ADVERTORIAL
Get More Clients to the Closing Table with Affordable Mortgage Products BY MADISON FISLER LEWIS, NC HOUSING FINANCE AGENCY
First-time buyers make up a massive part of the home buyer demographic—31% of current buyers nationwide are buying a home for the very first time. Many of these buyers are millennials facing new challenges and barriers to home ownership, with lack of down payment, high debt and rising home prices topping the list. Affordable mortgage options from the NC Housing Finance Agency—a self-supporting public agency—can help buyers overcome these obstacles and help you to broaden your market and secure new clients for the long-term. Help Your Clients Finance Their Home Ownership Dreams The NC Home Advantage Mortgage™ offers stable, fixed-rate FHA, USDA or VA loans and forgivable down payment assistance up to 5% of the loan amount for qualified first-time and move-up buyers. The mortgage also offers 3% down payment assistance on conventional 97% LTV loans, reducing the amount of money your buyer has to bring to the table and making it more affordable for your clients to sign on the dotted line. First-time buyers (anyone who hasn’t owned a principal residence in three years) and military veterans who qualify for the NC Home Advantage Mortgage™ can get a more substantial down payment boost with the Agency’s NC 1st Home Advantage Down Payment, which offers $8,000 in forgivable down payment help. Repayment of both down payment options is only required if the buyer sells, refinances or transfers the home before year 15 and is forgiven at a rate of 20% per year starting at the end of year 11. These options can help your buyers overcome the down payment hurdle and get them that much closer to making their dreams of owning a home a reality. First-time buyers and military veterans may also be eligible for the NC Home Advantage Tax Credit, a Mortgage Credit Certificate (MCC) issued by the Agency that can save your buyers up to $2,000 per year on federal income taxes.
This frees up more money for buyers to put toward their mortgage, which just might make the difference for clients struggling to afford a home in a tight housing market. Buyers must apply and be approved for an MCC before the home purchase and can combine these tax savings with the NC Home Advantage Mortgage™ and its 5% down payment assistance, but not with the $8,000 assistance provided with the NC 1st Home Advantage Down Payment. In conjunction with the NC Home Advantage suite of products, we offer community home buying programs, which can help new buyers purchase homes in partnership with local governments and nonprofit organizations. The Community Partners Loan Pool finances 0% interest, deferred subordinate mortgages for up to 20% of the sales price of a home when used in conjunction with the NC Home Advantage Mortgage™ or 10% when combined with a USDA Section 502 loan. This program gives buyers more buying power in the market, as the Community Partners Loan Pool may also be combined with other down payment assistance programs, including the $8,000 down payment help provided by the NC 1st Home Advantage Down Payment. Get Educated with Our Marketing Resources If you want to use the Agency’s mortgage products to grow your client base, the Agency offers virtual trainings that not only provide continuing education credits but also secure your spot on the Agency website as a preferred real estate agent. This listing is a fantastic avenue for increasing your exposure to potential clients and generating more leads as it serves as an endpoint for the Agency’s product marketing. When potential buyers see our products, they find you next! The Agency also provides an extensive library of marketing resources, including videos, a specialized newsletter, customizable fliers, social media promotions and infographics to help you reach potential home buyers where they are and convert them into long-term clients for you. To learn more about how the Agency can help you reach more clients, find training classes and access free marketing materials, visit nchfa.com/real-estate-agents. ncrealtors.org • INSIGHT 31
