Whether you are an existing or first-time homebuyer looking for home financing options in California, CBC Mortgage Agency offers various programs to help low-to-moderate income individuals and families achieve their dream of homeownership.
California Down Payment Assistance
CBC Mortgage Agency’s Chenoa Fund Down Payment Assistance Program in California is available to first-time homebuyers and existing homebuyers who are looking to purchase a primary residence. This program offers two secondary loan options of either 3.5% or 5% of the purchase price or appraised value, whichever is lower, towards the down payment and closing costs.
The secondary financing programs may be repayable or forgivable. This program helps reduce the upfront financial burden of purchasing a home for first-time buyers, allowing them the opportunity to potentially start building equity.
First-Time Homebuyer Programs
CBC Mortgage Agency has several program options available for first-time homebuyers in California. These programs are geared towards individuals or families with low-to-moderate income, making it easier for them to purchase a home, whether it’s their first home, or not. Down payment assistance can significantly reduce the upfront costs of buying a home, making purchasing a home a reality for those who otherwise wouldn’t have the means to save for a traditional 20% down payment.
Down Payment Assistance for Qualifying Borrowers With a Minimum Credit Score Requirement of 600.
CBC Mortgage Agency adheres to industry standards when determining the credit score to apply for Chenoa Fund™ down payment assistance. The minimum acceptable credit score is 600. The lowest middle credit score for the secondary mortgage loan is utilized.
The Down Payment Assistance Program Remains Funded All Year Long.
The Chenoa Fund down payment assistance program is not a bond program. This means that CBC Mortgage Agency does not run out of funds for its down payment assistance.
Multiple Homebuyer Assistance Program Options to Attract a Range of Borrowers.
Both a forgivable option and a repayable option are available for the down payment assistance, providing flexibility and choice to borrowers.
Do Not Have to Be a First-Time Homebuyer.
Designation as a first-time homebuyer does not fall under the eligibility criteria for the Chenoa Fund Down Payment Assistance Program.
Straightforward Program Guidelines No Matter What State Your Clients Are In.
Chenoa Fund down payment assistance is accessible in all states (excluding New York), and its guidelines remain consistent regardless of the borrower’s location.
No Income Restrictions.
The Chenoa Fund down payment assistance program offers flexibility without income limits. However, to secure the most favorable rates, borrowers must meet the requirement of having a qualifying income that is less than or equal to 135% of the area median income, based on the state and county where the property is to be purchased.
Closing Cost Assistance
In addition to down payment assistance, CBC Mortgage Agency allows its assistance to be used as closing cost assistance. Closing costs can add up quickly and can be a barrier for many first- time buyers in California. With the Chenoa Fund down payment assistance program, you can use a portion of the financial assistance towards items such as appraisal fees, title insurance, and lender fees. This can help make the home-buying process more affordable and manageable for low-to-moderate income individuals and families.
CBC Mortgage Agency is Your Trusted Partner
CBC Mortgage Agency has been helping low-to-moderate income individuals and families in California achieve their dream of homeownership for ten years. We understand the unique challenges faced by homebuyers, and we are dedicated to providing affordable solutions through our various programs. Contact us today to learn more and take the first step towards homeownership in California.
