CBC Mortgage Agency has been offering the Chenoa Fund down payment assistance program since about 2016, helping tens of thousands of borrowers each year purchase a home.
As a nationwide program, Chenoa Fund has the advantage of being able to offer a unified set of program guidelines with competitive rates and SRPs; in other words, lenders that sign up with CBC Mortgage Agency only need to learn one set of DPA guidelines to get started in every state (except for New York). This coverage has provided a powerful, positive impact on homebuyers and the market. Homebuyers have had more access to down payment assistance than ever before.
Nowhere has this been more evident than Arizona, where CBC Mortgage Agency’s Chenoa Fund DPA products have been gaining ground for years, adapting to change and striving to provide the best product possible to homebuyers.
In early April, CBC Mortgage Agency announced several updates to the Chenoa Fund program specific to the State of Arizona: a lowered interest rate for the borrowers and a raised SRP for the lenders. (These updates only apply to Chenoa Fund’s DPA Edge products.) These changes create significant advantages to homebuyers, lenders, and realtors in Arizona. It can’t be overstated the positive impact that homeownership can have on an individual or family (The fact that this lowered interest rate is also offered with CBC Mortgage Agency’s Chenoa Fund, the DPA Edge Soft Second, with both 3.5% DPA or 5% DPA, is just icing on the cake.) For lenders, an increased SRP helps to make loans with down payment assistance more profitable, encouraging lenders to seek out more potential homebuyers that otherwise might be left out in the cold. For realtors, all of the above broadens the net they can cast when looking for clients, maximizing their ability to serve their communities and help create first-time homeowners who will begin the process of accumulating intergenerational wealth. Everyone wins with better down payment assistance products designed to target specific needs.
CBC Mortgage Agency is always looking to take on new correspondent lenders, help realtors understand how to offer CBC Mortgage Agency’s Chenoa Fund down payment assistance to their clients, and connect future homeowners with approved lenders. To learn more about CBC Mortgage Agency’s Chenoa Fund or apply as a lender, please visit our website, contact our information team, or give us a call (866-563-3507).
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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
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