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Community Partners Loan Pool (CPLP). Income-Targeted Down Payment Assistance to combine with NC Home Advantage Mortgage™. Community Partners Loan Pool (CPLP). Down Payment Assistance : Up to 20% of Sales Price , not to exceed $30,000.00 , when paired with a NC Home Advantage Mortgage™
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Community Partners Loan Pool (CPLP) Income-Targeted Down Payment Assistance to combine with NC Home Advantage Mortgage™
Community Partners Loan Pool (CPLP) Down Payment Assistance: • Up to 20% of Sales Price, not to exceed $30,000.00, when paired with a NC Home Advantage Mortgage™ • O%, deferred payment, 2nd mortgage, term matches 1st mortgage
CPLP: Benefits & How This Might Work • Reduces Monthly Mortgage Payment by up to 20%* • No Private Mortgage Insurance (PMI) if paired w/ Conventional loan • No payments due* until end of 1ST Mortgage term (typically 30 years)
Community Partners Loan Pool (CPLP) A few stats from 2018: • # loans closed = 294 259 NC Home Ad + 35 USDA 502 • Avg. HH Income = $36,896.00 • Avg. HH Size = 2.7 persons • Avg. Sales Price = $170,557.00 • Avg. Loan Amount = $28,606.00 Ran out of $ the last quarter for the last 2 years For 2019, increased budget to $10 Million • Funding for at least 333 loans @ $30K max.
CPLP: Main Requirements • Low- to Moderate-Income households at or below 80% of Area Median Income • All borrowers must complete at least 8-hrs. of Homeownership Education & Pre-Purchase Counseling • HomeSale Price < Prg. Limit for County • Best Fit: New Homes or Homes < 10 Yrs. • Must apply thru a local CPLP Member
Comparison w/ NC Home Advantage NC Mortgage Advantage Mortgage™ Community Partners Loan Pool • Up to $87,500 statewide (Applicant Income) • Minimum Credit Score: 640 • No Housing Ratio • DTI Ratio: Max of 43% • Home Buyer Education only required for FTHB • No min. borrower contribution • Apply thru NC Home Advantage Mortgage™ lender • Up to 80% Area Median Income (Household Income) • Minimum Credit Score: 640 • Housing Ratio: 25% Min / 32% Max • DTI Ratio: Max of43% • Min. 8 Hrs. HBEducation and Pre-purchase Counseling for ALL borrowers • Min.$500 borrower contribution • Apply thru local CPLP Member
CPLP: Eligible Homes NC Home Advantage Mortgage™ Community Partners Loan Pool • Single family, townhomes, condos, duplexes & new manufactured • Property age: No restrictions • Maximum Sales Price Depending on Loan Type • Best Fit: New Homes andExisting Homes < 10 Yrs. • Avoid Pre-1978 Homes (Lead-based Paint) • Maximum Sales Price Limits • Homes > 10 Yrs. musthave 5 Yrs. Usable Lifeon Critical Building Systems. Consult CPLP Member EARLY!
Who Are Our CPLP Members? To download a list of current CPLP members with contact info and a list of counties served: www.nchfa.com/homeownership-partners/community-partners/current-community-partners
Who are our CPLP Members? Agencies that work with Low- and Moderate-income Home Buyers: • Non-profit Housing Developers of for-sale homes • Non-profit Service Agencies that provide home buyer education & counseling • Public Agencies which offer First Time Home Buyer programs
Lender& CPLP Member Referrals CPLP Memberrefers CPLP eligible borrower to NC Home Advantage™ Lender as well as helps borrower(s) become “mortgage ready.” NC Home Advantage Lenderrefers borrower to CPLP Member for Education, Counseling & Down Payment Assistance or Credit Repair Loan officers & CPLP Members who support layered financing are a gift to their community. What a fantastic way to make a difference in the lives of your borrowers!
