Category Archives: Chenoa Fund Updates

“Chenoa Fund demonstrates how responsibly run national DPA programs benefit the consumer. Innovative financial solutions, such as our CRA Note Exchange, have allowed us to offer the Rate Advantage program, which offers rates competitive with standard FHA loans, even with DPA included. Also, by running mortgage banking in-house vs. outsourcing operations through large bankers, we have brought […]

Recently, U.S. Mortgage Insurers (USMI) published a report revealing that, on average, it takes borrowers 21 years to save up for a 20% down payment. This number falls to 7 years for a 5% down payment, which is still a long period of renting and saving. In either case, waiting this long deprives borrowers of […]

Chenoa Fund demonstrates how responsibly run national DPA programs benefit the consumer. Innovative financial solutions, such as our CRA Note Exchange, have allowed us to offer the Rate Advantage program, which offers rates competitive with standard FHA loans, even with DPA included. Also, by running mortgage banking in-house vs. outsourcing operations through large bankers, we […]

Monitored Marketplace: It appears HUD is considering regulating the benefits to, and geographical operating areas of, governmental entities providing DPA, like CBC Mortgage Agency. But Miki Adams, vice-president of CBC, which operates the Chenoa Fund program, says there is a better way: a monitored marketplace that tracks the pricing and performance of loans by individual […]

Author: Christian Olin, VP of Direct Lending As a realtor, you are usually the first point of contact for any homebuyer. Whenever your client has a question, you are the first person they think to ask. They are going to be looking for guidance from you. That’s why the realtor must take on many roles; […]

In its Regulatory Plan for FY 2020, HUD raised concerns about governmental entities benefiting financially from DPA programs. To ensure government programs are not benefiting too much, HUD is considering establishing a de minimis amount that government programs can receive above the cost of the DPA. Such a regulation could dramatically decrease the amount of […]

Be part of the solution. Minorities have 1/10th the net worth of Whites. According to two prominent African American leaders, this wealth gap is the greatest civil rights issue of our day. Homeownership is the best vehicle for acquiring wealth. You can enable the engine of wealth creation in your community by helping minorities learn about down payment assistance programs to buy now […]

On May 6th, 2020, Urban Wire posted an article about Hispanic homebuyers and the post-COVID housing market recovery—Hispanic Homebuyers Will Be Critical for the Next Housing Market Recovery. Here’s Why They May Struggle. The following quote quickly summarizes the article: “The youth and high labor force participation rates of Hispanics position them well to help […]

All FHA Programs: All borrowers must have at least one credit score. To be sure that there is no new adverse credit activity, new debt, or material inquiries, CBCMA requires a soft pull credit report or UDM (Undisclosed Debt Monitoring) report within ten days prior to close. CBCMA highly recommends correspondents utilize a debt monitoring […]

41%.   That number represents the homeownership rate of the black community in the United States. It’s among the lowest of homeownership rates in the nation—and it has been going down for years. Homeownership rates improve slightly for other minority groups, but they still aren’t good (45–55%). From this, it is clear that many underprivileged […]