NC Housing Finance Agency unveiled this great, low down payment mortgage loan. So this helps North Carolina buyers finance a primary residence affordably. It is called the NC Home Advantage 97% Fannie Mae loan. We are also an approved lender and have approved loan officers offering NC Housing Finance Agency products.
Some details of the NC Home Advantage 97% Mortgage include:
- North Carolina properties
- Primary residence only
- $87,500 maximum borrower income
- First time or move up buyers (if using the MCC tax credit, must be a first time buyer)
- 640 minimum credit score
- Down payment assistance funds of 3% of the first mortgage loan amount is available which can go towards down payment, closing costs, PMI and/or pre-paid items
- The 3% down payment assistance is forgiven at 20% per year in years 11 – 15 and is a 0% rate with no required payments
- Lower PMI than FHA or the former Fannie Mae 97% program which lowers the monthly payment and PMI is not life of loan like FHA
- Debt to income ratio up to 41% (effective 3/20/2017
- Single family, townhome, and Fannie Mae approved condos only
- Can combine with NC Housing’s MCC tax credit if a qualifying first time homebuyer. For household income limits on the MCC tax credit, click here.
- Maximum seller paid closing costs for over 90% is 3% of the sales price
To qualify for this or other great mortgage loan products, Contact us today.
Team Move lends these products in areas such as Wilmington, Leland, Hampstead, Jacksonville, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC.
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.