March 2, 2020: Chenoa Fund Correspondent Newsletter

In this Issue

In the newsletter we seek to provide you with important information about Chenoa Fund. In this issue, find:

  1. CBC Mortgage Agency Releases Guidelines 8.3
  2. CBC Mortgage Agency On The Road
  3. Join Chenoa Fund on Instagram
  4. Chenoa Fund in the News
  5. Chenoa Fund Blog Posts
  6. Marketing Resources: DPA Seminar and Lunch-n-Learn Flyers

  

CBC Mortgage Agency Officially Published its Monthly Update to the Official Guidelines on February 14, 2020

 CBC Mortgage Agency announces Correspondent Lending Guide version 8.3.

 

  • 5.12 and 7.22 were updated to clarify our policy regarding the soft pull credit refresh requirement. We do require a tri-merge/three bureau soft pull credit refresh, dated within ten days of the note date, or evidence of enrollment in a credit monitoring service through this time period.
  • In 5.15, we introduced a relaxed policy regarding borrowers without a housing history in the 620–639 range. Previously, borrowers in this category could not exceed a 43% backend ratio. Now, borrowers can go up to 45% on the backend.
  •  In 5.17, we amended our LOE requirement for borrowers with no present housing payment. Now, in place of the LOE, we allow a VOR. For borrowers with a housing payment in the FICO range of 620–639, we will also require a VOR.
  • 5.27 now has a clarification regarding our LTV policy. Borrowers may increase their minimum required investment (down payment) by putting down additional funds above and beyond the assistance received from Chenoa Fund as long as the loan-to-value ratio does not go below 90%.
  •  In 5.28, an overlay was removed. In version 8.2 of this Guide, DACA recipients were not considered eligible for our conventional products. Now, DACA recipients are allowed on conventional products, per CBCMA’s interpretation of FNMA guidelines—this was updated for consistency. Even so, CBCMA relies on our correspondent partners to document lawful residency in accordance with FNMA and FHA guidance.
  • 7.20 now has a link to the principal reduction form provided by CBCMA.
  • 7.22 now includes another item on the “Documentation – General Requirements” list: the Closing Protection Letter. While the Closing Protection Letter was not included on the list previously, it was still a required document.
  • 8.3 now emphasizes that loans must be current at the time of purpose.
  •  8.8.1 was clarified, and now emphasizes that the down payment assistance funds must be identified as coming from “CBC Mortgage Agency 2nd Lien.”
  •  In 10.3, it was updated that, effective immediately, both holder and servicing rights need to be transferred to CBCMA in FHA Connection immediately upon sale of the loan to CBCMA. Previously, only holder rights were required to be transferred to CBCMA in FHAC. As CBCMA is now an authorized servicer in FHAC, we will require that the servicing rights be transferred as well.

 

CBC Mortgage Agency On The Road

They say February is the border between Winter and Spring, and for us… it’s the border between tax refunds and homebuyer season… we can’t wait! Things are starting to ramp up for the busy season, and our trips across the country have been nothing short of incredible these past few weeks. 

 

Celebrating Black History Month in a Historic Way: 

On February 18th, 2020, CBC Mortgage Agency’s UHOUSI initiative hosted its 2nd event of the year and circled around Black History month and homeownership. With over 200 people in attendance, Dr. Alveda C King Bishop and Bishop Harry R Jackson delivered messages of hope and celebration. See one of our own, Emenyo Segbefria (also more commonly known as “E”) with Dr. King:

 

You can read more about the event in the articles below:

Atlanta Daily World: Alveda C. King and Bishop Harry R. Jackson partner with Black History Month Homeownership Workshop

The Atlanta Voice: King and Jackson African American Homeownership must be a focus during Black History Month

 

Hey Batter Batter, Hey Batter Batter, SWING! 

National VP of Program Development, Matt Pettit, and Founder, Todd Ludlow, spent some time in Arizona this week meeting with some of our largest lender partners, working on new programs that will help the state of Arizona and many others. We have made a few internal changes that have made these new programs possible, and we’re excited to begin rolling those out over the next 90 days.

For any baseball fans, we didn’t have time to make it to a spring training game, but we had some pretty great views of the three main fields in Arizona. Green has never looked better! 

 

 Join Chenoa Fund on Instagram

Chenoa Fund can now be found on Instagram. Follow and keep up-to-date with the latest happenings.

 

View this post on Instagram

 

8 Ways a Buyers’ Agent Can Make a Difference. Up on the blog today! #linkinbio

A post shared by Chenoa Fund (@chenoafundofficial) on

 

 Chenoa Fund in the News

The following articles have recently mentioned Chenoa Fund, CBCMA,or the Cedar Band Corporation in the past several weeks.

 

 

 Chenoa Fund Blog Posts

The following articles have recently been posted to the Chenoa Fund blog.

 

February 12, 2020

  

February 19, 2020

 

 Marketing Resources: DPA Seminar and Lunch-n-Learn Flyers

In this issue we would like to highlight DPA Seminar and Lunch-n-Learn Flyers and associated Door Hangers in Marketing Resources.

 

When you go to marketing resources scroll to these sections:

  • DPA Seminar and Lunch-n-Learn Flyers (Lenders)
  • DPA Seminar and Lunch-N-Learn Door Hangers (Lenders) 

 

 

The post March 2, 2020: Chenoa Fund Correspondent Newsletter appeared first on Chenoa Fund – Down Payment Assistance.

Should Real Estate Agents Consider Down Payment Assistance Programs for Helping Homebuyers

As a real estate agent, your homebuyers have many choices when it comes to financing the purchase of a home. One such choice is Down payment assistance (DPA), a key product that credit worthy, low-income homebuyers are choosing to realize realizing their dream of owning a home.

 

Throughout the United States, real estate agents are learning that working with lenders who represent Chenoa Fund DPA benefits them when listing and financing homes for their clients. In this article we are going to introduce just how critical DPA is for the homebuyer and ask you to consider DPA products as a way to increase your opportunities in the communities you serve.

 

Advancing its efforts to help more Americans access affordable housing, CBC Mortgage Agency (CBCMA) has released a national down payment assistance study that documents DPA’s vital role as a bridge to sustainable homeownership.

 

The study, conducted nationwide over the summer of 2019, measured the impacts of DPA through the personal experiences of lenders and borrows. The study can be viewed at: https://chenoafund.org/lender/2019-state-of-down-payment-assistance-report/

 

Among other findings, the study revealed that more than nine out of ten surveyed homebuyers would not have been able to purchase a home without down payment assistance.

 

The study also found that more than half of surveyed buyers were racial or ethnic minorities, and that more than one-third of all borrowers who received DPA are the first in their family to buy a home.

 

The study was done to illuminate the importance of DPA to lenders and borrowers across the country, and its findings are compelling. It’s clear that, without DPA, millions of Americans would be shut out of the homebuying market. With it, creditworthy buyers and their families can reap the many benefits of homeownership, which creates healthier communities and other positive outcomes for our nation.

