The North Carolina Housing Finance Agency reports that the NC Home Advantage Program helps all borrowers and is not a program just for first time home buyers but also for move up borrowers.
Not all lenders are able to provide this program if they have not been approved by the NC Housing Finance Agency or have not participated in a training class or webinar. When talking with a mortgage banker ask if he/she is aware of the program.
All borrowers for the program are:
- Eligible for 3% down payment assistance
- No sales price limit
- $85,000 income maximum
- Government loans only allowed (FHA, VA and USDA)
The details for the NC Home Advantage Mortgage Program are as followed:
- Home will be the primary residence
- 640 minimum credit score
- Down Payment Assistance is a 30 year deferred/forgiven loan
- Pre-purchase education required for first-time homebuyers
Property types eligible to take part in North Carolina Home Advantage Mortgage Program:
- Single Family
- Townhomes/Planned Unit Development
The only property type that is not eligible is manufactured homes (new or used).
The loan process is fast and all done electronically; you could possibly get an answer the same day.
With all of the great advantages of the NC Home Advantage Mortgage Program there are some situations that are not eligible for this program such as:
- No Refinances
- No Vacation Homes
- No High Priced or High Cost Loans
- No Conventional Loans
- No Debt-to-Income over 45%
If you would like to apply for the NC Home Advantage Mortgage Program or see if you’re eligible, please call Phil at 919-422-6035 or apply online at www.philjawny.com
If this program doesn’t work for you then Phil can find one that will!