For those of us who work in the housing industry, few things are more fulfilling than helping individuals and families buy their first home. In fact, it’s why most of us got into the business.
Having a place to call your own is the culmination of the American experience. But it’s not always easy to achieve, especially when the cost of everything is going up, including home prices.
Thankfully, there are numerous resources available to help first-time buyers overcome the biggest hurdle to buying a home—coming up with enough money for a down payment. Chenoa Fund, CBC Mortgage Agency’s down payment assistance (DPA) program, is one of them. But there are several ways the Chenoa Fund program stands apart.
We’re Native American-Owned
Perhaps the most unique thing about the Chenoa Fund down payment assistance program is that it is Native American-owned. CBC Mortgage Agency, which operates the Chenoa Fund, is part of Cedar Band Corporation, an enterprise wholly owned by the Cedar Band of Paiutes.
The federally recognized Cedar Band is one of five constituent bands of the Paiute Indian Tribe of Utah, located in southwest Utah. Our Paiute name, Suh'dutsing, literally means “cedar,” which comes from the many cedar trees that populate our region.
As a native-owned, federally chartered, government agency, CBC Mortgage Agency also offers the Chenoa Fund program independently of any other government agency or entity. This gives us the ability to create unique down payment assistance programs that address the widest range of borrowers, many of whom do not have access to financial help from a family member.
Open Doors with the Right Down Payment Program
CBC Mortgage Agency operates several DPA programs for first-time and existing homebuyers. For instance, it provides down payments for loans similar to most state housing finance authorities. With our DPA programs, a homebuyer can access assistance for up to 5% of their home price. Our programs can be used on FHA loans with the Chenoa Fund DPA for FHA Loans Program.
We Make Things Simple
There are other features that make working with CBC Mortgage Agency super easy. For example, its DPA programs have uniform guidelines across the country, so administering them is easy, no matter where you do business. CBC Mortgage Agency’s Chenoa Fund DPA program also provides lenders with the ability to set flexible pricing as well as offer delegated underwriting for eligible correspondent lenders.
We Have a Mission
The goal of CBC Mortgage Agency is to increase nationwide access to affordable, sustainable homeownership for all. Our focus has always been working with underserved communities, especially minority borrowers and others who lack generational wealth, and providing them with the resources to reach their homeownership dreams.
One of the ways we do this is by providing first-time buyers with 18 months of post-purchase counseling from a HUD-approved counseling agency so they can successfully transition to homeownership. We also sponsor two unique, minority-focused homeownership initiatives—Kani Urban Indian Housing Initiative and the UHOUSI Initiative—to help educate underserved Native American, African American and other minority borrowers about the benefits of homeownership.
In fact, over the years, CBC Mortgage Agency’s programs have helped more than 40,000 borrowers use DPA to overcome their homeownership obstacles.
If you’d like to learn more about the Chenoa Fund DPA program or how CBC Mortgage Agency can help your clients buy a home, simply give one of our representatives a call at 866-563-3507 or drop us a note to info@chenoafund.org.
CBC Mortgage Agency - NMLS 1186381
chenoafund.org l 866-563-3507
For licensing information, go to www.nmlsconsumeraccess.org.
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. Georgia Residential Mortgage Licensee, License # 1186381
« Why Buying is Still Better than Renting