First Time Buyer Programs
Call us at (916) 672-6130
Call for Availability of Programs or Click Here to Qualify

First Time Buyers Click Here for Details of the Process

Current Programs are;

. Chenoa Fund a first-time buyer program that will create a second mortgage up to 5% of the sales price for down payment and closing costs. 

. CalHFA Click here for CHDAP

. MCC Mortgage Credit Certificate


. Grant Programs (call for current grant programs in your area)

The program's details are below.  Please fill in the form at the bottom of the page to be contacted about qualifying for these programs.


1. CalHFA with My Home Assistance 3% Second for Down Payment add Zip No Down!

Program Eligibility:
- Must be a first time home buyer
-  Home buyer Education Required
- Can combine the CAL Zip program for a zero out of pocket loan
- Can be used with FHA loans or Conventional loans


  • 3% of Sales price second mortgage with My Home Assistance added to CLHFA 1st mortgage.
  • The Zip loan can be 2nd position or 3rd position and can be up to 3.5%-4.5% of the loan amount with 0% interest rate.
  • SFR’s, PUD’s, or FHA approved condos;  
  • Minimum Fico:  640
  • Maximum Loan:  $424,000 including UFMIP or VA funding fee
  • Owner Occupied
  • Nonoccupant co-signors allowed (co-signors income not considered in limitations
  • Nonoccupant co-borrowers not allowed.
  • 115% of Medium Income Limitations Click here for detail
  • Income calculated per HUD or VA guidelines- not by family size
  • Can use MCC with these progams. 

Call today to get qualified: 916-672-6130


Chenoa Fund

The Chenoa Fund is an affordable housing program administered by CBC Mortgage Agency (CBCMA), a federally chartered government entity. CBCMA specializes in providing down payment assistance financing under FHA and conventional guidelines.


CBCMA has a mission to increase affordable and sustainable homeownership, specifically for creditworthy, low- and moderate-income individuals. CBCMA partners with reputable mortgage lenders on a correspondent basis to provide loans for qualified homebuyers. CBCMA has several program options to choose from that include down payment assistance in the form of second mortgages on:

  • Conventional loans
  • FHA insured loans


Chenoa Fund Down Payment Assistance Loans

While many people do manage to purchase a home by saving for a down payment over a period of years, increasing home prices and stagnant or low wages can make this quite difficult. By helping responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, CBCMA is helping to create healthy communities by improving the balance between homeownership and other types of housing. This way, new homeowners can start now building equity for their future, rather than potentially waiting for years to save a down payment while home prices may become even more unaffordable.


Chenoa Fund provides the down payment to assist you with a home purchase. There are no first-time borrower requirements. The following are the primary programs offered by CBCMA.


Now offering up to 5% for the down payment and closing costs.  Buy a home with no money out of pocket!

FHA Loans

Chenoa Fund DPA Edge Soft Second product. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which you will live. The loan is forgiven when you make 36 consecutive, on-time payments on the first mortgage.


Chenoa Fund Edge: Repayable Second product. With this program, there are no income limitations. There are two options for a repayable second. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. You will need to meet the minimum credit score of 620.


Chenoa Fund Rate Advantage program. With this program, you are able to lock their first mortgage at a market comparable rate. You will need to meet the minimum credit score of 640, have a debt to income ratio of 50% or less, and have a qualifying household income less than or equal to 135% of the median income for the county in which you will live. This is Chenoa Fund’s only program that offers both 3.5% down payment assistance and 5% down payment assistance.


Conventional Loans

CBCMA offers down payment assistance to those who qualify for a 97% LTV conventional first mortgage under Fannie Mae®’s HomeReady® program1 for low to moderate-income borrowers, with expanded eligibility for homes in low-income communities. If you do not fit the HomeReady® criteria but may not have the resources for a larger down payment on a home purchase, you may still qualify for the standard conventional 97% loan-to-value program and receive assistance from CBC Mortgage Agency for the down payment and some closing costs.


There are no household income limits under a conventional standard 97% LTV program. You will need to meet a minimum credit score of 640 and all other guidelines for the conventional standard 97% LTV or HomeReady® programs. CBCMA’s correspondent guidelines may include additional overlays to the HomeRead® program. 2 *


*Neither the Chenoa fund, CBCMA nor any of their products are approved by or affiliated with Fannie Mae®. It is the originating lender’s responsibility to ensure that the use of CBCMA's second mortgages, the CBCMA's first mortgage, and the combination of the CBCMA first and second mortgages are compliant with Fannie Mae® requirements.


CBCMA Does Not Originate Mortgage Loans. This is not an offer to lend money nor a solicitation of a mortgage application by CBCMA.


1 HomeReady® is a registered trademark of Fannie Mae.
2 CBCMA’s correspondent guidelines include additional overlays to the HomeReady® program.



