{"id":598,"date":"2014-02-11T10:34:35","date_gmt":"2014-02-11T10:34:35","guid":{"rendered":"http:\/\/teammovemortgage.com\/2014\/02\/11\/nc-home-advantage-97-fannie-mae-mortgage-with-down-payment-assistance\/"},"modified":"2020-07-13T22:37:43","modified_gmt":"2020-07-13T22:37:43","slug":"nc-home-advantage-97","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/nc-home-advantage-97\/","title":{"rendered":"NC Home Advantage 97% Fannie Mae Mortgage with Down Payment Assistance"},"content":{"rendered":"<p>NC Housing Finance Agency unveiled this great, low down payment\u00a0mortgage loan.\u00a0 So this\u00a0helps North Carolina buyers finance a primary residence affordably.\u00a0 It is called the NC Home Advantage 97% Fannie Mae loan.\u00a0 We are also an approved lender and have approved loan officers offering\u00a0NC Housing Finance Agency products.<\/p>\n<p><strong>Some details of the NC Home Advantage 97% Mortgage include<\/strong>:<\/p>\n<ul>\n<li>North Carolina properties<\/li>\n<li>Primary residence only<\/li>\n<li>$87,500 maximum borrower income<\/li>\n<li>First time or move up buyers (if using the MCC tax credit, must be a first time buyer)<\/li>\n<li>640 minimum credit score<\/li>\n<li>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<\/li>\n<li>The 3% down payment assistance is forgiven at 20% per year in years 11 &#8211; 15 and is a 0% rate with no required payments<\/li>\n<li>Lower PMI than <span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\">FHA<\/a><\/span> or the former Fannie Mae 97% program which lowers the monthly payment and PMI is not life of loan like <span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\">FHA<\/a><\/span><\/li>\n<li>Debt to income ratio up to 41% (effective 3\/20\/2017<\/li>\n<li>Single family,\u00a0townhome, and Fannie Mae approved condos only<\/li>\n<li>Can combine with NC Housing&#8217;s <span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/1st-time-buyer-mcc-tax-credit-nc\/\" target=\"_blank\" rel=\"noopener noreferrer\">MCC tax credit<\/a><\/span> if a qualifying first time homebuyer. \u00a0For household income limits on the MCC tax credit, click <span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/1st-time-buyer-mcc-tax-credit-nc\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><\/span>.<\/li>\n<li>Maximum seller paid closing costs for over 90% is 3% of the sales price<\/li>\n<\/ul>\n<p>To qualify for this or other great mortgage loan products, <span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">Contact us today<\/a><\/strong><\/span>.<\/p>\n<h4><em>Team Move\u00a0lends these products in\u00a0areas 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.\u00a0<\/em><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>NC Housing Finance Agency unveiled this great, low down payment\u00a0mortgage loan.\u00a0 So this\u00a0helps North Carolina buyers finance a primary residence affordably.\u00a0 It is called the NC Home Advantage 97% Fannie Mae loan.\u00a0 We are also an approved lender and have approved loan officers offering\u00a0NC Housing Finance Agency products. Some details of the NC Home Advantage [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,17,19],"tags":[6,7,8,9,10,11,12,13,14,15,16,18,20,21],"class_list":["post-598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-products","category-recent-changes","tag-down-payment-assistance","tag-down-payment-source","tag-dpa","tag-first-time-buyers","tag-homebuyers","tag-low-down-payment","tag-lumberton-board-of-realtors","tag-mortgage-faqs","tag-nc-home-advantage-97","tag-nc-housing-finance-agency","tag-north-carolina","tag-realtors","tag-team-move","tag-wrar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NC Home Advantage 97% Program is Great for NC Buyers<\/title>\n<meta name=\"description\" content=\"NC Home Advantage 97% Fannie Mae program helps NC buyers purchase a home with or without down payment assistance. Other DPA programs available too\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/teammovemortgage.com\/blog\/nc-home-advantage-97\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NC Home Advantage 97% Program is Great for NC Buyers\" \/>\n<meta property=\"og:description\" content=\"NC Home Advantage 97% Fannie Mae program helps NC buyers purchase a home with or without down payment assistance. 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