 

The study queried 735 lenders and more than 1,100 borrowers, asking a series of questions about the importance of DPA, as well as their overall homebuying experience.

 

Respondents cited multiple factors when asked how the availability of DPA had affected their lives:

  •  Nearly half of all buyers said that saving for a down payment had been the principal reason they had delayed a house purchase.
  • A significant portion of respondents said that, for single parents, DPA is the only vehicle that makes homebuying possible.
  •  More than nine out of ten borrowers who used DPA to obtain a loan said they considered their mortgage “affordable.”
  •  Lenders said DPA was particularly helpful for buyers carrying student loan debt. They also said many of their clients had been paying more in rent than the cost of their new monthly mortgage.

 

What Lenders Are Saying

The following sample responses reflect the majority opinions of lenders in the study.

 

“Chenoa Fund provides a great program and offers an outstanding loan option for homebuyers that are unable to provide a full down payment but able to afford a new home. This allows for homeownership for people who would otherwise have to rent and not provide a benefit to the communities, nor themselves and their families. The program is a much better program than our local program offers such as CDA and MMP program.”—Scott Nortman

 

________________

 

“Down payment is the biggest challenge my clients face. My clients have good jobs and have seen their income rise with the better economy, but student loans and other debts continue to make it hard for them to save money to buy a home. Without programs like Chenoa Fund, these people might have to wait years to become homeowners. Instead, they get a fair rate and payment and a chance to take advantage of the strong housing market.”—Jeffrey E Nunley

 

 “My minority clients work multiple low-paying jobs and support their families while paying high rent; this DPA program allows them the opportunity to achieve the American Dream while building wealth for them and their families. Losing this program will financially hurt this segment of our population.” —Kathren J Rosales

 

________________

 

“This program allowed a Mexican immigrant family who did not have access to other down payment assistance programs . . . They had been working and working, cleaning up credit, trying to build savings, everything they could do to get into a home, but the housing costs just kept creeping up, and every time they took one step forward, the market took them one step back. This niche program is designed to catch the people who are falling between the cracks of traditional down payment assistance, and allows them to get their foot in the door on properties instead of always playing catch-up to a target advancing at the same rate.” —Michael Distad

 

 

________________

 

”This program is important to every single borrower it helps. We have used this product on a single borrower who not only needed it but deserved it. I have had many borrowers who we helped get into homeownership with the Chenoa Fund program, who start crying at closing because they never thought they could own their own home. Especially helping single mothers get into a home for their families, so they don’t have to move every year.” —Rebecca Skiles

 

 

What Borrowers Are Saying

The following sample responses reflect the majority opinions of borrowers in the study.

 “My husband and I have rented our whole lives together (twenty-six years), and we were so excited when Chenoa Fund made it possible to finally own a home! We made every sacrifice necessary to get the house of our dreams. They made sure we could financially afford the home and had us take a class on how to stay financially stable so that we can keep our home. We were so ready for this step, and we have never been happier with our beautiful home.” —Bonnie Johnson

 

________________

 

“I am very appreciative of this program. Without this help, I would not have been able to buy my home. I live paycheck to paycheck, and it’s very hard to save money. With this program I now pay the same I was paying for rent but the home is mine.” —Elizabeth Allende

 

________________

 

“Our small family has been beyond thrilled with the first nine months of homeownership, and we couldn’t have done it without your assistance! As a child, I was never blessed with a stress-free environment, or even a guaranteed place to call home. Thanks to the Chenoa Fund, it puts my mind at ease knowing my disabled husband and toddler will never have to think or wonder where home will be next month. They’ll never have to choose between a full belly or a warm blanket, and I can’t thank you enough for that! Let alone, the accomplishment one feels from owning their first home. Thank you, Chenoa Fund, from the bottom of our hearts!” —Holly Dockstader

 

________________

 

“At the time I started looking for a house, me and my family were living in a dangerous neighborhood. A lot of break-ins and robberies started taking place in the community. I have four kids and I was so afraid for their safety. I had just landed a new job and didn’t have enough money saved just yet to make a down payment. By being able to receive this fund which was definitely a gift from God. I moved my family to a new community which was much safer and quiet.” —Carl Williams

 

________________

 

“Owning a home makes me feel as [if] I belong somewhere. I moved from an unsafe apartment building to a cute little house I can call my own. The Chenoa Fund program made it possible for me to buy a home in a neighborhood that’s much safer for me.” —Cindy Rhoads

________________

 

 “I feel it’s a dream to some, a dream that many people would not be able to achieve without this type of [program]. I’m a single mother of two that participated in the Section 8 program when my eldest child was younger. I was able to attend my local community college and obtain a degree which significantly increased my income. Without the down payment assistance, I would not have been able to purchase my first home, despite nearly tripling my income since becoming a nurse. I was not able to save enough money for a significant down payment.”

“Programs like this give people, that defeat the odds of poverty, an opportunity to achieve home ownership. I am grateful a program like this exists; it has made my dream of home ownership a reality.” —Doni Anders

 

 

Chenoa Fund—The Nationwide Down Payment Assistance Program

At CBC Mortgage Agency https://chenoafund.org/, we offer Chenoa Fund, a down payment assistance program that provides DPA in the form of second mortgages. We offer five different second mortgage products, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and most DTIs. Our options include products for both FHA and conventional loans; some of our products include 0% interest rates and no monthly payments. 

 

  • Click here  to find an approved Chenoa Fund lender.
  • Click here to become an approved a Chenoa Fund Lender

 

The post Should Real Estate Agents Consider Down Payment Assistance Programs for Helping Homebuyers appeared first on Chenoa Fund – Down Payment Assistance.

Lenders Find Chenoa Fund Down Payment Assistance Critical to Serving Homebuyers

 As a lender, you have many choices when it comes to serving first-time homebuyers. One of these choices is down payment assistance (DPA), a key product that many lenders are using to assist creditworthy, low-income homebuyers realize their dream of owning a home.

 

Advancing its efforts to help more Americans access affordable housing, CBC Mortgage Agency (CBCMA) has released a national down payment assistance study that documents DPA’s vital role as a bridge to sustainable homeownership.

 

The study, conducted nationwide over the summer of 2019, measured the impacts of DPA through the personal experiences of lenders and borrowers. The study can be viewed at: https://chenoafund.org/lender/2019-state-of-down-payment-assistance-report/

 

Among other findings, the study revealed that more than nine out of ten homebuyers surveyed would not have been able to purchase a home without down payment help.

 

It also found that more than half of buyers surveyed are racial or ethnic minorities, and that more than one-third of all borrowers who received DPA are the first in their family to buy a home.

 

The study was done to illuminate the importance of DPA to lenders and borrowers across the country, and its findings are compelling. It’s clear that, without DPA, millions of Americans would be shut out of the homebuying market. With it, creditworthy buyers and their families can reap the many benefits of homeownership, which creates healthier communities and other positive outcomes for our nation.

