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The Community Partners Loan Pool (CPLP) provides qualified home buyers with down payment assistance:
CPLP assistance is structured as a 0% interest, deferred second mortgage. The term of the CPLP loan matches the term of the first mortgage. The CPLP Loan has no monthly payment and is typically repaid when the home is sold or at the end of the loan term.
Borrowers may combine a CPLP loan with the NC Home Advantage Tax Credit, which offers up to $2,000 per year in federal tax savings with a Mortgage Credit Certificate, as well as with other down payment assistance loans or grants.
Eligible Home Buyers:
Requirement for Home Buyer Education
Home ownership is both a great opportunity and a big responsibility. The NC Housing Finance Agency wants to help individuals and families not just buy a home but to be successful homeowners. That’s why we require every borrower using CPLP funds to complete at least 8 hours of home buyer education and counseling before their application can be submitted for consideration.
Most borrowers complete an 8-hour, in-person home buyer education class or series of classes offered by the CPLP member or a partner agency. Borrowers also receive housing counseling to assess their readiness for buying a home. Items reviewed include household budget and credit history as well as any questions the borrower(s) may have.
The Agency provides another option for borrowers, Homebuyer Express, an online pre-purchase education course from Community Ventures Corporation that takes an estimated 4 to 5 hours to complete. Homebuyer Express is based on NeighborWorks America’s acclaimed “Realizing the American Dream” curriculum and exceeds the National Industry Standards for Home Ownership Education and Counseling.
Taking Homebuyer Express may be more convenient for borrowers who cannot easily attend a class in person. Before a potential borrower starts Homebuyer Express, they should talk with a CPLP member to ensure they are eligible for assistance and that completing an online education course is part of their home ownership readiness plan. Please note that borrowers completing Homebuyer Express must still complete additional hours of in-person education and counseling provided by a CPLP member or a partner agency.
The cost for taking Homebuyer Express is $50; however, the Agency will provide a 30% discount to prospective CPLP borrowers. Customers interested in Homebuyer Express can click below to learn more and get started.
Applying for CPLP Assistance:
Interested home buyers must contact a local CPLP Member for further assistance. If the Member determines the borrower is potentially eligible and the home to be purchased meets program guidelines, they will submit an application for CPLP assistance on behalf of the home buyer(s). Please note that NCHFA will only accept applications submitted by a CPLP Member.
Home buyers(s) must allow enough time (usually more than 60 days) for the CPLP Member to evaluate their readiness to purchase a home, provide home buyer education & counseling, collect documents and review the home inspections.
Finally, potential buyers must contact a CPLP Member to develop a home ownership readiness plan for education and counseling before signing a sales contract on a property.
You can now schedule a free consultation with me about the low down payment programs we have for you. We also have low credit score programs with 3.5% down. Schedule Now by clicking Let's Talk