At Ross Mortgage, we understand that saving for a down payment is one of the biggest challenges to achieving homeownership. That’s why we proudly offer a down payment assistance solution designed to make homeownership more accessible.

What is a Down Payment Assistance Loan?

A down payment assistance loan helps eligible buyers take a crucial step toward homeownership. The program works in conjunction with CBC Mortgage, a nationally chartered housing finance agency by offering up to 5% down payment assistance on FHA loans, through the Cheona Fund.   A Down Payment Assistance Loan removes a major barrier, allowing buyers to purchase a home with greater ease. Assistance is provided as a second mortgage that may be either forgivable or repayable, depending on the buyer’s qualifications.

Key Benefits of a Down Payment Assistance Loan from Ross Mortgage

1. Down Payment Assistance: Covers up to 5% of the home’s purchase price, which meets the FHA down payment requirement.
2. Flexible Repayment Options: Offers both forgivable and repayable second mortgage choices.
3. Competitive FHA Rates: Paired with FHA loans, it provides a competitive interest rate.
4. Increased Buying Power: Eases the financial burden, allowing buyers to focus on other homeownership expenses.
5. Available to First-Time and Repeat Buyers: Accessible to both new homeowners and those who have owned homes before.

Who Qualifies for a Down Payment Assistance Loan?

To qualify, applicants must meet FHA loan criteria, including a minimum credit score of 600. Some income limits may apply, but the program aims to provide broad access to those needing assistance.

How to Apply for a Down Payment Assistance Loan with Ross Mortgage

Applying is easy, and our experienced loan officers will guide you every step of the way:

1. Consult with a Loan Officer: Discuss your homeownership goals, review your finances, and see if a Down Payment Assistance loan from Ross Mortgage through the Chenoa Fund is right for you.
2. Apply for FHA Financing: Since the loan works with FHA loans, you’ll need to meet FHA eligibility requirements.
3. Choose Assistance Option: Your loan officer will help you choose between a forgivable or repayable second mortgage based on your qualifications.
4. Complete the Loan Process: With approval, you’ll be ready to close with down payment assistance from Ross Mortgage through the Chenoa Fund.

Ross Mortgage: Celebrating 75 Years of Excellence in Homeownership

Since 1949, Ross Mortgage has been helping families across the nation achieve the American dream of homeownership. Our foundation is built on trust, personalized service, and a commitment to making homeownership accessible to all. Whether you’re a first-time or trade-up homebuyer, our knowledgeable team is ready to support you through every step.

Why Choose Ross Mortgage?

With 75 years of experience, we’re committed to providing the guidance and support you need to achieve your homeownership dreams. Our loan officers are here to walk you through the process and help you benefit from the unique opportunities provided by a Down Payment Assistance Loan Program.

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Start Your Homeownership Journey Today

Ready to learn more about a Down Payment Assistance Loan and the Chenoa Fund? Contact Ross Mortgage today. Visit rossmortgage.com or connect with one of our loan officers to discover how we can help make your dream of homeownership a reality.