How to Get 100% Financing for Up to $453,100 Through the Chenoa Fund!

Large home with porch and green lawn under blue sky

With 100% financing through the Chenoa Fund, you can actually achieve 100% financing for your home purchase up to $453,100! 

This is a type of loan that is almost unheard of in the real estate sector, and while 100% financing may not be for all, it can be a significant boost to people who are struggling with their down payments.

At San Diego Purchase Loans, we are proud to offer a wide variety of real-estate financing options. From jumbo loans to refinancing, we believe that affordable lending is critical to your financial future, and we would love to help you secure 100% financing through the Chenoa Fund.

Interested? Then keep reading to learn more about eligibility and how to get 100% financing through the Chenoa Fund.

Get 100% Financing Through the Chenoa Fund

Using the Chenoa Fund, you can get 100% financing for your home loan. They have a few different options for homebuyers, including a soft second, which is a favorable and flexible option for many borrowers. With this option, there is no payment required, and it only calls for a 620 credit score or higher. It also allows borrowers to acquire 100% financing if they earn up to 115% of the median annual income for their area, making it available to more borrowers.

There is also a 0%-interest second loan if you choose a 30-year term. The Chenoa Fund has many options that we would be happy to discuss with you.

Are You Eligible for 100% Financing Through the Chenoa Fund?

To take advantage of this beneficial program, you need to be eligible. The Chenoa Fund is meant for people with moderate to low incomes, so not all buyers will qualify. However, no matter what your income you owe it to yourself to look over the qualifications for 100% financing through the Chenoa Fund to see if you may be eligible.

First of all, you must have an income that is 115% or less of the median income in your area. If you meet this requirement, you may be eligible for the soft second, which does not require repayments until after 36 months and does not require repayment if you have no late payments with your lender during that time. This means that you could actually have your down payment essentially paid for by the Chenoa Fund!

If your income does exceed 115% of the area’s median income, there are still options available. You can still get down-payment assistance in the form of a fully-amortized second mortgage, which will require repayment. For the second mortgage, you have the option of choosing from a couple of long-term and associated interest rates. This is a flexible option that is one of the many advantages of working with the Chenoa Fund, especially compared to some state bond programs that provide down payment assistance but are not nearly as flexible. Bond programs usually have stricter limits on debt-to-income ratios, location of the home, income requirements, and credit.

Advantages of 100% Financing

With 100% financing through the Chenoa Fund, you can purchase a top-quality home up to $453,100.

While financing 100% of your purchase is not for everyone, it may be the right choice for a lot of buyers, especially those that have a difficult time saving for a down payment. With 100% financing, the initial costs of buying a home are far less expensive. The down payment, as well as closing costs, can amount to tens of thousands of dollars, and many people simply don’t have this money is savings. Therefore, they may be entirely unable to pay for a home and will stay out of homeownership, which is seen as an important part of financial stability for Americans.

Even people with cash on hand may prefer 100% financing because it allows them to use their finances in different ways. For example, some people feel it is a better financial choice to hold on to their money and place it in an investment account, which stands the chance of growing at rates that outpace the interest on the money borrowed. Essentially, they think “why not pay the mortgage interest and invest the money instead?”. Of course, this plan can backfire if the market goes down, so it’s not a plan endorsed by all financial experts.

Does 100% Financing Have a Downside?

There are, of course, some downsides to 100% financing. Assuming you have to pay back the second loan or the entire 100% financing loan (which may not always be the case with the Chenoa Fund), you will be paying interest on the full amount. With a down payment, you reduce the overall cost of the loan and reduce the amount of interest. This will mean a lower monthly payment for you as well, which could certainly be beneficial to your monthly expenses.

No matter what your situation, be sure to talk with a qualified professional before making any decisions related 100% financing.

What is the Chenoa Fund?

The Chenoa Fund is a program dedicated to affordable housing that is provided by the CBC Mortgage Agency, which is a government institution. They specialize in providing down-payment assistance with FHA loans across the country, helping to improve the overall opportunities for families and individuals struggling with homeownership.

The CBCMA is a federally-chartered government lender that is intended to assist the general public. They created the Chenoa Fund to help lenders assist borrowers who are struggling to obtain the required 3.5% down payment for an FHA loan. They partner with specific mortgage lenders who are dedicated to helping under-served homebuyers, including San Diego Purchase Loans. Home lending has gone through significant restrictions, which has had the unfortunate consequence of limiting access for some buyers. The Chenoa Fund, however, seeks to provide responsible solutions to this issue.

Helping You Secure 100% Financing Through the Chenoa Fund

If you would like to learn more about 100% financing for your home purchase up to $453,100, contact San Diego Purchase Loans today. We’ll help you find the right financing for your specific situation, and if you need assistance with a down payment, we’ll do everything we can to find the right support.



Chad was very personable. His staff was very suportive.
I had the pleasure of working with Chads team. Everything went as planned. I was very pleased. I still want to take them to dinner. I am completely enjoying my new home”

“Chad and his entire team were over the top amazing, professional, and attentive throughout the entire home loan/buying process. I could not have asked for a better team to have on my side through what could be one of the most challenging and stressful processes one experiences. From the first conversation I had with Chad, I felt comfortable with him. He helped guide us through the process without ever once making us feel uneasy, unimportant, or uninformed. I never felt silly or stupid for asking the same questions over and over until I fully understood what we were getting into, or until something made total sense to me. The home loan world is fast paced, overwhelming, and confusing, and Chad and his team held our hands and helped us to feel comfortable and confident about our choices. He and his team were always there for us day or evenings, weekdays, or weekend and never made you feel like you were a bother if you had a burning question you had to get answered at 8pm Saturday night. I will use them again and again, and suggest them to any friend, family, or acquaintance. Seriously, they are rock stars. They work hard for you to get you into your dream home, we could not be happier with their hard work, dedication, and kindness.”

“Chad and his team were fantastic. They were incredibly responsive to us and our needs. Chad laid out several refinance options for us, and was very supportive when we decided on the option we felt was best for our family. Chad and his team worked our deal and got our mortgage funded incredibly fast, with excellent service and even took the time to thank us personally once we funded. I can’t recommend Chad enough!”