So, the Chenoa Fund is a pretty cool program for first-time homebuyers who are having trouble coming up with a down payment. It's run by the CBC Mortgage Agency, a non-profit organization, and what it does is give you a little helping hand by offering a forgivable second mortgage.
This second mortgage can cover a portion of your down payment and closing costs, making homeownership more achievable for those who might have been struggling with the upfront costs. And the best part? You don't have to pay it back as long as you live in the house as your primary residence for a certain amount of time.
So, not only does this program make buying a home more accessible, but it also helps you build equity in your home faster. Overall, the Chenoa Fund is a great option for first-time homebuyers looking to overcome the down payment challenge.
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