Deanna Valeo

97% NC Housing Finance Agency loans are great for any buyer

The North Carolina Housing Finance Agency (NCHFA):  NCHFA offers a 97% conventional loan, with a 2% down payment assistance, leaving only a 1% down payment required from the buyer. Rates available at this link.

Video Example of $200,000 purchase with 3% Seller Paid Closing Costs: 

Here are the basics:

- 97% loan to value loan 
- 2%  down payment assistance (2nd Mortgage
           *this is actually 3% of the loan amount) available, for a minimum of 1% borrower contribution 
- 18% Mortgage Insurance coverage required this is a reduced Mortgage insurance rate ="lower" payment - - Maximum combined loan to value (CLTV) is 105%, as the loan can be combined with House Charlotte
- 640 minimum (mid) credit score (In the mortgage world we use FICO scores);
- $85,000 maximum borrower income (not household income);
- Up to 45% Debt to Income ratio  (find out more on Debt to Income Ratios here)
- 60 day locks are available;

Eligible properties:  Single family homes, Townhouses and modular homes qualify (No condominiums or manufactured homes);

Down payment assistance is treated as second mortgage and is fully forgiven after 15 years. The balance is deducted 20% per year from years 11-15.

In addition to this product they have a no down payment product; you can get 100% financing.  Call us and we can talk over all the options.  Our Goals is to get you the most cost effective new home loan!  :-) 

Contact us for more information on these loans.

Accessible | Product Knowledge | On-Time Closings

Deanna Valeo NMLS 91421 and Todd Croy NMLS 91428  Equal Housing Lender



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