That depends on the loan type and seller contribution. The NC Home Advantage Mortgage™ offers up to 3% down payment help for conventional, FHA, VA and USDA financing.  Our maximum Loan-to-Value conventional loan is 97%, so with DPA of 3% of the loan amount, your borrower would need very little of their own money.  On a sales price of $100,000, they would need about $90, which can come from their own funds, a gift, or another DPA source. In addition, the seller is allowed to contribute the maximum the loan program will allow. In the case of a 97% conventional, that amount is 3% of the sales price to put toward closing expenses.  There is no minimum contribution required by the borrower when using the NC Home Advantage Mortgage™.

No, if new construction, the contract price should include the construction cost, excluding the value of any labor form the borrower and/or the borrower’s family, plus the value of the land. The appraised value of the land should be used if the land was a gift.  If the land has been owned by the borrower for more than two years before construction begins, the cost of the land is not included.  If the land has been owned for less than two years, include the actual cost of the land to calculate acquisition cost.

The Seller Affidavit is required by the IRS for any Mortgage Credit Certificate (MCC) assisted loan.  If the form is not completed as required, the buyer is not eligible for the MCC and may not qualify to purchase the property.

Participating lenders are available statewide and can be found in our searchable database.

Loan Officers and lenders approved to work with the Agnecy can offer loans in any county in North Carolina. Your customer is free to contact multiple lenders and select the one that best fits their needs.