{"id":10823,"date":"2021-06-13T17:47:00","date_gmt":"2021-06-13T17:47:00","guid":{"rendered":"https:\/\/chenoafund.org\/?p=10823"},"modified":"2026-03-24T14:26:37","modified_gmt":"2026-03-24T14:26:37","slug":"the-changing-color-of-homeownership","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/","title":{"rendered":"The Changing Color of Homeownership"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” row_position_desktop=”default” row_position_tablet=”inherit” row_position_phone=”inherit” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” flex_gap_desktop=”10px” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text css=”” text_direction=”default”]\n

The Changing Color of Homeownership<\/h1>\n\n\n

Everyone deserves a fair shot at becoming a homeowner and planting generational roots in a family home. Unfortunately, there are unique challenges that minorities face  that have historically prevented them from becoming homeowners. In this article, we will uncover how CBC Mortgage Agency\u2019s down payment assistance program <\/span>Chenoa Fund<\/span><\/strong><\/a> and initiatives like <\/span>UHOUSI<\/span><\/strong> can make it possible for low income homebuyers to buy their first home. Now is the time for equitable homeownership for all Americans.<\/span><\/p>\n\n\n

Overcoming the racial wealth gap: the journey toward homeownership<\/strong><\/strong><\/strong><\/h2>\n\n\n
\"post<\/figure>\n\n

Recent studies show that there is a large racial wealth gap between White Americans and minorities. This wealth disparity helps to explain why minorities have difficulties purchasing a home. What is the <\/span>wealth gap<\/span><\/strong> that is causing possible home buying challenges? Studies have shown that the median net wealth for White American families is $171,000, which is nearly ten times greater than the $17,150 for the median Black American family. Having less access to wealth creates challenges for minorities looking to purchase their first home and the greatest obstacle is the requisite down payment necessary to purchase a home. With rental prices on the rise, now is a good time for many minority Americans to see if they are mortgage ready. It all starts with programs like CBC Mortgage Agency\u2019s <\/span>Chenoa Fund<\/span><\/strong><\/a> and initiatives like <\/span>UHOUSI<\/span><\/strong>, which allow first-time homebuyers the ability to get 3.5% or 5% down payment assistance. This provides borrowers down payment assistance to buy a home and, the 5% down payment assistance opportunity, provides the ability to flex 1.5% towards closing costs. <\/span><\/p>\n\n\n

Taking on loan challenges that prevent minorities from becoming homeowners<\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n
\"housi<\/figure>\n\n\n
 <\/div>\n\n

Saving for a down payment is a large obstacle for many low-moderate income families looking to become homeowners. With home prices on the rise and limited housing inventory, the amount of money required for a down payment is steadily increasing. Recent <\/span>reports<\/strong><\/span> show that the current U.S. median home sales price is approximately $404,000. This is an increase of $56,000 over the last 5 years. These increased home prices make saving for a down payment quite difficult for many Americans. In 2020, more than 40 percent of all FHA purchase transactions had some form of down payment assistance. Some borrowers are fortunate enough to receive a down payment gift from a qualifying family member. For those individuals who lack family wealth, programs like CBC Mortgage Agency\u2019s <\/span>Chenoa Fund<\/span><\/strong><\/a> may be here to help. The UHOUSI Initiative is proud to be sponsored by the Chenoa Fund program, which is offered through CBC Mortgage Agency and shares in our common goal of increasing sustainable homeownership and increasing housing literacy.<\/span><\/p>\n\n\n

