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.