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 Home Sale 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 of 43% Min. 8 Hrs. HB Education and Pre- purchase Counseling for ALL borrowers Min. $500 borrower contribution Apply thru local CPLP Member

NC Home Advantage Mortgage™ Community Partners Loan Pool 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 and Existing Homes < 10 Yrs. Avoid Pre-1978 Homes (Lead-based Paint) Maximum Sales Price Limits Homes > 10 Yrs. must have 5 Yrs. Usable Life on 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 NC Home Advantage Lender refers borrower to CPLP Member for Education, Counseling & Down Payment Assistance or Credit Repair CPLP Member refers CPLP eligible borrower to NC Home Advantage™ Lender as well as helps borrower(s) become “mortgage ready.” 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!

NCHFA Comparison Chart of Home Buyer Prgs.