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N.C. Home Advantage™
I am pleased and excited to introduce the newest product from North Carolina Housing Finance Agency: the N.C. Home Advantage Mortgage™. Unlike the old $8k DAP program, which was complicated and time consuming, this new program is streamlined and simple. Some major bullet points are: · 3% down payment assistance. · DAP is forgiven after 15 years · 640 minimum FICO score. · $85,000 maximum income limit. · No program limit on purchase price. · Used with FHA, USDA or VA. The 3% DAP is deferred for the first 10 years and for years 11-15 the loan is forgiven at 20% per year. The $85,000 maximum income limit is for all counties of North Carolina, regardless of family size, and it only applies to borrowers’ income not household income. N.C. Home Advantage™ is restricted to the purchase of a primary residence only. Manufactured homes, second homes and investment properties are not allowed. I believe most of these loans will be used with a FHA first mortgage. FHA has a minimum requirement of 3 ½% down. If the borrowers have a 3% DAP then only ½% more will be needed. I will repeat this; ... more
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