 

The study queried 735 lenders and more than 1,100 borrowers, asking a series of questions about the importance of DPA as well as their overall homebuying experience.

 

Respondents cited multiple factors when asked how the availability of DPA had affected their lives:

  •   Nearly half of all buyers said that saving for a down payment had been the principal reason they had delayed a house purchase.
  •   A significant portion of respondents said that, for single parents, DPA is the only vehicle that makes homebuying possible.
  •   More than nine out of ten borrowers who used DPA to obtain a loan said they considered their mortgage “affordable.”
  •   Lenders called DPA particularly helpful for buyers carrying student loan debt. They also said many of their clients had been paying more in rent than the cost of their new monthly mortgage.

 

Lenders were asked to expound why certain borrowers were offered Chenoa Fund DPA Program. 58% of respondents, representing lenders from forty-five states, took the opportunity to respond to the question. The lenders’ responses follow, grouped by theme of said responses. The following sample responses reflect the majority opinions of lenders in the study.

 

 

DPA serves borrowers who have difficulty saving for a down payment.

 

Chenoa Fund provides a great program and offers an outstanding loan option for home buyers that are unable to provide a full down payment but able to afford a new home. This allows for homeownership for people who would otherwise have to rent and not provide a benefit to the communities nor themselves and their families. The program is a much better program than our local program offers such as CDA and MMP program.”—Scott Nortman

________________

 

“Down payment is the biggest challenge my clients face. My clients have good jobs and have seen their income rise with the better economy but student loans and other debts continue to make it hard for them to save money to buy a home. Without programs like Chenoa Fund, these people might have to wait years to become homeowners. Instead, they get a fair rate and payment and a chance to take advantage of the strong housing market.”—Jeffrey E Nunley

 

________________

 

“Lots of borrowers are paying more in rent than they ever would pay for a mortgage. Due to bills, household expenses, and family obligations, many people do not have money set aside for down payment on a home. The Chenoa Fund has made this possible for many people and should not be ruled out as a source of funding for future home buyers.” —Tanisha Treadwell

 

________________

 

“This program is extremely important because often we find people who will qualify for home loans but do not have funds to close: so, again, my clients make the income but cannot save enough money for down payment of a home, in which they deserve the American dream and will be able to have an equitable future for their children because it is the biggest investment that each citizen can and should have.” —Demetria Smith

 

 

DPA helps minorities and underserved communities in need of extra assistance.

 

“My minority clients work multiple low-paying jobs and support their families while paying high rent; this DPA program allows them the opportunity to achieve the American Dream while building wealth for them and their families. Losing this program will financially hurt this segment of our population.” —Kathren J Rosales

 

________________

 

“This program allowed a Mexican immigrant family who did not have access to other down payment assistance programs . . . They had been working and working, cleaning up credit, trying to build savings, everything they could do to get into a home, but the housing costs just kept creeping up, and every time they took one step forward, the market took them one step back. This niche program is designed to catch the people who are falling between the cracks of traditional down payment assistance and allows them to get their foot in the door on properties instead of always playing catch up to a target advancing at the same rate.” —Michael Distad

 

 

DPA helps families, first-time homebuyers, blue-collar, and single parents

 

“This program is never our first choice for a borrower who can qualify with any other loan program. However, there are a select few who just need assistance due to their need for a down payment. Some of these people include families who are paying more for rent than they would for a house payment and can’t save up for a down payment. Some of these borrowers have medical issues preventing them from building up… savings. There are many more reasons that this is a necessary option for people who would otherwise qualify but cannot save to own their own home. These are the people that we need to continue to help.” —Angela M Gerhardson

 

________________

 

“There are customers that cannot catch a break. They finally start making enough money to consider purchase of a new home and then now they make too much and get penalized for getting a raise or job advancement, but due to the years of being underpaid they have no chance to get ownership in a home. Without this program, they would be forced to continue to be home renters and would not be afforded the ability to own their first home. This is very important to them to get a chance to start to benefit from [the] benefits of homeownership (which is obvious). Most of my clients that need this program have a little higher credit score (near 660 or 680) but they have no down payment and no way to bridge that gap.” —Brent W Powell

 

________________

 

“This program is important to every single borrower it helps. We have used this product on a single borrower who not only needed it but deserved it. I have had many borrowers who we helped get into homeownership with the Chenoa Fund program, who start crying at closing because they never thought they could own their own home. Especially helping single mothers get into a home for their families, so they don’t have to move every year.” —Rebecca Skiles

 

________________

 

“I was introduced to Chenoa Fund in 2018—this program has helped my business along with a lot of buyers that thought they could never buy. I stay in contact with the buyers to make sure they are making their payments on time and if having any issues—we all need to support the 1st time home buyer with giving them the ability to own a home. Most of my buyers were paying more in rent than what their new current mortgage payment is.” —Tammy Swift

 

________________

 

“Many of my Chenoa Fund eligible borrowers are single mothers with children—eliminating this program will drastically hurt their chances of buying a home!” —Tony Carroll

 

 

Chenoa Fund—The Nationwide Down Payment Assistance Program

At CBC Mortgage Agency, we offer Chenoa Fund, a DPA program that offers DPA in the form of second mortgages. We offer five different second mortgage products, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and most DTIs. Our options include products for both FHA and conventional loans; some of our products include 0% interest rates and no monthly payments. 

 

  • Click here  to find an approved Chenoa Fund lender.
  • Click here to become an approved a Chenoa Fund Lender

 

The post Lenders Find Chenoa Fund Down Payment Assistance Critical to Serving Homebuyers appeared first on Chenoa Fund – Down Payment Assistance.

8 Ways A Buyers’ Agent Can Make A Difference

It’s a great privilege for real estate agents to help homebuyers with one of the largest financial decisions they are likely to ever make, buying a home. Homebuyers need a great real estate agent to help them navigate this important journey. They will have many big questions, particularly if they are new to the process. One important question you will be asked is just how you as the buyer’s agent are going to help them. Here are eight tips to consider when you answer how you will help the homebuyer.

 

You help get them pre-approved. A good agent has a reliable network of trusted resources, lenders, and other professionals involved in the buying and selling process. Your homebuyer needs to be pre-approved, so they know how much they can spend. The real estate agent should be able to use his or her contacts to help get this done.

 

You help them find the home. One of the real estate agent’s most important jobs is to help the homebuyer clarify their wants and needs. A good agent will provide clients with a comprehensive questionnaire and/or ask a lot of questions to help them pinpoint their home buying criteria. As the agent, you need to be able to tell your client whether their list of “needs” is realistically affordable in their area of choice. The best real estate agents will be great counselors on locations, neighborhoods, schools, and other factors.