 <\/div>\n\n\n
\n
\n
\"equal<\/div>\n<\/div>\n<\/div>\n\n\n
 <\/div>\n\n\n

CBC Mortgage Agency – NMLS 1186381<\/p>\n\n\n

For licensing information, go to www.nmlsconsumeraccess.org.<\/p>\n\n\n

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<\/p>\n\n

 <\/p>\n[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” row_position_desktop=”default” row_position_tablet=”inherit” row_position_phone=”inherit” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” flex_gap_desktop=”10px”…<\/p>\n","protected":false},"author":4,"featured_media":10828,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,36,112],"tags":[182,183,42,54,157,58,52,101,184,185,186,187,156],"class_list":{"0":"post-10823","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-chenoa-talk","8":"category-chenoa-talk-homebuyer","9":"category-realtors","10":"tag-african-american","11":"tag-african-american-homebuyers","12":"tag-chenoa-fund","13":"tag-down-payment-assistance","14":"tag-emergency-fund","15":"tag-homebuyers","16":"tag-lenders","17":"tag-minorities","18":"tag-minority","19":"tag-minority-families","20":"tag-minority-homebuyers","21":"tag-racial-wealth-gap","22":"tag-uhousi"},"yoast_head":"\nThe Changing Color of Homeownership - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"The time is now to make homeownership a reality for all credit-worthy borrowers. See how CBC Mortgage Agency is doing its part to increase equitable homeownership.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Changing Color of Homeownership - CBC Mortgage Agency\" \/>\n<meta property=\"og:description\" content=\"The time is now to make homeownership a reality for all credit-worthy borrowers. See how CBC Mortgage Agency is doing its part to increase equitable homeownership.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/\" \/>\n<meta property=\"og:site_name\" content=\"CBC Mortgage Agency\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ChenoaFundOfficial\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-13T17:47:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-24T14:26:37+00:00\" \/>\n<meta name=\"author\" content=\"James Bethe\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Chenoa_Fund\" \/>\n<meta name=\"twitter:site\" content=\"@Chenoa_Fund\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Bethe\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/\"},\"author\":{\"name\":\"James Bethe\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/person\\\/299cfb8c03905ace40291040893ccc4b\"},\"headline\":\"The Changing Color of Homeownership\",\"datePublished\":\"2021-06-13T17:47:00+00:00\",\"dateModified\":\"2026-03-24T14:26:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/\"},\"wordCount\":666,\"publisher\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"African American\",\"African American homebuyers\",\"Chenoa Fund\",\"down payment assistance\",\"emergency fund\",\"homebuyers\",\"lenders\",\"Minorities\",\"minority\",\"minority families\",\"minority homebuyers\",\"racial wealth gap\",\"UHOUSI\"],\"articleSection\":[\"Chenoa Talk\",\"Chenoa Talk - Homebuyer\",\"Realtors\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/\",\"name\":\"The Changing Color of Homeownership - CBC Mortgage Agency\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2021-06-13T17:47:00+00:00\",\"dateModified\":\"2026-03-24T14:26:37+00:00\",\"description\":\"The time is now to make homeownership a reality for all credit-worthy borrowers. See how CBC Mortgage Agency is doing its part to increase equitable homeownership.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/the-changing-color-of-homeownership\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/chenoafund.org\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Changing Color of Homeownership\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#website\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/\",\"name\":\"Chenoa Fund\",\"description\":\"A down payment assistance program.\",\"publisher\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/chenoafund.org\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#organization\",\"name\":\"Chenoa Fund\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/chenoafund.org\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Logo.jpg?fit=500%2C500&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/chenoafund.org\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Logo.jpg?fit=500%2C500&ssl=1\",\"width\":500,\"height\":500,\"caption\":\"Chenoa Fund\"},\"image\":{\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/ChenoaFundOfficial\",\"https:\\\/\\\/x.com\\\/Chenoa_Fund\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/cbc-mortgage-agency\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCjSqN9lHVbBrdn7u9tpPTDA\",\"https:\\\/\\\/www.instagram.com\\\/chenoafundofficial\\\/\",\"https:\\\/\\\/www.tiktok.com\\\/@chenoafund\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/chenoafund.org\\\/#\\\/schema\\\/person\\\/299cfb8c03905ace40291040893ccc4b\",\"name\":\"James Bethe\",\"url\":\"https:\\\/\\\/chenoafund.org\\\/author\\\/jamesbethe\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Changing Color of Homeownership - CBC Mortgage Agency","description":"The time is now to make homeownership a reality for all credit-worthy borrowers. See how CBC Mortgage Agency is doing its part to increase equitable homeownership.