The Chenoa Fund

Understanding the Chenoa Fund

Created to reduce barriers for creditworthy buyers, the Chenoa Fund partners with participating lenders to provide flexible assistance toward your down payment and closing costs. Whether you’re purchasing your first home or re-entering the market, the structure of this program can be tailored to support your long-term success as a homeowner.

Key Advantages

• Reduced Upfront Costs: Use assistance to offset down payment or closing expenses — preserving your liquidity where it matters most.
• Flexible Program Designs: Options include forgivable and repayable assistance depending on credit and loan type.
• Strategic Accessibility: Available across Nevada through participating FHA and Conventional lenders.
• Faster Entry: For many clients, this program accelerates the journey to ownership while maintaining financial intention.

Eligibility Snapshot

Eligibility for the Chenoa Fund depends on lender participation and borrower profile. Common considerations include:

• Meeting minimum credit score requirements.
• Debt-to-income ratios within program guidelines.
• The property serving as your primary residence.
• Completion of a homebuyer education course when required.
• Household income thresholds (varies by product and county).

Essential Documentation

Common Questions

• What is MIP? FHA loans require a Mortgage Insurance Premium (MIP) — both upfront and monthly — which protects the lender.
• Can I use gift funds? Yes, FHA guidelines are flexible regarding gifted funds, allowing family members to contribute toward your down payment.
• Are there property restrictions? The home must meet FHA&rsquos minimum safety and structural standards, which is confirmed during the appraisal process.