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Dream Start: The Key to Affordable Homeownership
June 22, 2023

Dream Start: The Key to Affordable Homeownership

One of the biggest hurdles renters face today as they start their homeownership journey is saving enough cash for a down payment.

With constantly changing economic environments and employment uncertainty, more homebuyers are making the difficult decision to dip into their savings to fund their initial mortgage costs*. Luckily, borrowers have an opportunity to access critical funds to overcome these hurdles through the Dream Start Program. Dream Start is a down payment assistance (DPA) program offered through the Chenoa Fund™ and CBC Mortgage Agency®. CBC Mortgage Agency®'s mission is to support economic stability for homebuying families in diverse communities by offering innovative programs that combat barriers to homeownership.

This program offers the ability to leverage an FHA-insured home loan and provides eligible applicants 3.5% or 5% of the purchase price to cover the down payment! And, unlike other down payment assistance programs, there are no income restrictions, and borrowers do not need to be first-time homebuyers to qualify.

It works like this–Dream Start offers a FHA first lien with fully amortized secondary financing to help borrowers with their down payment, giving borrowers the flexibility to choose the option that best fits their needs. And, unlike other down payment assistance programs, there are no income restrictions, and borrowers do not need to be first-time homebuyers to qualify.

 

Program Overview:

 

FHA First Lien:

  • Minimum Credit Score: 620
  • 30-year fixed rate
  • Maximum Loan Amount per FHA
  • Primary Residence Only
  • Not offered in New York
  • No borrower contribution requirement

 

Here's what makes Dream Start a game-changer:

  • Affordability: You may be able to finance up to 100% of the purchase price**.
  • Down Payment Assistance: This program provides 3.5% or 5% forgivable down payment assistance, significantly reducing the upfront costs of buying a home.
  • Flexibility: The assistance can be applied to meet a borrower’s specific needs, whether it's fulfilling the minimum investment requirement, covering closing costs, or taking care of prepaid items.
  • Easy Qualification: Our program is designed to make homeownership accessible. We're here to help borrowers navigate the process and provide the support they need. 
  • Partnership: With Dream Start, borrowers can rely on our expertise and commitment to guide them every step of the way.

 

Contact us for more information and let Dream Start open doors to a brighter future.

 

*Source: https://www.cnbc.com/2023/02/16/54percent-of-americans-are-dipping-into-savings-to-pay-for-everyday-expenses.html

**Borrower is responsible for closing costs and all other prepaid items not covered by the purchase price program credit.

Down payment assistance products may have a higher interest rate or higher finance charges than other loan products which may be available.

Chenoa Fund™ is a registered trademark of the CBC Mortgage Agency® and CBC Mortgage Agency® is a registered trademark of Cedar Brand Corporation. Neither are affiliated with the Company. Geographic restrictions apply.