What Chenoa Fund does

Chenoa Fund is a national down payment assistance (DPA) platform operated by CBC Mortgage Agency, a tribally owned enterprise of the Cedar Band Corporation and wholly owned by the federally recognized Cedar Band of Paiutes. Founded in 2013 and headquartered in South Jordan, Utah, the program provides 3.5% or 5% second mortgages paired with FHA-insured first mortgages to help creditworthy, predominantly low- to moderate-income homebuyers overcome the largest barrier to homeownership — accumulating sufficient down payment funds. The product suite includes a repayable 10-year second mortgage, a 0%-interest forgivable second mortgage (forgiven after 36–120 consecutive on-time payments on the primary loan), a zero-down USDA30 product for rural areas, and an EZ Key non-traditional financing option. All products require a minimum 600 credit score, carry no income limits, do not require first-time buyer status, and are uniformly administered across all U.S. states except New York.

The underlying business model combines secondary mortgage servicing with FHA first mortgage purchasing. CBC Mortgage Agency funds the program through private capital rather than government appropriations or bond issuance, which insulates it from funding interruptions and creates an unusual capital-intensive structure. Distribution occurs exclusively through a correspondent lender network of 200+ approved partners who integrate Chenoa Fund products into their mortgage offerings, supplemented by direct-to-consumer education through the Borrower Success Program (delivered in partnership with HUD-approved Money Management International) and grassroots outreach via Homebuyer Readiness Fairs with partners such as Guild Mortgage and NAHREP. Revenue derives from secondary mortgage interest (the repayable DPA carries a rate 1–2% above the first mortgage), FHA loan purchasing gains, and ongoing servicing fees. To date the program has assisted over 60,000 homebuyers, with 52% of 2022 originations going to minority borrowers.

The target customer base spans three B2C segments (first-time, low-to-moderate income, and minority/repeat homebuyers) and three B2B segments (correspondent lenders, mortgage brokers, and real estate agents). Differentiation rests on tribal sovereignty-backed regulatory standing, always-funded capital structure, uniform national guidelines, the embedded 18-month post-purchase counseling program, and a recently expanded partnership ecosystem including a 2026 strategic alliance with the National Association of Mortgage Brokers (NAMB).

Name

Chenoa Fund

Legal name

CBC Mortgage Agency

Website

https://chenoafund.org

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

101–250 employees

Short description

Chenoa Fund, administered by CBC Mortgage Agency (a Cedar Band of Paiutes tribal enterprise), is a national down payment assistance platform offering 3.5% or 5% second mortgages paired with FHA loans to creditworthy low- to moderate-income homebuyers across 49 U.S. states, distributed through 200+ correspondent lenders.

Ownership category

akta.pro rank

Product category

Down Payment Assistance

NAICS

Mortgage and Nonmortgage Loan Brokers (522310)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Mortgage Bankers & Loan Correspondents (6162), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Down Payment Assistance (DPA) Credit Enhancement & Subsidy Programs (FSALAJAI)

akta.pro secondary industries

Down Payment Assistance (DPA) & Homebuyer Subsidy Programs (FSALAKAE), Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI), Government Mortgage Insurance & Guarantees (FHA/VA/USDA and equivalents) (FSALAJAC)

Keywords

• Down payment assistance
• Mortgage lending
• Affordable housing finance
• Homebuyer counseling
• FHA loan programs

Headquarters

HQ city

South Jordan

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Secondary Mortgage Interest: CBC Mortgage Agency generates revenue by providing second mortgages to borrowers. The repayable DPA option carries a 10-year term with interest rates 1-2% above the first mortgage rate. The organization purchases FHA first mortgages and services the secondary financing.
2. FHA Loan Purchasing: CBC Mortgage Agency purchases FHA first mortgages that are assisted by its secondary financing, maintaining financial accountability for loan performance and generating revenue through the mortgage purchasing process.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Chenoa Fund, administered by CBC Mortgage Agency, is a national down payment assistance program providing 3.5% or 5% of the purchase price as a second mortgage paired with FHA first mortgages to help creditworthy low-to-moderate income homebuyers cover down payment and closing costs. The program offers both forgivable (0% interest, forgiven after 36-120 consecutive on-time payments) and repayable (10-year term) second mortgage options, distributed exclusively through a network of over 200 approved correspondent lenders nationwide.

Product overview

Chenoa Fund, administered by CBC Mortgage Agency, is a national down payment assistance platform that offers multiple second mortgage products designed to expand access to homeownership. The core offering is the Chenoa Fund Down Payment Assistance Program, which provides 3.5% or 5% second mortgages paired with FHA loans in both repayable (10-year term) and forgivable (0% interest, forgiven after 36-120 on-time payments) structures. The platform also includes the USDA30 zero-down loan program for rural areas, the EZ Key non-traditional financing option, and the Borrower Success Program providing 18 months of post-purchase counseling through Money Management International. All programs operate nationally except New York, have no income limits, require a minimum 600 credit score, and do not require first-time homebuyer status.

Differentiator

Problem solved

Functional benefit

Brands

• Chenoa Fund: National down payment assistance program administered by CBC Mortgage Agency offering 3.5% or 5% of down payment as second mortgages with repayable and forgivable options for qualified homebuyers.

