home ownership is available!
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Brandy LeeMortgage Loan Officer
301 East Arlington Blvd • GreenvillePhone: (252) 321-1541 Cell: (252) 944-7216
It’s easy as…
1. Prequalify for your mortgage financing
2. Allow a Realtor® to help you in finding your dream home
3. Buy on or before December 1, 2009
$8,000 Tax Credit
We want to help!
•Lots of programs and financing available for 1st time homebuyer
•To explain a few…
NCHFA (North Carolina Housing Finance Agency)
If your income is modest, a low-interest mortgage from the North Carolina Housing Finance Agency can make the difference between owning a home and dreaming about it.
NCHFA offers 30-year, fixed rate mortgages at competitive interest rates for new homes, existing homes, and homes under construction.
For home buyers that need extra help, NCHFA offers interest-free, deferred second mortgages to help pay down payment and closing costs.
Choose a NCHFA loan if you:
• Are buying a home in North Carolina •Are a first time home buyer, or you have not owned a home as your principal residence during the past three years
• Annual household income does not exceed the maximum income limits allowed for your county
Pitt County Income Limit: 1-2 person household - $54,500 3 person household - $62,000 4 person household - $62,000
• Are a reasonable credit risk
NCHFA Second Mortgages (DAP Loans)
Down Payment Assistance loans are available to borrowers up to $8,000 as a 2nd mortgage on the home.
Borrowers must have at least $1,000 of their own funds in the purchase transaction.
Liquid cash reserves after closing cannot exceed the amount of the DAP Loan multiplied by 1.5.
The property must meet NCHFA’s property standards. -the property must be safe, decent and sanitary -the home must be built prior to January 1, 1978
Continued…
Rental property currently occupied by a tenant is eligible for a DAP Loan only if that tenant is the prospective homebuyer.
Borrowers must receive homeownership and budgeting counseling.
Household income limits do apply. -1 person household - $28,900 -2 person household - $33,050 -3 person household - $37,150 -4 person household - $41,300
The loan must meet all other NCHFA underwriting guidelines.
(Federal Housing Administration)
What is an FHA Loan?
An FHA loan is guaranteed by HUD. This allows lenders to make high loan to value mortgages with reasonable underwriting guidelines. Sometime homebuyers
will qualify even if they do not qualify for other mortgage programs.
Benefits of FHA Loans
•Minimal down payment
•Minimal credit score requirements
•Gift funds allowed
• No prepayment penalty
• An FHA loan may be assumable
USDA Loan/Rural Development Loan
(United States Department of Agriculture)
•100% financing available
•NO private mortgage insurance required
•30 year fixed rate mortgage
Highlights of USDA
•New or existing homes
•Must be located in Rural Areas
•Income limits1 person: $49,5502 person: $56,6003 person: $63,7004 person: $70,750
Want More?
With a mortgage credit certificate (MCC) you can save up to $2,000 per year you occupy your new home. This can be used in junction with new $8,000 Federal Tax Credit.
You are eligible for the MCC if…
•Meet Income & Sales Price Limits•Income limit: $62,000•Sales Price Limit: $220,000
•1st Time Home Buyer – (Have not owned home in the past 3 years)
About Us
• Banking since 1902
• Eastern NC Bank, home office in Washington, NC
• 3 branches in Greenville to serve our customers
301 E. Arlington Blvd
Greenville, NC 27835
1707 SE Greenville Blvd
Greenville, NC 27835
907 East Firetower Road
Winterville, NC 28590
• We offer free checking
• On line banking
Our Products.
• Specialize in mortgage lending
• Local loan operations: in Washington, processing, underwriting, closing, servicing
• In house underwriting
• Full menu of mortgage loan programs
Conclusion
Now is the time to own the American Dream. Rates continue to be at historical lows! Call me today for any additional questions you may have.
Brandy LeeMortgage Loan Officer
301 East Arlington Blvd • GreenvillePhone: (252) 321-1541 Cell: (252) 944-7216