. Mortgage Credit Certificate (MCC)

The Sacramento Mortgage Credit Certificate (MCC) Program is designed to provide homeownership assistance on home purchases within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the County of Sacramento.  The MCC reduces the amount of Federal income tax a home buyer pays, thus giving more available income to qualify for a mortgage loan and to make monthly mortgage payments. 

Program Features

  • 20% Mortgage Credit Certificate – a tax credit of 20% of the annual mortgage interest paid (amount of the credit cannot be more than the annual federal income tax liability after all other credits and deductions have been taken into account)
  • MCC will be in effect for the life of the original mortgage loan provided property remains owner-occupied
  • MCC may be reissued one time, upon the first refinance of the original mortgage loan
  • MCCs may be used with conventional loans, fixed-rate or adjustable loans, FHA and VA loans (MCCs are not available with bond-backed loans such as CHFA or Cal-Vet)
  • 40 percent of an MCC allocation is reserved for households whose income does not exceed 80 percent of the area median adjusted for family size

Eligible Applicants

Homebuyers who

  • are first-time homebuyers (have not owned and occupied a home as a principal residence within the preceding three years) (in federally designated target areas, you do not have to be a first-time home buyer)
  • are able to qualify for a loan to purchase the home
  • will live in the home being purchased
  • do not exceed the following income limitation: 

      Non-Target Areas Target Areas
    1 or 2 person household $76,100 $91,320
    3 or more person household $87,515 $106,540

Eligible Properties

Single-family homes that are located in the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the unincorporated areas of the County of Sacramento.

  • maximum purchase price limits: 

    Non-Target Areas
    Target Areas
     New and Existing Homes


Federally Designated Target Areas:

The following census tracts are federally designated target areas:
5, 7, 9, 10, 11, 13, 18, 21, 27, 28, 37, 42.03, 44.02, 45, 46.02, 49.03, 50.02,  52.01, 53, 55.06, 62.02, 64, 66, 67.02, 68, 73, 74.13, 75.03, 88, 91.10

Application Procedure:

To apply for the program, please contact any of our approved lenders.  The MCC application is made in conjunction with the application for a mortgage loan to purchase the home.  The MCC application must be approved prior to close of escrow on the home purchase.  For additional information please call (916) 440-1393.




There are two ways in which the USDA helps borrowers achieve the American dream of homeownership.

  1. USDA Guaranteed home loans – This is the most common loan offered, in this scenario a lending institution provides the homeowner with a loan. The USDA then insures the loan in case of default by the homeowner, in turn, reducing the risk of the lending institution.
  2. USDA Funded Home Loans – In this scenario, the USDA lends the money directly to the homeowner.

Both of these options are there to help people that would not normally qualify for a mortgage become homeowners. The guarantee provided by the USDA helps low and moderate-income families with little money for a down payment achieves homeownership.

To be eligible, applicants must:Signature Line

Have dependable income that is adequate for the repayment of the loan. This income should be verifiable and be continuing for at least 24 months. For example, social security benefits that will be discontinued in six months may not be included for qualifying. Income that is tax-exempt may have the tax savings added to income figures.
Be a U.S. citizen, currently reside in the United States or a qualifying territory, qualified alien, or be legally admitted to the United States for permanent residence;

Must meet Moderate income limits as determined by the USDA home loan program.

Automated income eligibility calculator

A credit history that shows responsible repayment of debt;

Must not have debt payments that exceed 41% of their gross income. The ratio is calculated by dividing the homeowner’s monthly debt payments by their gross income. These debts include, but are not limited to, new mortgage payment (principal, interest, taxes, and insurance), car payments, loan payments, credit card payments, child support, alimony, and any other payment that will take longer than six months to fulfill.

Homes That Qualify:

  • A newly built or existing home
  • Modular new and existing homes
  • The home must provide safe, decent, and sanitary housing and be modest in cost
  • The home must meet the thermal standards of the Rural Housing and Community Development
  • Existing homes must be in good repair and structurally sound
  • There are no size or design restrictions on the home to be financed
  • USDA home loans may not be used on the property for income-producing purposes
  • The home must not be located in flood or mudslide hazard areas
  • Water and sewage system must meet the requirements of the State Department of Health

Highlights of the USDA Guaranteed Rural Housing Loan Program

  • Loans may go up to 102% (With Guarantee fee included)
  • No down payment is required
  • Mortgages are the 30-year fixed rate at market interest rates
  • Sellers may contribute to the buyer’s closing costs
  • Homebuyers make an application with participating lenders
  • Buyers must personally occupy the dwelling following the purchase
Section 502 Direct housing loans may be used to refinance existing USDA loans or for a home purchase. When purchasing a home with a USDA loan there is an upfront fee of 2% charged to the mortgage lender. A Refinance loan carries .5% upfront fee. This fee usually passed on to the homeowner and included in the closing costs. USDA Guaranteed Home Loans are subject to investor guidelines provided by the servicer.

6. Help for Homeowners:

Call For More Information regarding these and other programs available at
Or Start your qualification process and we will do the research for you for Free! Just Say Yes!  

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