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Company finds average borrower gained more than $25,000 in wealth
as a result of using DPA for home purchase

Jan. 27, 2020 – CEDAR CITY, Utah – CBC Mortgage Agency, a nationally chartered housing finance agency and a leading source of down payment assistance (DPA) for first-time homebuyers, is celebrating its five-year anniversary. For a half-decade, CBC Mortgage Agency has been enabling American families to buy a home when they otherwise would be unable to save for a down payment – and helping them create wealth in the process.

Founded in 2013 by the Cedar Band of Paiute Indians, whose reservation is situated in Cedar City, Utah, CBC Mortgage Agency (CBCMA) provides down payment assistance using traditional and forgivable second mortgages. Correspondent lenders then originate, process and close the first and second mortgages, and sell them to CBCMA. The company closed its first transaction in November 2014 and has since helped nearly 20,000 families achieve homeownership through down payment assistance.

While families provide financial assistance in approximately 33% of home purchase transactions using FHA loans, minorities don’t generally have the inter-generational wealth to help family members in home purchase transactions. Down payment assistance is especially effective at bridging the wealth gap that exists between whites and minorities. A November down payment assistance study by CBCMA found that more than half of buyers that received DPA are racial or ethnic minorities, and that more than one-third of all borrowers are the first in their family to buy a home.

“I am proud of our team for helping so many families achieve homeownership over the past five years,” CBC Mortgage Agency President Richard Ferguson said. “Based on a sizable sample of our transactions, we estimate that our average homebuyer has reaped more than $25,000 in equity appreciation since buying their home. There really is no greater tool for helping creditworthy buyers and their families build wealth than owning a home.”


About CBC Mortgage Agency

Founded in 2013, CBC Mortgage Agency is a nationally chartered housing finance agency. As a leading source of down payment assistance, the company low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBCMA is a wholly owned subsidiary of Cedar Band Corporation, a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. More information can be found at