 

You help negotiate the right offer. The best agents analyze the value of the home their clients want to buy. They should have in-depth knowledge of all factors that affect the price of the home. The homebuyer will expect you to advise them from the initial offer and how to proceed based on how the seller responds.

 

You help pick a home inspector. Not all home inspectors are alike. Established agents should know who the best inspectors are and help the homebuyer choose the one who will give them the best picture of the condition of the home they are seeking to buy. In addition, you should be prepared to help your client with any additional inspections that may apply to the home they look at, including radon, mold, water, lead paint, and so forth.

 

You attend the home inspection. The best inspectors have been known to miss things and fail to accurately convey the information they find. A good agent can attend the home inspection can help their clients go through the inspector’s report and provide counsel on what should be brought to the sellers attention.

 

You help negotiate home inspection repair requests. The home inspection information can provide the homebuyer with leverage in negotiations. Based on information in the report, you can help your client request repairs, and sometimes get other concessions based on problems found in the inspection. As the realtor, you should be qualified to help negotiate these requests because you know how each issue affects the value of the home.

 

You stand as a key point of communication. A good agent keeps everyone informed, knows how to measure the importance of information, and knows who needs what and when and how to keep things moving forward.

 

You stay on top of the buyer loan process. Mortgage mistakes can be quite common, especially among first-time homebuyers. Great agents stay on top of every aspect of the purchase, including monitoring the buyer’s mortgage commitment. Agents make sure buyers understand they need to maintain their current credit status and how to protect their loan approval—for example, by not making any large purchases or taking out any loans before you closing on a home.

 

You help finalize loose-ends at closing. Selling a home is full of details. Good agents work to make sure the closing takes place without a problem. No detail is too small. 

 

Remember, that while answering these questions may be old hat for you, this is a new experience for many homebuyers. Your sincere and thoughtful answers will be the beginning of a great opportunity to help your client throughout the homebuying experience not just the first mortgage but also any DPA-relevant loans that affect the mortgage status.

 

At Chenoa Fund ,we offer DPA in the form of second mortgages. We offer five different second mortgage options, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and any DTI. Some of our options include products for both FHA and Conventional loans; some features for our products include zero percent interest rates and no monthly payments.  Click here  to find an approved Chenoa Fund lender.

The post 8 Ways A Buyers’ Agent Can Make A Difference appeared first on Chenoa Fund – Down Payment Assistance.

8 Ways Chenoa Fund Lenders Can Post to Social Media

 

 

Social media presence has never been more important for loan officers to connect with potential borrowers. Knowing this, on February 3, 2020, CBC Mortgage Agency (CBCMA) announced Chenoa FundAll, a program that allows lenders to create marketing materials or advertisements that feature Chenoa Fund. This article is designed to provide suggestions about how lenders can take advantage of this program to improve their social media presence. But first, we want to clarify some of the conditions of the program.

 

Under Chenoa FundAll, content that features Chenoa Fund must be reviewed and approved by CBCMA’s legal review team before being released or published. (Requests for review and approval of lender marketing material should be submitted to lendermarketing@chenoafund.org .) If CBCMA’s legal review team finds the submitted marketing materials to be non-compliant, the team will request changes. If updated material containing the requested changes is not received by CBCMA within seven days, then a new request will need to be submitted when the new marketing material is submitted.

 

If a correspondent lender is found using marketing material that hasn’t been approved or is noncompliant, the lender may be subject to suspension from doing business with CBCMA.  Any questions about compliance issues or marketing materials should be sent to lendermarketing@chenoafund.org.

 

Now, here are eight ideas for social media posts that will strengthen your social media presence and help you take advantage of Chenoa FundAll:

 

Client Testimonials and Reviews

Testimonials from past and present clients strengthen your brand and build trust with potential clients who follow your social media. If your borrower approves, sharing client testimonials can be a powerful marketing asset. Here are a few suggestions:

  • Share a picture of your client along with a supportive quote such as their home, service provided . Make sure to tag the person if possible.
  • Don’t post the entire testimonial if it’s lengthy. Instead, select one or two lines and then link to the full post on your website.
  • Ask your clients to review your business on Facebook.
  • With permission, take scree shots of complimentary client emails or photos of thank you cards and feature them in your social media.

 

Sample Testimonial Post:

  • (Brief, complimentary quote from customer.)

 

  • (Name of customer) qualified for the Chenoa Fund. Chenoa Fund is an affordable down payment assistance program provided by CBC Mortgage Agency (CBCMA). Chenoa Fund is available nationwide and has several program options to choose from that include down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds for the second mortgage.

 

Introducing a New Loan Product

Let prospective clients know about changes in your loan offerings. It can spark interest—and new business—among social media followers who may be seeking loans.

 

Sample Loan Product Post:

  • Did you know that (name of company) offers a wide variety of FHA and conventional loan programs? One source for these offerings is Chenoa Fund, a program that provides affordable down payment assistance through CBC Mortgage Agency (CBCMA). Chenoa Fund offers  down payment assistance in the form of a second mortgage.

 

  • Contact (name of loan officer, with contact information) for details.

 

Client Closings

Nothing gets more engagement from your followers than showcasing client closings of past and current clients. Photos with clients who have just closed on a new house are particularly effective.

  • Take a photo of your happy client signing loan papers at the closing table. Even if you can’t be at the closing, ask your escrow officer or Real estate partner to snap the photo. Add your company’s logo for extra branding.
  • Be sure to tag clients (with their permission) if you’re connected on Facebook and other social platforms.
  • Ask your clients to send you pictures of their house once they move in so you can congratulate them again on social media. This represents one more chance to reinforce your positive messaging.

 

Sample Closing Post:

  • (Photo of clients signing documents.)

 

  • Photo caption: Our friends (name of customers) officially became homeowners today! They qualified for their loan with help from the Chenoa Fund, an affordable down payment assistance program provided by CBC Mortgage Agency (CBCMA). Chenoa Fund is offered nationwide and offers down payment assistance in the form of a second mortgage. Chenoa Fund offers 3.5% in down payment funds for the second mortgage.

 

Blog Posts

Chenoa Fund has developed helpful, informative articles that you are welcome to download and post in your blog or newsletter. These articles provide answers to questions commonly asked by potential clients.

  • Share the title of the article, a link, and a brief teaser message
  • Don’t just share a blog post once. Instead, share it three to four times with different teaser messages to ensure wider reach.
  • When sharing an article, always ask, “Will my potential clients get value out of this?”

 

If you would like to use these resources, go to the Chenoa Fund website for Lender Marketing Resources.   If you don’t have a blog of your own yet, you can still refer your clients to useful information on sites like the Chenoa Fund, Zillow, and Trulia.

 

Sample Article Post:

  • Check our latest article (article headline, hyperlinked). The piece discusses (one or two-sentence summary).

 

  • Ask (name of loan officer/real estate agent) about available FHA and conventional down payment assistance programs. One of the providers of these programs is the CBC Mortgage Agency (CBCMA), provider of Chenoa Fund. Chenoa Fund is an affordable housing program offered nationwide, and features down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds.

