This is a 30-year term, 0% interest rate, no monthly payment second mortgage. There is a 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 forgivable under conditions dependent on the down payment assistance amount. 3.5%: Forgivable after 36 consecutive, on-time payments on the FHA first mortgage. This forgiveness period resets if you have a late payment. 5%: Forgivable after the initial 120 consecutive, on-time payments on the FHA first mortgage. This forgiveness period is terminated if you have a payment that is 60+ days late, but the loan will remain with a 30-year term, 0% interest rate, and no monthly payment. 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. This product offers 3.5% down payment assistance.  Chenoa Fund Rate Advantage program. With this program, you are able to lock their first mortgage at 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. The Rate Advantage program offers both 3.5% down payment assistance and 5% down payment assistance.