Homebuyers who used down-payment assistance (DPA) from CBC Mortgage Agency (CBCMA) saw their home equity significantly grow, according to CBCMA’s analysis.
The analysis showed that homebuyers gained an average of $27,000 in their home’s value. On transactions with DPA, the average home value gain was $26,942.
In 2016, the net worth for the average US renter was just $5,200, compared to the $231,400 net worth for the average homeowner, according to a report from the Federal Reserve Board.
CBCMA’s analysis also found that 96% of its customers have seen price appreciation. In total, the company’s customers have realized $469 million in increased equity since buying their home with the help of its down payment assistance programs.
"Our programs have enabled thousands of families, who otherwise would have been unable to save for a down payment, to achieve the American dream," CBC Mortgage Agency President Richard Ferguson said. "It is especially gratifying to know that many of our customers are black, a group who often lacks intergenerational wealth and whose median net worth is barely a 10th of their white counterparts."