For many borrowers, the path to homeownership does not break down over DTI. It stops at the cash-to-close conversation.
Mortgage professionals see this every day. A borrower may have steady income, solid credit, and the desire to buy. But they can’t get past one of the most persistent barriers in today’s market.
Too often, down payment and closing cost requirements delay homeownership for first-time buyers, low- to moderate-income families, and borrowers in communities where wealth-building opportunities have historically been harder to access.
And too often they do not realize a solution may be available.
According to LendingTree’s 2026 Mortgage Down Payment Survey, only 6% of homeowners who received down payment help got it from a down payment assistance program. Among other borrowers, nearly half relied on parents, family, friends, or an inheritance or trust fund.
In other words, the borrowers who need assistance the most — lower-income families and those without generational wealth — are the least likely to be getting it. And they are largely invisible to the professionals who could help.
That is why CBC Mortgage Agency’s new strategic partnership with the National Association of Mortgage Brokers matters.
Our collaboration provides NAMB members with access to the Chenoa Fund program’s tools and training resources, which are designed to help them better serve qualified borrowers who just need help with closing costs. On a larger scale, this partnership creates a deeper education channel between CBC Mortgage Agency, the administrator of the Chenoa Fund, and the larger broker community.
Why This Partnership Matters Now
Mortgage brokers play a uniquely important role in expanding access to homeownership because they are often closest to real borrower situations: the family trying to move out of a cramped apartment, the teacher with stable income but limited savings, or the couple who has been saving for years, but can’t keep pace with home prices.
Because brokers work with multiple lenders and loan products simultaneously, they are often better able to match borrowers to programs that a loan officer may never offer — including down payment assistance. For the same reasons, they’re able to reach a wider and more diverse borrower population than most retail lenders. In fact, a 2024 study using HMDA data found that the wholesale broker channel had higher approval rates and served a higher percentage of minority borrowers than the retail channel.
That puts brokers in a perfect position to help expand DPA awareness where it’s needed most. Yet they often lack education about down payment assistance options. Not just product sheets, but real training, clear program guidance, and resources to help them identify when assistance may work.
Our partnership with NAMB helps create that bridge.
For brokers, it means a stronger connection to Chenoa Fund resources and educational opportunities. For borrowers, it can lead to more informed conversations earlier in the homebuying process. And for the industry, it is a catalyst for similar bridges to be built.
What Down Payment Assistance Actually Does for Qualified Borrowers
Affordability remains one of the defining challenges in housing. Inventory constraints, home price pressures, interest rate volatility, and rising household costs all make the purchase journey more complicated. But waiting for perfect market conditions is not a solution. The answer is to equip professionals with tools that responsibly expand what is possible.
The Chenoa Fund offers down payment assistance options to qualified borrowers, including repayable and forgivable second mortgages. These solutions are designed to help borrowers who can sustain homeownership but need help overcoming the upfront cost barriers.
For mortgage brokers, understanding these options creates an enormous business advantage. It allows them to bring practical solutions to conversations that might otherwise end too soon, which leads to serving more borrowers and more referral relationships.
But down payment assistance only works well when it is paired with education. That is why our partnership with NAMB includes joint educational initiatives and webinars to help brokers understand how to use Chenoa Fund resources appropriately and effectively.
Supporting Brokers as Trusted Advisors
Brokers are not simply transaction facilitators. At their best, they are educators, advocates, and trusted advisors.
The borrower who needs down payment assistance also needs clarity. They need to understand the structure of the assistance, the responsibilities that come with it, and how it fits into their broader financial picture. A well-informed broker can make that conversation more transparent, more confident, and more useful.
That is the spirit behind CBC Mortgage Agency’s partnership with NAMB, which will bring Chenoa Fund program training to more mortgage professionals across the country. This aligns with our broader mission: to increase access to affordable homeownership while supporting responsible lending practices and sustainable outcomes.
The partnership also reflects our strong belief that expanding homeownership access is not the job of one organization alone. It requires collaboration across the housing ecosystem, including brokers, lenders, housing finance agencies, trade associations, educators, and community partners.
Looking Ahead
The need for affordable homeownership solutions is not going away. If anything, the current market makes collaboration more urgent.
CBC Mortgage Agency is proud to work with NAMB to help mortgage brokers better understand and access down payment assistance programs like the Chenoa Fund. Together, we can support more informed lending conversations, strengthen professional education, and help more qualified borrowers achieve homeownership.
Frequently Asked Questions
What is the Chenoa Fund and how does it work for brokers?
The Chenoa Fund is a national down payment assistance program administered by CBC Mortgage Agency, a federally chartered housing finance agency. Brokers can access the program through approved correspondent lenders. The Chenoa Fund program has no borrower income limits, which makes it easier to qualify a wider range of clients.
How do I know if a borrower qualifies for down payment assistance through the Chenoa Fund?
Borrowers need a minimum credit score of 600 and the property must be their primary residence. The program is available in all states except New York and does not require the borrower to be a first-time homebuyer. Brokers who complete Chenoa Fund training will learn how to identify eligible borrowers earlier in the conversation.
What is the difference between a repayable and forgivable second mortgage for down payment assistance?
Under the Chenoa Fund program, the repayable option is a 10-year second mortgage with a competitive interest rate. The forgivable option is interest-free and forgiven after 36 consecutive on-time payments on the primary mortgage.
Why should mortgage brokers offer down payment assistance programs?
Brokers who understand DPA programs can serve borrowers with solid income and credit who might stall at the cash-to-close stage. It expands the eligible borrower pool, strengthens referral relationships, and creates a meaningful competitive advantage over retail lenders with a single product shelf.
What training is available for NAMB members on the Chenoa Fund?
Through the CBC Mortgage Agency and NAMB partnership, NAMB members have access to Chenoa Fund training resources, program guidelines, and joint educational webinars. The goal is to give brokers enough program fluency to identify eligible borrowers and guide them through the process with confidence.
