Citizens Trust Bank Rolls Out Down Payment Assistance

Atlanta-based Citizens Trust Bank announced a new down payment assistance program for borrowers purchasing affordable homes. The grant offers up to $2,000 to eligible buyers looking to purchase affordable housing. Citizens says its goal is to help more Americans reach their homebuying dream, considering that saving for a down payment in a high inflation, high home price environment is a huge hurdle. “For those who have been held back by the upfront costs associated with homeownership, down payment assistance, especially toward closing costs can help to lower the barrier to entry and make the dream of owning a home a reality,” said Citizens Trust Bank Residential Mortgage Operations Manager, Yulanda Munford. A majority of first-time buyers are making a down…

Freddie Mac Releases Standardized Docs For DPA Programs

Freddie Mac is streamlining down payment assistance programs with standardized mortgage documents. Leaders at the GSE say subordinate lien documents currently vary greatly by lender, causing confusion. These new documents will “increase clarity, consistency and accessibility” of DPA programs across the country, and can be used by lenders working with the HFAs at all levels. “We know that standardization has increased efficiency, lowered costs, and improved many areas of the mortgage industry,” said Danny Gardner, Single-Family Senior Vice President of Mission and Community Engagement at Freddie Mac. “By embracing standardization and creating a set of industry-wide documents, we are providing clarity and consistency that will enable more lenders to help more individuals and families leverage down payment assistance programs across…

CBC Adds Rate Buydowns To Its FHA DPA Program

CBC Mortgage Agency introduced temporary rate buydowns to its down payment assistance program for FHA first mortgage financing, the lender announced in a press release. Borrowers have access to either a 2-1 or 1-0 buydown, easing the financial burden on first-time buyers for the first few years of homeownership. “The addition of a 2-1 and a 1-0 buydown feature is CBC Mortgage Agency’s continued response to the ongoing effect of the higher interest rates,” said Cari Zwick, National Program Director. “We’ve had a lot of requests for a buydown feature, and we hope it provides some relief to buyers during the current state of the housing market.” This feature comes just weeks after CBC lowered the interest rate on its…

loanDepot Offers Zero Down To FHA Borrowers

FHA borrowers with loanDepot can now put zero down upfront with its new “accessZERO” program. The program offers up to 5% of a home’s purchase price in down payment assistance structured as a 10-year fully amortized repayable second mortgage. It is geared towards buyers who are struggling with saving for a down payment as home prices soar.  Down payments by percentage have fallen in 2023 after inflating during the pandemic buying boom when buyers used them to outbid their competition. This is partly because FHA and VA loans, which allow borrowers to pay less upfront, have gained traction as homebuying gets more expensive. As inflation runs rampant and home prices remain high, many Americans have struggled to save for a…

CBC Mortgage Agency Approved To Offer USDA Loans

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…

U.S. Bank Announces New SPCP

U.S. Bank announced a new Special Purpose Credit Program (SPCP) geared toward increasing homeownership in communities of color. The Access Home Loan provides up to $12,500 in down payment assistance to qualified borrowers, as well as up to $5,000 in additional lender credit for closing costs. Buyers can opt to use the lender credit to buy down their interest rate, addressing a dire affordability problem in today’s high-rate environment. It is currently available in pilot markets where the minority population is more than 50%. Those include Las Vegas, Little Rock, Milwaukee, Minneapolis, and St. Louis, as well as six California cities.  While the loan is designed for first-time buyers, other borrowers can qualify as well. “We know that homeownership is…

Rocket Rolls Out 1% Down Payment Program

Rocket Mortgage is launching a product for low-to-moderate income borrowers to help get them on the ladder of homeownership. With ONE+, homebuyers pay a down payment of 1% of the purchase price. Households with income equal to or less than 80% of their area median income are eligible. Rocket will then kick in the remaining 2% required for a loan. ONE+ covers the monthly mortgage insurance fee required if a buyer places less than 20% down. The program is available for single-family home purchases, including manufactured homes, and it is expected that more than 90 million Americans can save thousands of dollars. Bob Walters, CEO of Rocket Mortgage, said in a statement that no other lender has an option that…

Four New Hires At DPR

Down Payment Resource has announced four new hires to help expand its sales footprint, relationships, and customer base. The new crew includes two leadership appointments – Tani Lawrence as Enterprise Sales Executive and Angel Romero as HFA relationship manager – as well as two DPA program specialists, Keith Futrell and Kathy Gault. “Intense consumer demand for homebuyer assistance has driven explosive usership across our tools for lenders, agents, and listing sites — prompting us to grow our team with the addition of four incredibly knowledgeable and passionate housing finance professionals,” said DPR Founder and CEO Rob Chrane. “I look forward to working with the expanded DPR family to champion innovative tools, strategies, and programs that make homeownership more affordable and…

CBC Mortgage Rebrands Chenoa Fund For 10-Year Anniversary

CBC Mortgage Agency is celebrating its 10-year anniversary by rebranding its correspondent investor and Chenoa Fund Program. 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. “Our rebrand represents our renewed commitment to extending housing programs, including providing down payment assistance for those who are most in need of it,” CBC President Miki Adams said. “We are proud to support economic stability for homebuying families and their communities, and we look forward to continuing this for many more decades.” At the same time, CBC announced a slew…