A mortgage agency based in Utah has launched a new program which it says is the first of its kind for the lending industry
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A mortgage agency based in Utah has launched a new program which it says is the first of its kind for the lending industry.
CBC Mortgage Agency’s Rate Advantage program is aimed at homebuyers who have the income and credit rating for a mortgage but lack the savings for a downpayment.
Those buyers who qualify under the agency’s credit score and debt-to-income requirements will obtain a market rate first mortgage coupled with a second mortgage for the downpayment.
"Buying a home is a cornerstone of the American Dream, and we have developed this new program to help more credit-worthy buyers make homeownership a reality for themselves and their families," said Richard Ferguson, president of CBCMA. "Rate Advantage is an important tool to help borrowers clear the down payment barrier and achieve homeownership in a responsible, sustainable way."
The new program is in addition to the existing DPA Edge Program where buyers can obtain a grant or forgivable second mortgage to cover the 3.5% downpayment for an FHA-insured home.
"Our goal is to provide home buyers with multiple assistance options to increase the likelihood of homeownership success," Ferguson said. "We believe that by helping responsible homebuyers meet the down payment investment required for a mortgage, we can create healthier communities by improving the balance between homeownership and other housing types. That benefits our entire economy."
CBC Mortgage Agency’s Rate Advantage program is aimed at homebuyers who have the income and credit rating for a mortgage but lack the savings for a downpayment.
Those buyers who qualify under the agency’s credit score and debt-to-income requirements will obtain a market rate first mortgage coupled with a second mortgage for the downpayment.
"Buying a home is a cornerstone of the American Dream, and we have developed this new program to help more credit-worthy buyers make homeownership a reality for themselves and their families," said Richard Ferguson, president of CBCMA. "Rate Advantage is an important tool to help borrowers clear the down payment barrier and achieve homeownership in a responsible, sustainable way."
The new program is in addition to the existing DPA Edge Program where buyers can obtain a grant or forgivable second mortgage to cover the 3.5% downpayment for an FHA-insured home.
"Our goal is to provide home buyers with multiple assistance options to increase the likelihood of homeownership success," Ferguson said. "We believe that by helping responsible homebuyers meet the down payment investment required for a mortgage, we can create healthier communities by improving the balance between homeownership and other housing types. That benefits our entire economy."
