CBC Mortgage Agency Celebrates Assisting 50,000 Families Achieve Homeownership Through DPA Program

CBC Mortgage Agency Reaches Significant Milestone

CBC Mortgage Agency (CBCMA), a federally chartered housing finance entity owned by the Native American community, recently announced a remarkable achievement: the agency has successfully aided 50,000 families in realizing their dream of homeownership through its Down Payment Assistance (DPA) program.

Established in 2013, the Chenoa Fund by CBCMA primarily focuses on first-time buyers, including minorities and low-income households. The need for such assistance has only amplified in recent years as many potential homeowners face challenges due to rising property costs and high-interest rates. Many of the families supported by CBCMA are first-generation homeowners who, without this assistance, might have remained renters indefinitely.

Transformative Impact on Communities

The Chenoa Fund offers two types of second mortgages: repayable and forgivable, aimed at breaking down barriers to homeownership. According to Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals, the program has been instrumental in enabling young Hispanic families to acquire their own homes and build generational wealth, emphasizing the significance of this demographic, which makes up nearly 20% of the U.S. population.

CBCMA’s impact is felt across all 49 states, providing education and support services to ensure that families not only buy homes but also thrive as homeowners. The agency’s commitment to financial literacy has fostered sustainable homeownership, equipping new homeowners with essential knowledge to maintain their investments.

Future Aims

With this milestone achievement, CBCMA is committed to expanding its outreach and services further. President Miki Adams articulated this goal, stating, "While reaching 50,000 families is monumental, our mission doesn't end here. We are setting our sights on broadening our offerings to support middle-income earners who also face challenges related to down payments and housing accessibility."

This focus on inclusion will further pave the way for sustainable community growth. CBCMA stands as a leading force in the housing finance sector, recognized as one of the Top 25 Companies in Mortgage Servicing by MReport.

Conclusion

The support provided by CBCMA's down payment assistance program is more than just a financial transaction; it represents a transformative opportunity for families to secure a brighter future through homeownership. For additional details, visit chenoafund.org.