CBC Mortgage Agency
has announced that in 2020, the company is celebrating its five-year anniversary. For a half-decade, CBC Mortgage Agency has been enabling American families to buy a home when they otherwise would be unable to save for a downpayment, and helping them create wealth in the process.
Founded by the Cedar Band of Paiute Indians, whose reservation is situated in Cedar City, Utah, CBC Mortgage Agency (CBCMA) provides downpayment assistance using traditional and forgivable second mortgages. Correspondent lenders then originate, process and close the first and second mortgages, and sell them to CBCMA. The company closed its first transaction in November 2014 and has since helped nearly 20,000 families achieve homeownership through downpayment assistance.
A November downpayment assistance study by CBCMA found that more than half of buyers that received DPA are racial or ethnic minorities, and that more than one-third of all borrowers are the first in their family to buy a home.
"I am proud of our team for helping so many families achieve homeownership over the past five years," CBC Mortgage Agency President Richard Ferguson said. "Based on a sizable sample of our transactions, we estimate that our average homebuyer has reaped more than $25,000 in equity appreciation since buying their home. There really is no greater tool for helping creditworthy buyers and their families build wealth than owning a home."