Your Home Purchase Can Be More Affordable With The Community Partners Loan Pool

The Community Partners Loan Pool (CPLP) helps income-qualifying households purchase affordable homes in North Carolina. Through a partnership with nonprofit and local government housing organizations, the CPLP offers a deferred, zero-percent interest second mortgage that can reduce a monthly mortgage payment by up to 15%. The CPLP is most frequently used in conjunction with the N.C. Housing Finance Agency’s N.C. Home Advantage Mortgage™ or a USDA Section 502 Loan. For first-time home buyers, a Mortgage Credit Certificate may be available based on household income. The CPLP offers a zero-interest, deferred second mortgage: • Up to 15% of the purchase price when combined the Agency’s NC Home Advantage Mortgage, • Up to 10% of the purchase price when combined with an USDA Section 502 Loan, or • Up to 10% of the purchase price when combined with other first mortgage financing. Other mortgages must be

approved and demonstrate that the APR, fees, term, and monthly payment offered are better than those offered by the NC Home Advantage Mortgage.

• When combined with the NC Home Advantage Mortgage, CPLP can also be combined with the Agency’s Down Payment Assistance and/or the Mortgage Credit Certificate.

Potential home buyers saving as part of an Individual Development Account (IDA) savings program are also eligible for a $2,000 match (2:1) of their savings if applied to the purchase of the home. Eligible potential home buyers must: • Meet the Household Income Guidelines for the County in which they intend to purchase. All buyers must have a

household income at or below 80 percent of their county’s median. • Be able to reasonably afford the home they intend to purchase. • Demonstrate they have stable income and meet credit guidelines. • Qualify for an approved first mortgage. • Participate in a minimum of 8 hours of homebuyer education and counseling through the partnering organization. • Purchase a home that meets the quality standards of the program.

Eligible housing includes: • Homes built as part of the CPLP partner organization’s project • Existing homes rehabilitated to certain standards • Existing homes in a like new condition (generally 10 years old or newer in good condition) • Available newly constructed homes meeting certain site and neighborhood criteria • New homes built to either SystemVision™ or an Agency-approved green building standard

For a list of current participating nonprofits and local governments, please visit:

www.nchfa.com/Nonprofits/HPcommunitypartnersloan.aspx or CONTACT:

Charlotte-Mecklenburg Housing Partnership, Inc. 4601 Charlotte Park Drive, Ste. 350 Charlotte, NC 28217

704-342-0933 ext. 208 www.cmph.org / ajwilson@cmhp.org Altrea J. Wilson, NMLS #92604 VP- Mortgage Services