 

Employee Spotlight, New Employee

Take time to highlight new and existing team members. These posts are great for introducing your staff and featuring the human side of the business.

  • Try recurring posts such as “Employee of the Month,” “Employee Spotlight,” or a “Welcome to the Team” post when you hire a new employee
  •  If you are connected to the employee on Facebook, be sure to tag him or her to increase exposure.

 

Sample Employee Spotlight Post:

  • This month (name of company) is featuring (name of person) in our employee spotlight. We are grateful that (first name) is a part of our team and so committed to our clients’ success.

 

  • (Quote from featured employee and why he or she likes the work and being part of the team and a photo.)

 

  • Contact (name of person) to learn about available FHA and conventional down payment assistance programs. One such provider is CBC Mortgage Agency (CBCMA), provider of Chenoa Fund. Chenoa Fund is a nationwide program that offers down payment assistance in the form of second mortgages. All programs offer 3.5% in down payment funds.

 

Sample Welcome to Team Post:

  • (Name of company) would like to introduce our newest team member, (name of person). (First name of person) is a loan officer in our (name of location) branch.

 

  • Contact (name of person) to learn about available FHA and conventional down payment assistance programs. One such provider is CBC Mortgage Agency (CBCMA), provider of Chenoa Fund. Chenoa Fund is a nationwide program that offers down payment assistance in the form of second mortgages. All programs offer 3.5% in down payment funds.

 

Real Estate Agent News

Don’t forget that your clients value your recommendations when it comes to home buying resources. Borrowers are always seeking word-of-mouth referrals for loan officers, real estate agents, and other industry professionals, in addition to home recommendations.

 

  • Create posts featuring your recommended real estate agents, such as “Agent of the Month” or “Real Estate Tip of the Week.”
  • Invite real estate agents in your network to come into your office and share a “Best Tip” on video or record a personal 30- to 60-second video introduction to share on social media.
  • Ask agents who you work with to submit reviews on your Facebook page.
  •  Share testimonials from real estate agents on your website.
  • Share the most expensive listing in your area, or the least expensive.

 

Sample Realtor Listing Post:

  • Searching for a (name of city/area) home? Don’t miss out on this opportunity. This beautiful 4-bedroom home comes complete with (fill in the details). Click on the link to watch a virtual tour. Call (name of agent with contact information) for a showing today.

 

  • Contact (name of loan officer, with contact information) and ask about available FHA and conventional down payment assistance programs. One of the providers of these programs is the CBC Mortgage Agency (CBCMA), provider of Chenoa Fund. Chenoa Fund is an affordable down payment assistance program provided nationwide. Chenoa Fund offers down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds.

 

Sample Realtor Spotlight Post:

  • Meet our real estate Agent of the Month, (name). (First name) representing (Name of agency). (Link to agent’s website.)

 

  • Contact (name of loan officer, with contact information) and ask about available FHA and conventional down payment assistance programs. One provider is CBC Mortgage Agency (CBCMA), provider of Chenoa Fund. Chenoa Fund is an affordable down payment assistance program provided nationwide. Chenoa Fund offers down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds.

 

Mortgage Facts, Mortgage Glossary Terms and Inspirational Quotes

Change up your content with mortgage facts, glossary terms and inspirational quotes, always keeping in mind the profile of your client. These posts are informational and encourage those who follow you to like, comment, and share, increasing your presence on social media.

  •  Encourage your fans to share facts and quotes.
  • Make a list of glossary terms and share them one by one. Don’t forget that most people may be unaware of the most basic industry terms and principles.
  • Use Facebook’s graphic image tool to post fun facts in image format.

 

Sample Mortgage Facts Post:

Here are some demographics about first-time homebuyers:

  • According to (cite source) 79% are white, 9% are Hispanic, 8% are Asian-Pacific Islander, and 7% are black. 

 

  •  According to (cite source) among first-time homebuyers, 74% rented before buying, while 21% lived with parents. 

 

  •  According to (cite source) he median household income of first-time homebuyers is $75,000. 

 

  • Contact (name of loan officer, with contact information) and ask about available FHA and conventional down payment assistance programs. One provider is CBC Mortgage Agency, provider of Chenoa Fund. Chenoa Fund is an affordable down payment assistance program provided nationwide. Chenoa Fund offers down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds.

 

Sample Inspirational Quote Posts:

  • “Good judgement comes from experience, and a lot of that comes from bad judgement.” (Will Rogers)

 

  • “Work like you don’t need the money. Love like you’ve never been hurt. Dance like nobody’s watching.” (Satchel Paige)

 

  • Contact (name of loan officer, with contact information) and ask about available FHA and conventional down payment assistance programs. One provider is CBC Mortgage Agency, provider of Chenoa Fund. Chenoa Fund is an affordable down payment assistance program provided nationwide. Chenoa Fund offers down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds.

 

Sample Mortgage Glossary Term Post:

  • Our real estate term of the day is “earnest money,” which is the deposit paid to a seller that represents the buyer’s good faith intention to purchase the home. Once deposited, the funds are typically held in escrow until closing, at which time they are applied to the buyer’s costs.

 

Contact (name of loan officer, with contact information) and ask about available FHA and conventional down payment assistance programs. One provider is CBC Mortgage Agency, provider of Chenoa Fund. Chenoa Fund is an affordable down payment assistance program provided nationwide. Chenoa Fund offers down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds.

 

Shareable Infographics

As you seek ways to market your company, it’s important to diversify your social media content. CBCMA has developed a series of Chenoa Fund–themed infographics that are available to our correspondents and can be shared on social media. For best results, select topics that are engaging and applicable to the most clients, such as “Renting vs. Buying” or “Profile of First-time Home Buyers.”

 

To use these resources, go to the Chenoa Fund website (chenoafund.org), go to Lender Marketing Resources. From there, scroll down to Infographics and download those you want to use. 

 

Sample Infographic Post:

  • To learn what it’s like to be a first-time homebuyer, check out this article (Link to article).
  • Contact (name of loan officer, with contact information) and ask about available FHA and conventional down payment assistance programs. One provider is CBC Mortgage Agency, provider of Chenoa Fund. Chenoa Fund is an affordable down payment assistance program provided nationwide. Chenoa Fund offers down payment assistance in the form of a second mortgage. All programs offer 3.5% in down payment funds.

The post 8 Ways Chenoa Fund Lenders Can Post to Social Media appeared first on Chenoa Fund – Down Payment Assistance.

