Chenoa Fund. Is it worth it?

[Javier Blanco]

Hello,

I recently got introduced to this new program. I’m wondering if it would be worth it or even possible to use it to buy an owner occupied duplex in order to house hack?

I am a little bit worried about the two mortgages I would have: the FHA 30 year fixed and the repayable second mortgage covering the down payment to result in 100% mortgage financing. Also I'm guessing the PMI would be higher and it will also be harder to refinance after 1 year or more to get a regular 30 year fixed to stop paying the PMI.

Are there any other better DPA programs in GA? Should I stick only with the FHA loan and pay the 3.5%?