed CBC_20Mortgage_20Agency_20Produ….

The first mortgage must be a 30-year fixed FHA loan CBC_20Mortgage_20Agency_20Produ….

How Much Money Do You Need?

Minimum borrower contribution is $0 CBC_20Mortgage_20Agency_20Produ….

You may use:

Gift funds
Grants
Additional subordinate financing

Earnest money deposits and documented third-party costs may be refunded, but cash back beyond that is not allowed CBC_20Mortgage_20Agency_20Produ….

Loan Limits and LTV

Maximum LTV is 96.5% CBC_20Mortgage_20Agency_20Produ….

There is no maximum CLTV per FHA guidelines. Additional approved financing may be allowed.

You may put additional money down, but the LTV cannot drop below 90% CBC_20Mortgage_20Agency_20Produ….

Fees and Compliance

There is a $399 admin fee CBC_20Mortgage_20Agency_20Produ….

Origination fees are capped at 1.5% in most states CBC_20Mortgage_20Agency_20Produ….

High-cost loans are not allowed.
QM and ATR compliance is required CBC_20Mortgage_20Agency_20Produ….

Homebuyer education is required for borrowers under 640 credit score CBC_20Mortgage_20Agency_20Produ….

Is Chenoa Fund FHA Down Payment Assistance Florida Available Everywhere?

It is not available in New York CBC_20Mortgage_20Agency_20Produ….

Some states have special rules, including Alaska, South Carolina, and North Carolina CBC_20Mortgage_20Agency_20Produ….

Florida borrowers are eligible under standard guidelines.

Why This Program Works in Florida

Florida home prices continue to rise. Saving for a down payment is often the biggest barrier.

Chenoa Fund FHA Down Payment Assistance Florida solves that problem by:

Reducing upfront cash
Allowing 600 credit scores
Offering forgivable assistance
Permitting gifts and grants
Allowing 2-unit purchases

This makes it especially useful for first-generation buyers and working families across Northeast Florida.

Local Florida Mortgage Help

If you are buying in:

Jacksonville
St. Augustine
Duval County
St. Johns County
Clay County
Nassau County
Or anywhere in Florida

We can run exact eligibility numbers for you.

At North Star Mortgage Network, we walk through the full approval process before you make an offer.

No pressure. No guesswork. Just straight answers.

Call or text 904-613-7700 to review your scenario.

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