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Studies consistently document the economic and social benefits of homeownership, but rising home prices and stagnant or low wages prevent many credit-worthy buyers – especially young adults and those in minority households – from accumulating savings for a down payment.

In recent years, down payment assistance has become an increasingly important piece of affordable mortgage programs offered by state Housing Finance Agencies (HFAs), municipalities and local nonprofits. While the State HFA programs serve a portion of the homebuying public, there are many individuals who do not qualify for the narrow range of programs, which limit availability based on such things as higher incomes and first time homeownership, The Chenoa Fund enhances State and Local offerings and fills a need in the market by serving homebuyers on a national scale. To minimize risk, we take extensive precautions, carefully evaluating borrowers’ income and assets and requiring them to meet our minimum credit score, which is higher than the score allowed by FHA. We also provide pre-purchase homebuyer education and counseling for all borrowers during their first year of homeownership. We carefully try to avoid providing loans to buyers incapable of sustaining homeownership.

The Chenoa Fund is operated by the CBC Mortgage Agency, which is a subsidiary of the Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. Leaders of the Utah-based band are proud to help underserved Americans realize the dream of homeownership for the benefit of their families and future generations. The CBC Mortgage Agency has helped the Cedar Band create a vital and sustainable economic footprint, empowering tribal members employed and served by its programs. Revenues not only cover essential tribal functions, but also fund initiatives ranging from college scholarships to elder care, medical and dental services, anti-drug education, and job training.

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The desire to own a home is a time-tested American instinct. Homeownership not only helps families build wealth and financial security, but also creates a sense of stability and control that enhances


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