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/","og_locale":"en_US","og_type":"article","og_title":"The Changing Color of Homeownership - CBC Mortgage Agency","og_description":"The time is now to make homeownership a reality for all credit-worthy borrowers. See how CBC Mortgage Agency is doing its part to increase equitable homeownership.","og_url":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/","og_site_name":"CBC Mortgage Agency","article_publisher":"https:\/\/www.facebook.com\/ChenoaFundOfficial","article_published_time":"2021-06-13T17:47:00+00:00","article_modified_time":"2026-03-24T14:26:37+00:00","author":"James Bethe","twitter_card":"summary_large_image","twitter_creator":"@Chenoa_Fund","twitter_site":"@Chenoa_Fund","twitter_misc":{"Written by":"James Bethe","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/#article","isPartOf":{"@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/"},"author":{"name":"James Bethe","@id":"https:\/\/chenoafund.org\/#\/schema\/person\/299cfb8c03905ace40291040893ccc4b"},"headline":"The Changing Color of Homeownership","datePublished":"2021-06-13T17:47:00+00:00","dateModified":"2026-03-24T14:26:37+00:00","mainEntityOfPage":{"@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/"},"wordCount":666,"publisher":{"@id":"https:\/\/chenoafund.org\/#organization"},"image":{"@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/#primaryimage"},"thumbnailUrl":"","keywords":["African American","African American homebuyers","Chenoa Fund","down payment assistance","emergency fund","homebuyers","lenders","Minorities","minority","minority families","minority homebuyers","racial wealth gap","UHOUSI"],"articleSection":["Chenoa Talk","Chenoa Talk - Homebuyer","Realtors"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/","url":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/","name":"The Changing Color of Homeownership - CBC Mortgage Agency","isPartOf":{"@id":"https:\/\/chenoafund.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/#primaryimage"},"image":{"@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/#primaryimage"},"thumbnailUrl":"","datePublished":"2021-06-13T17:47:00+00:00","dateModified":"2026-03-24T14:26:37+00:00","description":"The time is now to make homeownership a reality for all credit-worthy borrowers. See how CBC Mortgage Agency is doing its part to increase equitable homeownership.","breadcrumb":{"@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/chenoafund.org\/the-changing-color-of-homeownership\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/chenoafund.org\/"},{"@type":"ListItem","position":2,"name":"The Changing Color of Homeownership"}]},{"@type":"WebSite","@id":"https:\/\/chenoafund.org\/#website","url":"https:\/\/chenoafund.org\/","name":"Chenoa Fund","description":"A down payment assistance program.","publisher":{"@id":"https:\/\/chenoafund.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/chenoafund.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/chenoafund.org\/#organization","name":"Chenoa Fund","url":"https:\/\/chenoafund.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/chenoafund.org\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2023\/09\/Logo.jpg?fit=500%2C500&ssl=1","contentUrl":"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2023\/09\/Logo.jpg?fit=500%2C500&ssl=1","width":500,"height":500,"caption":"Chenoa Fund"},"image":{"@id":"https:\/\/chenoafund.org\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ChenoaFundOfficial","https:\/\/x.com\/Chenoa_Fund","https:\/\/www.linkedin.com\/company\/cbc-mortgage-agency","https:\/\/www.youtube.com\/channel\/UCjSqN9lHVbBrdn7u9tpPTDA","https:\/\/www.instagram.com\/chenoafundofficial\/","https:\/\/www.tiktok.com\/@chenoafund"]},{"@type":"Person","@id":"https:\/\/chenoafund.org\/#\/schema\/person\/299cfb8c03905ace40291040893ccc4b","name":"James Bethe","url":"https:\/\/chenoafund.org\/author\/jamesbethe\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/posts\/10823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/comments?post=10823"}],"version-history":[{"count":2,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/posts\/10823\/revisions"}],"predecessor-version":[{"id":17922,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/posts\/10823\/revisions\/17922"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/media?parent=10823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/categories?post=10823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chenoafund.org\/wp-json\/wp\/v2\/tags?post=10823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}