CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, has been approved by the U.S. Department of Agriculture to provide 30-year mortgage loans for borrowers outside of urban and suburban areas. Because the USDA loan program offers 100% financing, CBCMA enables correspondent lenders to help low- to moderate-income families in rural areas achieve homeownership.
“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,” says Miki Adams, CBC Mortgage Agency president.
According to the USDA, its loans provide low- and moderate-income borrowers with “the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.” Up to 90% of the original principal amount of USDA-based 30-year notes are guaranteed by the agency.
“This is an exciting new chapter in CBCMA’s growth,” Adams adds. “We look forward to working with correspondent lenders to provide housing help for those who need it most.”