The housing market is hot right now and, in many areas, housing prices have never been higher. This exacerbates an existing problem for many borrowers, specifically how difficult it can be to afford a down payment (and closing costs) when saving takes time and home prices keep growing. Down payment assistance can help alleviate this … Continue reading "4 Successful Down Payment Assistance Strategies For Lenders"
The Chenoa Fund Borrower Spotlight shares the stories of borrowers who used Chenoa Fund to become homeowners. Owning a home isn’t for everyone, but there are many Americans who could be homeowners with just a little bit of help. That’s where Chenoa Fund steps in. This is the story of Theo*, who purchased his home … Continue reading "Chenoa Fund Borrower Spotlight: Theo"
Chenoa Fund: Myth Versus Fact Quiz Get 100%, win a $5 gift card? (Limited to first X number of winners) Myth or Fact: Chenoa Fund down payment assistance has a universal minimum FICO requirement of 640. Myth! The DPA Edge products have a minimum FICO requirement of 620. Myth or Fact: CBC Mortgage Agency works … Continue reading "Chenoa Fund: Myth Versus Fact Quiz"
FHFA has announced that the conforming loan limits for 2021 will increase to $548,250. (Find the original announcement here.) CBCMA always follows Agency guidelines with regards to loan limits; conventional loans at or under this limit may qualify for Chenoa Fund down payment assistance, provided they meet Chenoa Fund’s other requirements. Conventional high balance loans, … Continue reading "FHFA Announces 2021 Conforming Loan Limits"
Despite the focus of the world largely being on COVID-19 and quarantines right now, the battle for down payment assistance (DPA) continues to rage quietly in the background. In the most recent instance, HUD has expressed intent to limit (or shut down) national down payment assistance programs, which would effectively create regulatory monopolies in every … Continue reading "Conversation: DPA Doesn’t Cause Loans to Default."