30-year mortgage program meant to support homeownership in rural areas
CBC Mortgage Agency (CBCMA) has announced that it’s been approved by the Department of Agriculture to provide 30-year mortgage loans for borrowers outside of urban and suburban areas.
The federally chartered housing finance agency said it now offers USDA loan programs to correspondent lenders to help low- to moderate-income families in eligible rural areas achieve homeownership.
“Our lending partners can now help eligible borrowers buy a home with no money down instead of having to scrape together their own funds or take out a second mortgage for down payment assistance,” said CBC Mortgage Agency president Miki Adams. “We are thrilled to receive USDA approval and expand our mission of helping underserved families achieve the American dream and build wealth through home equity.”
CBCMA guarantees up to 90% of the original principal amount of USDA 30-year notes through its Chenoa Fund USDA Rural Development program, according to its news release.
“This is an exciting new chapter in CBCMA’s growth,” Adams said. “We look forward to working with correspondent lenders to provide housing help for those who need it most.”
Want to keep up with the latest mortgage news? Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.