February 18, 2020: Chenoa Fund Correspondent Newsletter

Introduction to Newsletter

In the newsletter we seek to provide you with important information about the Chenoa Fund. In this issue, find:

  1. CBC Mortgage Agency Releases Guidelines 8.3
  2. CBCMA Correspondent Lender Marketing and Social Media Policy
  3. CBC Mortgage Agency On The Road
  4. Chenoa Fund in the News
  5. Chenoa Fund Blog Posts
  6. Join Chenoa Fund on Instagram
  7. Chenoa Fund Launches LenderConnect
  8. Marketing Resources: Door Hangers

CBC Mortgage Agency Releases Guidelines 8.3

CBC Mortgage Agency officially published its monthly update to the official guidelines on February 14, 2020

 

We’re excited to announce Correspondent Lending Guide version 8.3.

 

This update brings several important changes to our policies and procedures. We hope these changes provide increased ease of use for Chenoa Fund down payment assistance.

  • 5.12 and 7.22 were updated to clarify our policy regarding the soft pull credit refresh requirement. We do require a tri-merge/three bureau soft pull credit refresh, dated within ten days of the note date, or evidence of enrollment in a credit monitoring service through this time period.
  • In 5.15, we introduced a relaxed policy regarding borrowers without a housing history in the 620–639 range. Previously, borrowers in this category could not exceed a 43% backend ratio. Now, borrowers can go up to 45% on the backend.
  • In 5.17, we amended our LOE requirement for borrowers with no present housing payment. Now, in place of the LOE, we allow a VOR. For borrowers with a housing payment in the FICO range of 620–639, we will also require a VOR.
  • 5.27 now has a clarification regarding our LTV policy. Borrowers may increase their minimum required investment (down payment) by putting down additional funds above and beyond the assistance received from Chenoa Fund as long as the loan-to-value ratio does not go below 90%.
  • In 5.28, an overlay was removed. In version 8.2 of this Guide, DACA recipients were not considered eligible for our conventional products. Now, DACA recipients are allowed on conventional products, per CBCMA’s interpretation of FNMA guidelines—this was updated for consistency. Even so, CBCMA relies on our correspondent partners to document lawful residency in accordance with FNMA and FHA guidance.
  • 7.20 now has a link to the principal reduction form provided by CBCMA.
  • 7.22 now includes another item on the “Documentation – General Requirements” list: the Closing Protection Letter. While the Closing Protection Letter was not included on the list previously, it was still a required document.
  • 8.3 now emphasizes that loans must be current at the time of purpose.
  • 8.8.1 was clarified, and now emphasizes that the down payment assistance funds must be identified as coming from “CBC Mortgage Agency 2nd Lien.”
  • In 10.3, it was updated that, effective immediately, both holder and servicing rights need to be transferred to CBCMA in FHA Connection immediately upon sale of the loan to CBCMA. Previously, only holder rights were required to be transferred to CBCMA in FHAC. As CBCMA is now an authorized servicer in FHAC, we will require that the servicing rights be transferred as well.

 

You will also want to send the MIC to CBCMA. CBCMA will transfer both the Holder and Servicing Rights into the names of our investors, when appropriate, following the close.

 

If there is a delay on this for any reason, please email finaldocs@chenoafund.org for assistance.

 

CBCMA Correspondent Lender Marketing and Social Media Policy

IMPORTANT: New Marketing Policy

All marketing materials or advertisements created with the intent of securing loans using Chenoa Fund outside of content provided to you by CBCMA must be reviewed and approved by CBC Mortgage Agency before being released or published. Requests for review and approval of lender marketing material should be submitted using this form here.

 

If CBCMA’s legal review team finds the submitted marketing materials to be non-compliant, requests for changes will be sent back to the correspondent lender. If the updated material containing the required changes is not received by CBCMA within seven days, then a new request will need to be submitted.

 

If a correspondent lender is found using marketing material that hasn’t been approved and/or is noncompliant, the lender may be subject to suspension from doing business with CBCMA. Any questions about compliance issues or marketing materials should be sent to lendermarketing@chenoafund.org.

 

CBC Mortgage Agency On The Road

CBC has been “wheels up” quite a bit this blustery February and the fun is just getting started! 

 

Our marketing team kicked off the month off with a tour of Facebook, working with them on ways to get around the lender advertising regulations on Facebook. We know this is a large issue for each of you, and in our LenderConnect editorial we’ll share some of that education there. We also spoke with them about their large contribution to affordable housing that they made at the end of 2019. More on that here

 

Thanks to a few of the agents at Keller Williams Silicon Valley for making this happen! 

 

In conjunction with our visit to Hacker Way, Tai Christensen, our Director of Governmental Affairs, represented CBC at the NAR Affordability Forum. This Forum works to identify and resolve the various factors that push American families away from becoming homeowners, and to close racial racial homeownership gaps. You can read their official statement about the event here.

 

Our next stop was the NAREB (National Association of Real Estate Brokers) Bet on Blalck Mid-Winter event. With over 200 African American agents, lenders, etc in attendance, the discussion around minority homeownership was top of the list. Nevada Attorney General Aaron Ford gave comments on the national increase of African American homeownership and his intentions to work nationally to keep that increase growing. 

 

We’ve got a busy 2nd half of the month heading to: 

 

  • UHOUSI in Atlanta with Bishop Broner and World of Faith Family Worship Cathedral (More on that event here
  • Arizona Builders Tour: Some of the leadership team will be in Arizona working with builders at the end of February. If you would like a quick stop in to your branch, reach out to lendermarketing@chenoafund.org

 

Chenoa Fund in the News

The following articles have mentioned Chenoa Fund, CBCMA, and/or the Cedar Band Corporation in the past several weeks.

February 11, 2020-National Mortgage Professional: CBC Reports Average Customer Gains $27,000 in Home Equity

February 11, 2012-Scotsman Guide: Downpayment assistance plans aid borrowers in cracking homeownership barriers

February 6, 2020-St. George News: Mortgage agency with Cedar City roots celebrating 5 years of providing down payment assistance

 

Chenoa Fund Blog Posts

February 12, 2020

8 Ways A Seller’s Agent Can Make A Difference

5 Quick Tips for Realtors to Get Listings Noticed Online

10 Characteristics of a Quality Mortgage Loan Officer

 

 February 3, 2020

What Lenders Should Tell Real Estate Agents about Down Payment Assistance Programs

5 Traits Real Estate Agents Need to Help Lower- to Moderate-Income Homebuyers

 

 Join Chenoa Fund on Instagram

Chenoa Fund can now be found on Instagram . Follow and keep up-to-date with the latest happenings.  The following is a sample post.

Chenoa Fund Launches LenderConnect

 

CBC Mortgage Agency is excited to announce LenderConnect which is sent every Wednesday. As you’ve probably seen, we’ve been beefing up our marketing efforts to better support our lenders.

