CBC Mortgage Agency, a nationally chartered housing finance agency and a down payment assistance source for first-time homebuyers, extended its post-purchase counseling for borrowers from one year to 18 months. The extension is being made due to the lengthy financial hardships being experienced by borrowers as a result of the COVID-19 pandemic.
Through CBC's Borrower Success Program, borrowers have been receiving counseling for one year after using down payment assistance for a home purchase from CBC
. The counseling is provided through Money Management International,
a HUD-approved non-profit counseling service. It checks in with borrowers each month to offer encouragement, assistance, and support to sustain their path to homeownership.
In recent weeks, it has become clear that the impact of COVID-19 on the U.S. economy will be deeper and lengthier than previously projected. Because of the negative impact on its borrowers, CBC has made the decision to extend counseling services to 18 months at no cost to borrowers.
"This is a permanent extension we are putting in place to assist those who have experienced financial hardships associated with COVID-19," said Miki Adams, CBC executive vice president. "Sustainable homeownership for our borrowers has always been a top priority for us, and we will continue doing everything we can to support them during these unprecedented times."