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

Uncovering Lender Opportunities For First-time Homebuyers In Arizona

June 8, 2021 By
arizona lender blog

Are you missing out on lender opportunities that are happening in Arizona right now? Discover how recent gains in the minority population and salary increases have uncovered a wealth of new opportunities for first-time homebuyers looking for lenders. Access the latest information in our informative article that enables you to see if you can take advantage of the opportunities in Arizona with CBC Mortgage Agency’s Chenoa Fund down payment assistance program and its various initiatives geared towards minorities. 

First-time homebuyer income and population growth trends

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Did you know that Arizona is a hotspot for first-time homebuyers that need down payment assistance? The median household income in Arizona was just under $59,000 a year in 2020. In addition, the median family income for ages under 25 was a little over $33,000 a year. This age range is a sweet spot when it comes to first-time homebuyers looking for financial assistance. Since someone with an income of over $25,000 a year can usually afford a home that has a $110,000 mortgage, these potential buyers are at the beginning of their home buying journey, but often without the savings to get started. Also, an income growth has developed in which the median household income in Arizona rose by more than $8,600 a year over the past three years. This also sets up for a potential first-time homebuyer boost. Arizona’s population rose to 7,520,100 in 2020, a 1.63% increase from 2019, which means more homes will be in demand.

Minority opportunities are available and growing for first-time homebuyers in Arizona

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Arizona is set to become a minority-majority state by the year 2027. Why? Studies show that since 2003, the number of births of Hispanic families outnumbered births of non-Hispanic white families. In addition, the population of African Americans within the state has grown rapidly in recent years. Finally, Arizona's Native American population has become one of the largest in the United States, with more than 85,000 residents who speak Navajo and an additional 10,000 residents who speak Apache. What does this mean for new homebuyer opportunities for lenders? Well, CBC Mortgage Agency’s Chenoa Fund provides down payment assistance through initiatives for minorities. We support African Americans, other minorities, and millennials with the UHOUSI initiative. We also support urban-dwelling Native Americans with the Kani Urban Indian Housing initiative. Chenoa Fund down payment assistance program makes it possible for minorities to get a fair chance at home buying by providing access to 3.5% or 5% down payment assistance. A program like the DPA Edge: Soft Second Product gives first-time homebuyers flexibility with 3.5% assistance for the down payment and, possibly, an additional 1.5% assistance for closing costs. This full 5% down payment assistance gives homebuyers the ability to achieve homeownership. Visit chenoafund.org to uncover emerging lender opportunities for first-time homebuyers in Arizona. We look forward to maximizing your ability to offer competitively priced rates to borrowers while taking advantage of a generous SRP, helping you build life-long relationships that go beyond the first home.

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.

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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).

CBC Mortgage Agency - NMLS 1186381

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