 

As part of these efforts, LenderConnect was born. Each week there will be an email specific to providing marketing tools, tips, and tricks on how to better market our program. These emails will include:

  • Important company updates in regards to marketing
  • Free social media posts and text for your use
  • A marketing tip or trick to better reach your borrowers

 

Marketing Resources: Door Hangers 

Chenoa Fund has created a variety of high-quality marketing materials, such as postcards, flyers, door hangers, and yard signs, that you can use to create interest in Chenoa Fund. In this issue we would like to highlight Door Hangers in Marketing Resources. When you go to Marketing Resources scroll to these sections:

  •     DPA Door Hangers (Lenders)
  •     DPA Door Hangers (Lenders/Realtors)

 

 

 

The post February 18, 2020: Chenoa Fund Correspondent Newsletter appeared first on Chenoa Fund – Down Payment Assistance.

5 Quick Tips for Realtors to Get Listings Noticed Online

 

Real estate agents have a wide assortment of marketing tools that help elevate their listings and marketed properties. One such tool is the online listing.. When it comes to your listing, success is in the details. Here are a few tips for marketing online that, when done well, can make all the difference in getting a listing noticed and sold.

 

Learn and use good SEO. Take time to learn about using Search Engine Optimization (SEO) for your listings. Good SEO involves finding keywords or phrases that define your listing to your chosen market audience. These keywords and phrases usually include two to four words that clearly highlight the listing’s location (e.g, city, state, neighborhood) and type of home (e.g., type of home, bedrooms, brick); an example of a good SEO listing might be “4-bedroom rambler in Holiday,” or “2-story, red brick, single-family home, Sandy.” Use keywords in titles, listing descriptions, URL, social media, images and marketing materials. Think about the search terms your customer will use; in fact, you can even do a search online to see what comes up!

 

Develop and manage your email list. Learn about how to use email to put your listing in front of potential clients. Email is a marketing tool; it can be used effectively or ineffectively. You can achieve a lot by sending out a well-targeted email with an eye-catching headline, like “Just listed: 4-bedroom, 3-bath, 2-car garage rambler, Everton.” Additionally, emails with high-quality images catch attention better. 

 

Great photos that tell a story. Your listing photos tell the story and introduce the homebuyer to seeing themselves living in the home you are presenting. Many listings  are full of images that have been taken without much forethought to message that is being sent. Many try to save listing expenses by the using the mobile phone.  Mobile phones are great for selfies, but not for selling your listings. If you are taking the photos, invest in a good camera, take a class in listing photography, and study images used in listings to understand what sends a good message, or hire a professional who shoots listings on a full-time basis. In addition, consider adding photos that highlight the surrounding area, such as parks, schools, shopping, downtown areas, and more.

 

Take advantage of video or slideshow tours. Video and slideshow virtual tours are a great way to market your listings. You can use these to highlight compelling features about the property and the community, and to effectively brand you or your brokerage. When creating the video, you will need to clearly define who your target clientele is and what is most important for them. You will need your best images in the beginning of the video to “wow” your audience. You will want to highlight the prime selling points of the listing. If it makes sense, you will also want to show the local parks, schools, shopping, recreational areas and more; give the viewer a feeling of what it would be like to live in the community for a day.

If you lack photography skills, this is not a do-it-yourself venture. Often, the professionals who take photos for your listing can also create videos and slideshows.

 

Share your listing in social media. Social media is probably second nature to you. You may be already using social accounts like Facebook, LinkedIn, Twitter, Instagram, and Pinterest to alert your community about listings. Make sure your various profiles appear clean and are up-to-date across all of your networks. For a listing, use some of the great photography and video you have with a short description. Make sure you also ask your community to share your listings and provide tips on anyone who might be in the market to sell or buy a home. If you are new to social media as a real estate agent, take time to learn about what makes good content for sharing in addition to listings.

 

At Chenoa Fund,we offer DPA in the form of second mortgages. We offer five different second mortgage options, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and any DTI. Some of our options include products for both FHA and Conventional loans; some features for our products include zero percent interest rates and no monthly payments.  Click here to find an approved Chenoa Fund lender.

 

The post 5 Quick Tips for Realtors to Get Listings Noticed Online appeared first on Chenoa Fund – Down Payment Assistance.

8 Ways A Seller’s Agent Can Make A Difference

 

 

It’s a great privilege for real estate agents to help homeowners sell their home. It will likely be one of the  largest financial decisions they will ever make. hey are going to need a great real estate agent to help them navigate this important journey. One of the questions they may ask is just how you, as the seller’s agent, are going to help them. Consider the following eight points when answering this question.

 

Prices the homes correctly. Share what your sale-to-list ratio is. This is derived by dividing the final sale price by the asking price. They will want agent who is close as possible to 100%. If the percentage is over 100%, the agent is getting more than asking price for the homes they sell.

 

Aggressively markets their home. The agent needs to know how to effectively market home on the internet. Be prepared to share several examples. You should be well versed on how to get the word out about their home using all available marketing channels, not just the Multiple Listing Service (MLS). You should have a website that draws traffic and showcases all the properties for sale. You should be using social media effectively such as Facebook, Pinterest and other forms. Marketing material should be excellent in every perspective from top-notch photos and video to brochures and flyers. Provide examples.

 

Communicates effectively. There is no excuse for poor communication. How do you respond to potential client’s phone calls and emails? That will be a good indication as to what they can expect from you. You would be surprised how many client/agent relationships are lost before they every get started simply because the agent is slow to respond. Staying in touch is a right all homebuyers expect from their agent. Agents need to be regularly updating you with feedback from showings and other concerns.

 

Confirms that the buyer is qualified. You need to confirm that the potential buyer is qualified, who have already submitted all information, including a credit report, and been given the go-ahead for a loan.

 

Negotiates for the seller. Great agents fight for the best terms and conditions for their clients. They want an agent who is not worried about when the next sale takes place. Everything in a real estate contract is negotiable. The Homebuyer needs to know that you have negotiation skills that will get the job done.

 

Attends inspections to represent the seller. The reason the listing agent should be at the inspection is to observe and listen first-hand to the feedback from the inspector and learn exactly what the issues are which can protect the seller from unreasonable requests.

 

Attends home appraisal. Attend the home appraisal and answer any questions the appraiser has to make sure they understand the facts about the home.

 

Helps finalize loose-ends at closing. Selling a home is full of details. The home buyer needs an agent and their team who has been there and done that. No detail is too small. The less work your client has to do the better your services will be viewed.

 

Remember, that while answering these questions may be old hat for you, this is a new experience for many homebuyers. Your sincere and thoughtful answers will be the beginning of a great opportunity to help your client.

 

At Chenoa Fund ,we offer DPA in the form of second mortgages. We offer five different second mortgage options, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and any DTI. Some of our options include products for both FHA and Conventional loans; some features for our products include zero percent interest rates and no monthly payments.  Click here  to find an approved Chenoa Fund lender.

The post 8 Ways A Seller’s Agent Can Make A Difference appeared first on Chenoa Fund – Down Payment Assistance.