Products and services

• Chenoa Fund Down Payment Assistance Program A national down payment assistance program providing 3.5% or 5% of the purchase price as a second mortgage paired with FHA first mortgages, helping qualified homebuyers cover down payment and closing costs. Offers both repayable and forgivable second mortgage options distributed through approved correspondent lenders.
• Chenoa Fund DPA Forgivable An interest-free second mortgage (0% APR) of 3.5% or 5% that is fully forgiven after 36 consecutive on-time payments on the primary mortgage (3.5% option) or 120 consecutive on-time payments (5% option). Requires minimum credit score of 600 with no income limits.
• Chenoa Fund Repayable A repayable second mortgage option of 3.5% or 5% of the purchase price with a 10-year term and interest rates 1-2% above the FHA first mortgage rate. Requires minimum credit score of 600 with no income limits and monthly second mortgage payments.
• Chenoa Fund USDA30 Loan Program A zero-down, 100% financing, 30-year fixed rate mortgage program for low-to-moderate income individuals and families purchasing homes in rural and semi-rural areas. Income cannot exceed 115% of area median income with no minimum credit score requirement per USDA guidelines.
• EZ Key Program A non-traditional financing solution designed for buyers facing challenges qualifying for traditional mortgages, providing a path to homeownership within a framework that includes collaboration with a HUD-approved governmental entity.
• Borrower Success Program A comprehensive homebuyer education and counseling program delivered through Money Management International (a HUD-approved housing counseling agency), providing over 18 months of post-purchase support including financial advice, budget counseling, and mortgage payment guidance to ensure successful homeownership transitions.

Quantifiable outcome

• Over 60,000 homebuyers assisted to date
• +3 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and secondary.

• National Association of Mortgage Brokers (NAMB)coreGTM or Marketing Partner · 22 April 2026Strategic partnership providing NAMB members with enhanced access to down payment assistance programs, tools, and training. Includes joint educational initiatives and webinars on program guidelines and eligibility. Aims to expand affordable homeownership opportunities and serve as a competitive differentiator for brokers in low-inventory, high-cost markets.
• Guild MortgagecoreStrategic or Co-development Partner · 14 August 2025Partnership to launch the Future Homebuyer Initiative and Homebuyer Readiness Fairs. CBC Mortgage Agency and Guild Mortgage sponsor events across the country including at Brookland Baptist Church in Columbia, SC. Events provide financial literacy education, one-on-one consultations, and on-site mortgage pre-qualifications for qualified attendees.
• Money Management InternationalcoreStrategic or Co-development PartnerHUD-approved housing counseling agency providing homebuyer education and counseling for Chenoa Fund borrowers. MMI delivers over 18 months of post-purchase support including financial education, budgeting guidance, and mortgage payment assistance to ensure successful homeownership transitions.
• National Association of Hispanic Real Estate Professionals (NAHREP)secondaryGTM or Marketing PartnerCollaboration to support DPA education, outreach, and shared best practices that expand awareness and access to responsible home financing solutions, particularly in Hispanic and Latino communities.
• Brookland Baptist ChurchsecondaryGTM or Marketing PartnerCommunity partner hosting Homebuyer Readiness Fairs at the Community Resource Center in Columbia, SC. Partnership with Mayor Daniel J. Rickenmann to provide homeownership education and resources to local residents.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CalHFA (California Housing Finance Agency): California's state housing finance agency offering multiple down payment assistance and first mortgage programs for low-to-moderate income buyers. Closely comparable to Chenoa Fund in product structure (DPA layered on FHA/conventional firsts) and target segment (LMI and first-time homebuyers).
• Texas State Affordable Housing Corporation (TSAHC): Texas non-profit HFA providing down payment assistance and mortgage credit certificates for first-time and low-income buyers. Directly comparable in DPA-on-FHA structure, geographic focus on a single state, and channel through approved mortgage lenders.
• Florida Housing Finance Corporation: Florida's state housing finance agency operating DPA, HFA Preferred, and Homebuyer Opportunity Program loans. Comparable in offering layered second-mortgage DPA, broad lender network, and LMI target segment.

Broad incumbents

• Fannie Mae HomeReady: GSE conventional low-down-payment mortgage with flexible underwriting for LMI and credit-constrained borrowers, often paired with DPA seconds. Comparable in target customer and affordability mission but operates at national secondary-market scale rather than as a DPA-specific provider.
• Freddie Mac Home Possible: GSE conventional low-down-payment program for low-income borrowers and financing for second mortgages from DPA providers. Comparable affordability mission and borrower segment, but a broad secondary-market incumbent rather than a DPA originator.
• Wells Fargo NeighborhoodLIFT: Bank-funded down payment assistance grants and homebuyer education for LMI buyers in targeted cities. Comparable in DPA-plus-counseling model and LMI target, but operates as a large-bank community program rather than a nationwide DPA platform.
• Bank of America Down Payment Grant Program: Bank-funded down payment grants (up to 3% or $10K) for first-time buyers paired with low-down mortgage products. Comparable in LMI/first-time target and grant-style assistance, but as a major-bank product rather than a standalone DPA platform.

Emerging players

• NeighborWorks America: National non-profit network of housing counseling and down payment assistance providers for LMI and minority buyers. Comparable mission and counseling-plus-DPA model, but operates as a federally supported non-profit rather than a tribal commercial enterprise.

Others

• Guild Mortgage: National mortgage lender and active Chenoa Fund partner on the Future Homebuyer Initiative. Comparable in targeting first-time and minority buyers, but functions as a distribution/lender channel rather than a competing DPA provider.
• Down Payment Resource: Directory and matching platform that helps buyers find eligible DPA programs by geography and demographics. Indirectly comparable as part of the DPA ecosystem; more an enabling/adjacent service than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Chenoa_Fund
• YouTubeyoutube.com/channel/UCjSqN9lHVbBrdn7u9tpPTDA
• Facebookfacebook.com/ChenoaFundOfficial
• LinkedInlinkedin.com/company/cbc-mortgage-agency
• Instagraminstagram.com/chenoafundofficial
• TikToktiktok.com/@chenoafund

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chenoa Fund