CBC Mortgage Agency Adds USDA Loans to Correspondent Offerings
100% financing program helps rural low- and moderate-income families achieve homeownership
August 1, 2023 – CEDAR CITY, Utah – CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, has been approved by the U.S. Department of Agriculture to provide 30-year mortgage loans for borrowers outside of urban and suburban areas. Because the USDA loan program offers 100% financing, CBCMA enables correspondent lenders to help low- to moderate-income families in rural areas achieve homeownership.
“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 provide low- and moderate-income borrowers with “the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas,” according to the agency. Up to 90% of the original principal amount of USDA-based 30-year notes are guaranteed by the agency.
CBCMA correspondents can review USDA’s rural housing program guidelines at https://chenoafund.org/lender/program-guidelines/.
“This is an exciting new chapter in CBCMA’s growth,” Adams said. “We look forward to working with correspondent lenders to provide housing help for those who need it most.”
Correspondent lenders who would like to be approved to originate CBCBA products, including down payment assistance and USDA program, can learn more at ChenoaFund.org.
About CBC Mortgage Agency
Founded in 2013, CBC Mortgage Agency (CBCMA) is a nationally chartered housing finance agency. As a leading source of down payment assistance and 100% rural financing, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. Recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, CBCMA, is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. More information can be found at www.ChenoaFund.org.