1% Down Purchase Program
1% down payment (from borrower)
Remaining 2% down payment funded by Lender Grant
Borrower Paid Monthly or Lender Paid Mortgage Insurance Options
No Investor LLPAs!
LLPA = Loan Level Pricing Adjustments. Usually, a lower down payment or higher loan-to-value loan will have a pricing adjustment that equates to a higher interest rate. Other factors such as a lower credit score also impact this. This program does not have such pricing adjustments.
Client Qualifications
Must make less than or equal to 80% of the area median income for the subject property
Minimum FICO® Score of 620
Minimum down payment of 1% required
Minimum LTV/CLTV/HCLTV of 95.01%; maximum LTV/CLTV/HCLTV of 105% (with an eligible Community Second)
Maximum loan amount of $350,000
For more information
2023 North Carolina Income Limits
Most Affordable Housing Programs allow up to 80% of the Area Median Income to be used for the income limits. HUD approves new Area Median Income Limits increasing the income limits for Affordable Housing Programs effective 6/15/23.
