CBC Mortgage Agency reached a landmark in homebuyer assistance, helping 50,000 families achieve homeownership with down payment assistance. The agency’s Chenoa Fund provides down payment assistance to first-time homebuyers, minority families, and low-income households, many of whom are first-generation homeowners. The Chenoa Fund provides repayable and forgivable second mortgages to help families struggling to save…
By KIMBERLEY HAAS As home prices and mortgage rates remain stubbornly high, first-time buyers hoping to hit the market in 2025 could benefit from down payment assistance programs. Reports show that existing and new home sales rose in December, but affordability is expected to remain challenging in the first quarter due to limited inventory. Mortgage…
Down payments are getting bigger as home prices inflate and buyers strive to lower their monthly payments while competing with cash offers. The typical homebuyer put down 18.6% of the purchase price, new Redfin data showed, totaling more than $67,000 and up from 15% last year. Almost three in five buyers put down at least…
By KIMBERLEY HAAS The number of down payment assistance programs is growing nationally and industry leaders say more work needs to be done to make homeownership accessible in today’s tough market. In July, Down Payment Resource published its Q2 2024 Homeownership Program Index Report, which shows that there are now 2,415 programs being tracked by…
By KIMBERLEY HAAS Foreclosure starts are up nationally and some industry leaders say that better financial literacy could help prevent homeowners from becoming distressed. Lenders started the foreclosure process on 22,575 properties last month. That’s up 11% from a year ago, according to the February 2024 U.S. Foreclosure Market Report by ATTOM. There were a total…
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…
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