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Loan Submission Process

The North Carolina Housing Finance Agency  makes the loan process as simple as possible for you and your home buyers.

View the basic steps below and remember that you can lock in your NC Home Advantage Mortgage™ interest rate, check the loan pipeline and more through our Online Lender Services (OLS) system. 

The Lender Pre-Qualifies the Home Buyer 

Determine if your home buyer is eligible for NC Home Advantage Mortgage™.  

The Home Buyer Submits a Loan Application 

Once you determine your buyer is eligible for an Agency mortgage product, lock in your NC Home Advantage Mortgage™ interest rate through OLS.

The Lender Processes and Approves a Loan

All government loans (FHA, VA, USDA) must be approved by Fannie Mae’s DU/DO, FHLMC’s Loan Prospector or USDA’s Guaranteed Underwriting System. The Agency requires approval by Fannie Mae’s DU/DO for conventional loans.

In addition to verifying all income sources, assets, credit history, property values, etc., you also will be required to complete the additional applicable Agency forms outlined in the buyer’s application submission section. 

The Lender Locks in the Interest Rate in OLS

You can lock in the interest rate for an NC Home Advantage Mortgage™ through the OLS System. A 60-day lock is placed on the rate. Within that time, we should approve and close the loan and have everything reviewed and purchased by the Master Servicer. Extension periods are available for an additional fee.

All applicable documents must be uploaded and approved by the Agency prior to closing.

Agency Approves Loan

All applicable documents uploaded via OLS will be reviewed within 48 hours of receipt.

If all requirements are met, the Agency will issue a commitment prior to loan closing. 

Lender Closes the Loan, and Master Servicer Reviews and Purchases

At closing, you will fund the NC Home Advantage Mortgage™, as well as any related subordinate mortgages. Your closing package should be uploaded to OLS within 10 days after closing.

If the Master Servicer reviews and approves the loan, it will schedule a purchase of the loan, which must be completed prior to the expiration of the 60-day lock period.