What Lenders Should Tell Real Estate Agents about Down Payment Assistance Programs

 

Many real estate agents have the opportunity to help creditworthy low- to moderate-income individuals and families find homes. As a lender, you are undoubtedly seeking to form relationships with these realtors and want to educate them about DPA programs. Realtors can use DPA programs to help the homebuyer achieve the American dream of homeownership where homebuyers might otherwise be stopped by financial barriers. Do real estate agents in your community understand down payment assistance in all its forms?

 

Down payment assistance (DPA) programs provide assistance to low-income homebuyers who can’t make the down payment or pay the closing costs a mortgage requires. To help borrowers even further, some DPA programs include 0% interest rates, deferred payments, and forgivable loans. Many DPA programs will offer buyers upwards of tens of thousands of dollars, money that can be applied toward down payments, closing costs, principal reductions, repairs, etc. Typically, these DPA programs are offered by federal, state, and local government agencies, as well as by nonprofit organizations or employers.

 

Program guidelines can vary, but in most cases, applicants must be a first time homebuyer, defined as someone who hasn’t owned a home in the last three years. The applicant normally must occupy the property as their primary residence, and often the applicant must complete homebuyer education counseling, meet the requirements of the lender and the DPA guarantor, and meet program limits for household income and property price.

  

Below are descriptions of some of the most common forms of down payment assistance.

 

State and Local Grants and Programs

Many states and local governments offer help to first-time homebuyers. Local housing agencies—county or city—are also a useful resource. Community grant programs can often provide the best deals for low- to moderate-income homebuyers, in part because these programs are designed to encourage more people to buy and settle in their city limits.

 

Check your state or community website for information on housing grants and programs available in your area.

 

Employer Mortgage Assistance

Some employers provide their employees with mortgage assistance programs in a variety of forms.

 

A borrower may use these funds to cover all or part of the down payment or closing costs subject to the minimum borrower contribution requirements. Employer assistance funds are rarely allowed on a second home or an investment property.

 

Soft Second

A soft second mortgage combines a subsidized second mortgage with a traditional first mortgage to make housing more affordable for low- to moderate-income homebuyers. There are usually income restrictions limiting who is eligible.

 

One example is the Chenoa Fund DPA Edge: Soft Second Product. With this product, the borrower receives a 30-year term, 0% rate, no payment second mortgage. Borrowers must meet a minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. The loan is forgiven as soon as the borrower makes 36 consecutive on-time payments on the FHA first mortgage.

 

Repayable Second

Repayable down payment assistance programs provide buyers with the down payment they need now so they can buy a home sooner. The funds are delivered at closing.

 

One example is the Chenoa Fund DPA Edge: Repayable Second Product. This product has no income restrictions for buyers and offers two options for a repayable second. The borrower can choose a 10-year repayable second at a 0% interest rate, or a 30-year repayable second at a 5% interest rate. Borrowers must meet a minimum FICO score of 620.

 

Chenoa Fund—The Nationwide Down Payment Assistance Program

At Chenoa Fund, we offer DPA in the form of second mortgages. We offer five different second mortgage products, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and most DTIs. Our options include products for both FHA and Conventional loans; some of our products include 0% interest rates and no monthly payments. 

 

Click here to find an approved Chenoa Fund lender.

Click here to become an approved a Chenoa Fund Lender

The post What Lenders Should Tell Real Estate Agents about Down Payment Assistance Programs appeared first on Chenoa Fund – Down Payment Assistance.

5 Traits Real Estate Agents Need to Help Lower- to Moderate-Income Homebuyers

 

Creditworthy low- to moderate-income homebuyers are no different than any other homebuyer when it comes to achieving the American Dream of homeownership. Low- to moderate-income homebuyers are faced with many obstacles, like saving for a down payment while rent goes up. When you earn less, it is more difficult to keep your bills paid on time, your credit pristine, and your debt-to-income ratio (DTI) low enough to qualify for a home loan.

 

As a real estate agent of creditworthy low- to moderate-income homebuyers, and to best help these homebuyers overcome their unique obstacles, you need five traits to help them land a home within their budget.

 

Have the right experience. Have you sold homes in the price range and locations that qualify for low-income homebuyers? What examples do you have to show that you have been able to find valuable homes for buyers with similar budgets? You should be able to show your borrowers that you have what it takes to get them a good home. 

 

Sometimes working with low- to moderate-income homebuyers requires practice in being creative and thinking outside the box, which can include persuading these homebuyers to consider fixer-uppers or foreclosures, speaking with Community Development Corporations or Local Land Banks, or viewing homes in distressed neighborhoods.

 

Be familiar with market trends. Do you know the current market trends for low- to moderate-income housing? Top agents know their local real estate market. When asked questions about their area, they know the answer—or they know where to go to find the answer. Top agents know basic factors, forces, and principles that shape the area economy. They know where to obtain current marketplace data, and they know how to use that information to benefit their client.

 

Know about available mortgage programs. Many of the best opportunities for homebuyers are government-mandated programs that help low-income individuals break into homeownership. These low-income loans offer below-market interest rates and payments, discounts on mortgage insurance, low down payment requirements, and sometimes even down payment assistance.

 

Many of these programs require the borrower to complete some form of approved homebuyer education. Many of these programs require the homebuyer to live in the home—no vacation homes or rentals allowed. Keep on top of the requirements each program has and the benefits each may offer.

 

Know the best lenders and mortgage brokers. Before you spend time with any client, make sure they qualify for a loan, and then know their budget. Do you know lenders who have experience providing mortgage loans and products to low- to moderate-income homebuyers? The majority of these lenders offer down payment assistance (DPA) in some form, making it easier to buy a home for many who would otherwise struggle. Other lenders have other resources to help low- to moderate-income borrowers become homeowners.

Know the available down payment assistance programs. DPA programs provide cash to low-income homebuyers who can’t make the down payment or pay the closing costs involved in obtaining a mortgage. Typically, DPA programs are offered by federal, state, and local government agencies, as well as by nonprofit organizations or employers.

 

The benefits of DPA often include 0% interest rates, deferred payments, and forgivable loans. The amounts available to buyers can be as high as tens of thousands of dollars.

 

An example of such programs is Chenoa Fund, a DPA program available in all states except for New York.

 

To learn more, visit Chenoa Fund.  Chenoa Fund is a program that offers DPA in the form of second mortgages. We offer five different second mortgage options, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and any DTI. Some of our options include products for both FHA and Conventional loans; features for some of our products include zero percent interest rates and no monthly payments. Click here  to find an approved Chenoa Fund lender.

 

 

The post 5 Traits Real Estate Agents Need to Help Lower- to Moderate-Income Homebuyers appeared first on Chenoa Fund – Down Payment Assistance.

Chenoa Fund

This site is for informational purposes and is for use by licensed industry professionals.
This site and the information contained therein is not a solicitation to lend money to consumers.

CBC Mortgage Agency NMLS: 1186381 - 912 W. Baxter Drive, Suite 150 South Jordan, Utah 84095
Main 866-563-3507 | Servicing 866-563-7572 | Fax 435-237-0022