Chenoa Fund Provided By CBC Mortgage Agency (CBCMA)
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBCMA works with quality mortgage lenders on a correspondent basis under FHA guidelines to provide down payment assistance for creditworthy home buyers in the form of a second mortgage. As a housing financing authority, CBCMA has approval from the Department of Housing and Urban Development as a Title II Government Lender.
There is a significant need for home financing for those who have good credit and a responsible debt burden, but who have been unable to put aside sufficient funds to provide a down payment. Due to lending restrictions and a high rate of borrowers who would rather save for a rainy day rather than use their nest egg for a down payment, CBCMA knows how hard it can be to save up for and prepare a down payment for a home. Because of this, CBCMA’s Chenoa Fund and other affordable housing programs strive to meet the needs of the underserved population and those who deserve to be in a home but are struggling to break through down payment barriers.
Financial Tools for Creditworthy Families
At CBCMA, we believe everyone in America should have access to affordable housing. As such, we have set out to assist responsible home buyers to hurdle the challenge of the minimum investment required (“MRI”) to purchase a home with an FHA-insured mortgage. Our ultimate hope is that we can create thriving communities where those who have the income and credit score to be in their own home can which will thereby open up rental housing and other housing options to those who cannot quite beat the necessary requirements for homeownership. We believe that this will create a healthy balance between housing and the people who live there.
Through our Chenoa Fund and other assistance programs, we offer financial tools to educate creditworthy families and give them options to help them with a down payment and to be able to purchase a home. By eliminating the down payment assistance barrier we hope to reduce the competition for “shelter” housing, which will potentially reduce its costs.
We specialize in providing 100% financing for loans guaranteed by the Federal Housing Administration (FHA), with a focus on underserved markets. Through our Chenoa Fund program, we offer qualified families the dream of homeownership through the financial tools needed to help purchase a home.
An Easy Home-buying Experience
CBCMA seeks to leverage its unique structure as a government housing authority to offer a national program where correspondent partners enjoy one set of guidelines rather than a maze of local and state program requirements and restrictions. We work only with correspondents who originate, process, underwrite, and fund the loans, which, in turn, they sell back to us.
We do not work directly with borrowers. If you are a borrower viewing this page, please contact your local mortgage lender for details.
Affordable Housing Programs to Meet Your Needs
Each of our Simply Home Down Payment and Chenoa Fund housing programs at CBCMA attempts to meet the needs of an underserved population. Because of the restrictions put on lending in recent years, there is a significant need for home financing by those who have good credit and a responsible debt burden, but who cannot put aside sufficient funds to provide a down payment.
Simply Home Down Payment
Simply Home Down Payment Program assists qualified borrowers to purchase a home with state housing finance agencies and quality mortgage professionals. If you qualify for a first mortgage, you can receive assistant on your down payment through the Simply Home Down Program.
This down payment program provides first mortgages to any borrower meeting the minimum credit score standards. There are no restrictions on first-time homebuyers, income, or non-occupant co-borrowers. “Refer Eligible” borrowers are also allowed.
Chenoa Fund
The Chenoa Fund is a housing program providing families with an affordable option for purchasing a home with little or no cash investment. As a qualified borrower, you can receive a second mortgage or grant when combined with our first mortgage option.
If you meet our income, credit score, and DTI requirements (see our Program Guidelines), through Chenoa Fund you can receive a first mortgage and a second mortgage to cover your 3.5% minimum investment requirement.
Founded on May 13, 2013, CBCMA is an approved government mortgage lender and a subsidiary of the Cedar Band Corporation (CBC), which was created as an arm of tribal government under the constitutional authority of the tribal council of the Cedar Band of Paiutes of the Paiute Indian Tribe of Utah (the “Cedar Band”).
The Cedar Band is a Federally Recognized Native American sovereign nation. Formal federal recognition of the Cedar Band occurred on April 3, 1980 with the passage of the Paiute Indian Tribe of Utah Restoration Act (25 U.S.C. § 761, et. seq.). Section 3(a) of that Act states that the federal trust relationship is “restored or confirmed with respect to the Cedar City Band of Paiute Indians of Utah.” (25 U.S.C. § 762(a)).