CBC Mortgage Agency

NMLS: 1186381
912 W. Baxter Drive, Suite 150
South Jordan, Utah 84095

Main: 866.563.3507
Servicing: 866.563.7572
Fax: 435.237.0022

Top 3 Lender Loan Hurdles to Overcome with Homebuyers

April 12, 2021 By
BLOG lender hurdles

When it comes to being a lender, it can be quite challenging to offer homebuyers the right loan to take advantage of when making a life-changing decision like buying a home. In this guide we will dive into some hurdles that lenders face and how Chenoa Fund, offered by CBC Mortgage Agency, can help resolve these challenges and provide homeowners the home they have always dreamed of.

Lender Hurdle 1 - Down Payment Assistance

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Coming up with the down payment needed to purchase a home can be a huge challenge for homebuyers, especially for those that are looking to move forward in purchasing their dream home. Potential homebuyers are often under the misconception that they need to put 20% down in order to buy a home plus have funds available for the closing costs. A lack of a down payment may seem like an insurmountable roadblock that prevents a potential homebuyer from purchasing a home. With down payment assistance provided by the Chenoa Fund offered through CBC Mortgage Agency, you will stand out as a trusted lender that is able to provide a down payment solution to overcome this hurdle. Chenoa Fund offers 3.5% or 5% down payment assistance that can make it possible for homebuyers looking for financial help to buy their dream home. Now lenders can turn a “Maybe” into a “Yes!” when it comes to homebuyers that need a little help to move forward with a home. The Chenoa Fund down payment assistance program offers a selection of products to assist with the down payment hurdle. One great option is the DPA Edge: Soft Second loan. The loan may be forgiven if a borrower meets certain home buyer forgiveness conditions. This also allows the lender to remain competitive in the market by maintaining profitability through attractive SRPs. To get a breakdown on the programs that we have available please visit the lenders program section on our website.

Lender Hurdle 2 - Overcoming the Credit Score Challenge

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Oh no! You’re about to lose a potential loan with a homebuyer due to a not so perfect credit score. Does this sound like a typical lost opportunity? Less than perfect credit scores should not be the reason why homebuyers are getting denied loans, putting them back into long term renters. Chenoa Fund turns credit score challenges into an opportunity for lenders to offer loans to creditworthy borrowers with a minimum credit score of 620. This gives lenders the flexibility to help homebuyers that may not currently be able to qualify for a loan. Now a lender can be the hero that helps borrowers achieve the dream of becoming a homeowner setting them on the path to building a financial legacy through homeownership.

Lender Hurdle 3 - First Time Homebuyer Minority Roadblocks

Homebuyer Minority Roadblocks

Due to a lack of inherited or generational wealth, many minorities struggle in coming up with the downpayment necessary to buy a home for the first time. As a proud sponsor of the UHOUSI and Kani Urban Indian Housing initiatives, CBC Mortgage Agency strives to assist African Americans, Native Americans, other minorities and millennials in their quest for homeownership. Our programs make it possible for minorities to get a fair shake at home buying with the ability to get 3.5% or 5% down payment assistance. The 5% down payment assistance program allows borrowers to meet the minimum 3.5% required giving them an additional 1.5% to help with closing costs. The DPA Edge: Soft Second enables lenders to offer a downpayment assistance product to help them overcome downpayment challenges. Chenoa Fund products offered through CBC Mortgage Agency will expand your customer base while still allowing you to stay competitive and profitable. 

Visit CBC Mortgage Agency’s website to learn more about how Chenoa Fund can help lenders overcome typical down payment assistance hurdles facing homebuyers. Access the latest information and see how we can help you turn home buyer roadblocks into an opportunity that maximizes your efforts as a lender.

Disclaimer: This site is for information purposes and is used by licensed industry professionals. The site and the information contained therein is not a solicitation to lend money to consumers.

CBC Mortgage Agency - NMLS 1186381