As a federally chartered, public purpose, government agency, we work to increase affordable and sustainable homeownership opportunities for creditworthy individuals who lack down payment funds.
CBC Mortgage Agency (CBCMA) was formed in 2013 by Cedar Band Corporation (CBC), a federal instrumentality of government, which received its charter to operate nationally through the federal government. CBC is owned by the Cedar Band of Paiutes (Cedar Band). Without any outside investment, the Cedar Band spent several years to organically build CBCMA’s financial capacity and operational expertise, and painstakingly developed and cultivated key industry relationships. This approach, though slow and difficult at times, allowed CBCMA to safely grow into the mature housing finance agency it is today.
The Cedar Band’s principal concern has always been that CBCMA operate its nationwide program in compliance with Department of Housing and Urban Development (“HUD”) guidelines and that the borrowers it assists are capable of sustaining homeownership. From the beginning, CBCMA has had each FHA loan that it purchases receive a second underwriting review to ensure that it is underwritten to FHA standards. CBCMA is very careful to ensure that each borrower receives the protection of every federal and state mortgage regulation and receives appropriate disclosures. In addition, borrowers with FICO scores between 620 and 639 must complete one-on-one pre-purchase education and counseling. All borrowers receive eighteen months of counseling from a HUD-approved counseling agency, following their home purchase, to help them successfully transition to homeownership.