CBC Mortgage Agency is lowering its minimum credit score requirement from 620 to 600 with the Chenoa Fund down payment assistance program for DPA Edge Borrowers. Consumers who have young and/or no credit history have long been hindered from the ability to apply or even qualify for a home loan. Most loans exclude applicants with questionable or low credit scores because statistically speaking borrowers with lower scores default more often. In an effort to support low-to-moderate income applicants who might be ready to purchase a home but have not had the same access to credit as those with a more robust credit file, CBC Mortgage Agency is relaxing its credit requirement to help applicants possibly qualify for down payment assistance.
FICO defines a credit score of 580 to 669 as a “fair” score and, at CBC Mortgage Agency, we believe that borrowers with a 600 FICO deserve a fair opportunity to qualify for a home. This minimum FICO change may help unlock homeownership for a number of renters and would-be homeowners. To learn more please visit chenoafund.org and access the details on the program that includes restrictions and requirements.
CBC Mortgage Agency – NMLS 1186381
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Chenoa Fund is a registered trademark.
Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 – 1-888-473-4858; Georgia Residential Mortgage Licensee, License # 1186381.
Georgia Residential Mortgage Licensee, License # 1186381.