Chenoa Down-payment Assistance Program

Pre-qualify today and buy a new home with no money down!

The Chenoa down payment program helps potential home buyers purchase a new home with no money down. Liberty Bank offers two types of Chenoa Loans: Conventional and FHA.

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Conventional loans are ideal for home buyers with better credit who want to purchase property not approved by the Federal Housing Administration (FHA). Typically, conventional loans have less property restrictions that FHA-approved loans, but require the borrower to have higher credit. Another plus of getting a conventional loan is that once you pay off 20% of the total loan amount, you no longer need to pay for mortgage insurance. 

Program Benefits:

  • Better variety of eligible home types
  • Gift funds and grant funds are allowed
  • No income limits
  • Escrow holdbacks are allowed
  • Available nationwide
  • Covers 3% down payment and .5% closing costs
  • Mortgage insurance can be waived after paying 20% of the loan

Program Requirements:

  • 640 Minimum Credit
  • Home Owner Education Course Required
  • 35% Mortgage Insurance
  • At least one borrower must occupy home


FHA loans through the Chenoa program are a good fit for home buyers with less-than-perfect credit who want to get into a new home. FHA loans typically offer lower interest rates than conventional, but do not offer the same flexibility in terms of property types. Mortgage insurance must be purchased separately and paid for the entirety of the loan. 

Program Benefits:

  • No max combined loan-to-value
  • Up to 3.5% down payment
  • No 1st-time homebuyer requirement 
  • Depending on income, funds may be forgivable after 36 on-time payments
  • Available Nationwide

Program Requirements:

  • 620 Minimum Credit
  • Home Owner Education Course Required
  • Property must be approved by FHA
  • Income Limits May Apply 

We are here to help!

Curious if the Chenoa program is right for you?? Want more information on how this program can help first time home buyers? Give us a call at
801-363-5363 (LEND) or fill out the form on the right and one of our friendly loan officers will be happy to answer your questions. 

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