“We gotta buy the land we walk on”: Waka Flocka Flame, Miki Adams, and others talk Black Homeownership with the Cleveland Realtist Association

“We gotta buy the land we walk on.” Not everybody knows this, but Waka Flocka Flame, the infamous rapper, is also a strong advocate for black homeownership. He bought his first home in 2009 and wasn’t even aware of how wealthy that home was going to help make him—he just knew that he wanted a […]

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July 2, 2020

“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 […]

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21 Years to a 20% Down Payment: USMI Reveals the Massive Down Payment Barrier

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 […]

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June 26, 2020

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 […]

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June 23, 2020

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 […]

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How to Understand The Mortgage Process As A Realtor

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; […]

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June 12th, 2020

Steps we’re taking to help our borrowers during COVID-19  As COVID-19 wreaks havoc on the lives of many mortgage borrowers, those who utilized down payment assistance (DPA) to purchase their homes face an additional obstacle. DPA that comes in the form of a forgivable second mortgage requires that borrowers remain current on both their first […]

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June 15, 2020

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 […]

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June 5, 2020

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 […]

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Conversation: Hispanic Homebuyers Will Be Critical for the Next Housing Market Recovery (Urban Wire)

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 […]

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