There’s a common misconception among potential homeowners that a 20% down payment is required to purchase a home—in fact, about one in three would-be homeowners believe this according to Freddie Mac. This misconception causes many future homeowners to believe that it will be years before they can purchase a home, or that homeownership will always be out … Continue reading "How Lenders Can Grow Millennial Homeownership"
In 2019, the US Federal Reserve issued a report stating that homeowners had a median net worth of $255,000. Renters, on the other hand, had a median net worth of $6,500. This staggering difference in wealth represents an enormous advantage for some homeowners—and possibly their children. “You enter the middle class through homeownership, right? That’s … Continue reading "Building Generational Wealth Through Homeownership"
Becoming a homebuyer these days sure can be challenging. Many people don’t have the advantage of purchasing a home right away and become renters first. Owning a home is a decision that has to fit your lifestyle and goals. Most of the time, however, this takes years of preparation before having the ability to buy … Continue reading "How Lenders May Be Able To Turn Renters Into Homeowners"
Football season is here! To help you avoid being the broken chair at the tailgate and folding under pressure, we’ve collected some common questions that you should be prepared to answer when homebuyers are on the hunt for a lender. What qualifications do I need to apply for a mortgage? Borrowers have their hearts set … Continue reading "Borrower Questions to Always Keep in Your Lender Playbook"
CBC Mortgage Agency is lowering its minimum credit score requirement from 620 to 600 with the Chenoa Fund down payment assistance program for DPA Edge Borrowers. Consumers who have young and/or no credit history have long been hindered from the ability to apply or even qualify for a home loan. Most loans exclude applicants with … Continue reading "CBC Mortgage Agency has Lowered its Minimum Credit Score to 600 with the Chenoa Fund Down Payment Assistance for DPA Edge Borrowers"
Down payment assistance needs to provide value for lenders, real estate agents, and homebuyers. Lenders need to be profitable, real estate agents need to combat home buying challenges, and homebuyers need an opportunity to build wealth. With CBC Mortgage Agency’s Chenoa Fund, each party can be satisfied and find the perfect opportunity to take advantage of … Continue reading "How A Down Payment Assistance Program Benefits Lenders, Real Estate Agents And Homebuyers"
Making a loan happen is not always easy, and sometimes small hiccups can snowball into big problems between application and closing. This is why CBC Mortgage Agency makes it a high priority to provide resources to our correspondents to answer questions. From online resources, like our program guidelines and our quick trainings, to in-house human … Continue reading "Chenoa Fund Spotlight: The Scenario Desk"
Interest rates are starting to rise making refinances for homeowners more of a challenge. Last year’s unprecedented low interest rates created a huge demand that helped many lenders access a large amount of refinance opportunities, but as refinances start to slow down lenders will need to shift their focus towards home purchases. In this article … Continue reading "4 Tips Lenders Can Use to Prepare for the Upcoming Refinance Dry Spell"
CBC Mortgage Agency is excited to help make an impact in our Native American community when it comes to providing assistance for first-time homebuyers in a highly competitive market. Our goal is to increase homeownership through the Kani Urban Indian Housing Initiative, an outreach program that focuses on providing down payment assistance to urban Indians … Continue reading "Helping Native Americans Become First-time Homebuyers With The Kani Urban Indian Housing Initiative"