Program Attributes

    CBCMA and FHA share a mission to expand homeownership opportunities for first time homebuyers and other borrowers who would not otherwise qualify for conventional mortgages on affordable terms, as well as for those who live in underserved areas where mortgages may be harder to obtain.





    National Housing Policy

    As an Affiliate Member of the National Council of State Housing Agencies (“NCSHA”), CBCMA shares its national housing policy priority to preserve and strengthen its partnership with FHA with respect to down payment assistance.




    Risks to FHA Mortgage Insurance Program

    FHA insures mortgages through its Mutual Mortgage Insurance Fund (“MMIF”). The MMIF is a revolving fund that uses the proceeds from insurance premiums, investment income and foreclosure sales to provide funds for future mortgage insurance. Generally, FHA rules, regulations and guidelines (e.g. HUD Single Family Policy Handbook 4000.1) are promulgated to balance undue risks to the MMIF against FHA’s mission to expand homeownership opportunities for first time homebuyers and other borrowers who would not otherwise qualify for conventional mortgage on affordable terms, as well as for those who live in underserved areas where mortgages may be harder to obtain.




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