Most independent mortgage bankers and credit unions understand how challenging it can be to help first-time homebuyers, especially when they’re the first ones in their family trying to achieve homeownership. But it’s particularly challenging when rates are elevated and there are fewer homes on the market.
That’s why a growing number of IMBs and credit unions partner with CBC Mortgage Agency to offer its down payment assistance program, Chenoa Fund, to help their clients overcome the barriers to buying a home.
We Make Homeownership Accessible
The first thing to know about Chenoa Fund is that CBC Mortgage Agency, a native owned, federally chartered housing finance agency, offers Chenoa Fund independently of any other entity or government agency. That enables the Chenoa Fund down payment assistance program to serve the broadest number of first-time buyers, especially those who lack sufficient resources to come up with a down payment on a home.
Otherwise, CBC Mortgage Agency operates down payment assistance programs on FHA loans that are very similar to those provided by state housing agencies. Homebuyers can get up to 5% of a home’s price in assistance, which helps IMBs and credit unions overcome the single largest barrier to homeownership for most low- and moderate-income borrowers.
Indeed, for those borrowers who disclosed their race or ethnicity, 52% of our loans were made to minority borrowers in 2022. We even provide pre-purchase and post-purchase counseling to borrowers to ensure their homeownership journey is a success.
The Chenoa Fund Down Payment Assistance Program is Simple
One of the best things credit unions and mortgage bankers enjoy about Chenoa Fund is how easy it is to administer. Unlike most state-run down payment assistance programs, our program guidelines are the same everywhere in the U.S., so they’re very simple to work with. There are no income limits, either—plus our lending partners can set their own pricing, too.
Ready to ‘Wow’ Your Clients?
In a tough housing market, first-time buyers spend more of their time researching and assessing their home purchases. That means they’re likely to need a lot more patience, advice and handholding from independent mortgage bankers and credit unions before deciding when and how to finance their dream.
In fact, according to a 2022 Zillow survey of homebuyers, nearly three-fourths of buyers had at least one regret about their home purchase and 38% wished they had spent more time searching for a home or weighing their options.
With DPA programs like Chenoa Fund being so accessible and easy to administer, IMBs and credit unions can spend less time worrying about whether their clients can qualify and more time answering their questions and providing guidance through the homebuying process. Invariably, this leads to a better customer experience and more referrals, which are the bread and butter of every mortgage lender.
Like to learn more about how CBC Mortgage Agency’s Chenoa Fund may be able to help your clients surmount the obstacles to buying a home? Just call one of our representatives at 866-563-3507 or click the get started button on the homepage of our website. We’ll be happy to show you how easy it can be.
CBC Mortgage Agency – NMLS 1186381
For licensing information, go to www.nmlsconsumeraccess.org.
Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 – 1-888-473-4858. This information is provided by CBC Mortgage Agency and intended for real estate and mortgage professionals only. It is not intended for public use or distribution. Terms and conditions of programs and guidelines are subject to change at any time without notice. This is not a commitment to lend. Equal housing opportunity.