CBC Mortgage Agency is now offering USDA loans for borrowers in rural areas, the company announced in a press release.
The U.S. Department of Agriculture has approved CBCMA to provide USDA 30-year mortgages for borrowers outside of urban and suburban areas.
These loans offer 100% financing, so the company’s correspondent lenders can now help low- to moderate-income families in these areas achieve homeownership without having to empty their life savings for a down payment.
“Our lending partners can now help eligible borrowers buy a home with no money down instead of having to scrape together their own funds or take out a second mortgage for down payment assistance,” CBC Mortgage Agency President Miki Adams said.
“We are thrilled to receive USDA approval and expand our mission of helping underserved families achieve the American dream and build wealth through home equity.”
USDA loans allow borrowers “the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.” Up to 90% of the original principal amount of 30-year notes is guaranteed by the agency.
CBC Mortgage Agency is a Native American housing finance agency and a leading source of down payment assistance for low-to-moderate-income borrowers. It is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians.
It recently celebrated its 10-year anniversary with a rebrand of its down payment assistance program, The Chenoa Fund, and a slew of new executive hires.
The Chenoa Fund has assisted more than 42,000 families with down payments since May 2013 and operates in 49 states and territories. Roughly 75% of the homebuyers who receive down-payment assistance from CBC Mortgage are first-time homebuyers, and about half are minorities.