FOR IMMEDIATE RELEASE: August 4, 2020 CONTACT: Jamie Morris (530) 545-9274 CBC Mortgage Agency Hails Cedar Band of Paiute Indians’ Letter to White House Cedar Band’s Chairwoman Implores President Trump to Halt Damaging HUD Restriction on Governmental Entities Providing Down Payment Assistance CEDAR CITY, Utah – CBC Mortgage Agency today applauded a letter (attached) sent … Continue reading "For Immediate Release: CBC Mortgage Agency Hails Cedar Band of Paiute Indians’ Letter to White House"
Author: Christian Olin, VP of Direct Lending at OnQ Financial Unless you plan on living with your parents forever, you’ll need to explore housing options. One of the first decisions you need to make is whether to rent or buy. There are a few factors that play into this choice. Think about how long you’re … Continue reading "To Buy or Rent? What is the Best Option?"
“We gotta buy the land we walk on.” Not everybody knows this, but Waka Flocka Flame, the infamous rapper, is also a strong advocate for black homeownership. He bought his first home in 2009 and wasn’t even aware of how wealthy that home was going to help make him—he just knew that he wanted a … Continue reading "“We gotta buy the land we walk on”: Waka Flocka Flame, Miki Adams, and others talk Black Homeownership with the Cleveland Realtist Association"
“Chenoa Fund demonstrates how responsibly run national DPA programs benefit the consumer. Innovative financial solutions, such as our CRA Note Exchange, have allowed us to offer the Rate Advantage program, which offers rates competitive with standard FHA loans, even with DPA included. Also, by running mortgage banking in-house vs. outsourcing operations through large bankers, we have brought … Continue reading "July 2, 2020"
Recently, U.S. Mortgage Insurers (USMI) published a report revealing that, on average, it takes borrowers 21 years to save up for a 20% down payment. This number falls to 7 years for a 5% down payment, which is still a long period of renting and saving. In either case, waiting this long deprives borrowers of … Continue reading "21 Years to a 20% Down Payment: USMI Reveals the Massive Down Payment Barrier"
Chenoa Fund demonstrates how responsibly run national DPA programs benefit the consumer. Innovative financial solutions, such as our CRA Note Exchange, have allowed us to offer the Rate Advantage program, which offers rates competitive with standard FHA loans, even with DPA included. Also, by running mortgage banking in-house vs. outsourcing operations through large bankers, we … Continue reading "June 26, 2020"
Monitored Marketplace: It appears HUD is considering regulating the benefits to, and geographical operating areas of, governmental entities providing DPA, like CBC Mortgage Agency. But Miki Adams, vice-president of CBC, which operates the Chenoa Fund program, says there is a better way: a monitored marketplace that tracks the pricing and performance of loans by individual … Continue reading "June 23, 2020"
Author: Christian Olin, VP of Direct Lending at OnQ Financial As a realtor, you are usually the first point of contact for any homebuyer. Whenever your client has a question, you are the first person they think to ask. They are going to be looking for guidance from you. That’s why the realtor must take … Continue reading "How to Understand The Mortgage Process As A Realtor"
In its Regulatory Plan for FY 2020, HUD raised concerns about governmental entities benefiting financially from DPA programs. To ensure government programs are not benefiting too much, HUD is considering establishing a de minimis amount that government programs can receive above the cost of the DPA. Such a regulation could dramatically decrease the amount of … Continue reading "June 15, 2020"
Steps we’re taking to help our borrowers during COVID-19 As COVID-19 wreaks havoc on the lives of many mortgage borrowers, those who utilized down payment assistance (DPA) to purchase their homes face an additional obstacle. DPA that comes in the form of a forgivable second mortgage requires that borrowers remain current on both their first … Continue reading "June 12th, 2020"