Up to 3.5%¹ or 5%² in down payment assistance for homebuyers
As a participating lender in the Chenoa Fund Down Payment Assistance program, Northpointe Bank provides qualified borrowers with the opportunity to purchase a home with no money down! Eligible borrowers can receive either 3.5% or 5% of the home's purchase price to cover down payment and closing costs.
Program features:
- Available for first-time and repeat homebuyers
- Eligible with FHA first lien loan programs
- Down payment assistance (DPA) in the form of a repayable or forgivable loan option
- No income limitations
- Minimum credit score of 600
- Homebuyer education course may be required
Northpointe Bank is authorized to originate FHA loans, but it is not an agent of, or affiliated with, the U.S. Government
1. The repayable 3.5% or 5.0% DPA is a 10-year, second mortgage with a note rate the same as the first mortgage note rate. This requires a monthly payment on the second mortgage. If eligible, borrowers may qualify for a forgivable option. Otherwise, the loan is due in full, at maturity or sooner, if the borrower sells, transfers, refinances, or no longer uses the property as their primary residence.
2. The forgivable 3.5% or 5.0% DPA is a 30-year, deferred second mortgage with a 0% interest rate and no monthly payments. Forgivable after 36 consecutive on-time payments on the first mortgage. Otherwise, the loan is due in full, at maturity or sooner, if the borrower sells, transfers, refinances, or no longer uses the property as their primary residence.
3. Example of 96.5% LTV (3.5% Cash Down) 30-Year FHA Loan Program with $350,000 sales price, $337,750 loan amount, $12,250 cash down payment from Chenoa 3.5% Forgivable DPA second mortgage loan, 30-year fixed rate loan with zero points, 360 monthly payments at $2,462.02 each (P&I only). Monthly payments do not include required mortgage insurance, taxes, insurance premiums or other applicable escrows. The actual payment amount will be higher. 8.543% APR, 7.750% interest rate as of March 5, 2025. Rates, fees, other charges, and terms subject to change. Available loan programs and terms will vary by state. Other terms and conditions may apply.
All loans are subject to credit review and approval. This is not a commitment to lend.
1. The repayable 3.5% or 5.0% DPA is a 10-year, second mortgage with a note rate the same as the first mortgage note rate. This requires a monthly payment on the second mortgage. If eligible, borrowers may qualify for a forgivable option. Otherwise, the loan is due in full, at maturity or sooner, if the borrower sells, transfers, refinances, or no longer uses the property as their primary residence.
2. The forgivable 3.5% or 5.0% DPA is a 30-year, deferred second mortgage with a 0% interest rate and no monthly payments. Forgivable after 36 consecutive on-time payments on the first mortgage. Otherwise, the loan is due in full, at maturity or sooner, if the borrower sells, transfers, refinances, or no longer uses the property as their primary residence.
3. Example of 96.5% LTV (3.5% Cash Down) 30-Year FHA Loan Program with $350,000 sales price, $337,750 loan amount, $12,250 cash down payment from Chenoa 3.5% Forgivable DPA second mortgage loan, 30-year fixed rate loan with zero points, 360 monthly payments at $2,462.02 each (P&I only). Monthly payments do not include required mortgage insurance, taxes, insurance premiums or other applicable escrows. The actual payment amount will be higher. 8.543% APR, 7.750% interest rate as of March 5, 2025. Rates, fees, other charges, and terms subject to change. Available loan programs and terms will vary by state. Other terms and conditions may apply.
All loans are subject to credit review and approval. This is not a commitment to lend.
