Community Partners Loan Pool

The North Carolina Housing Finance Agency provides financing to local governments and nonprofit organizations to build and rehabilitate homes for low-wealth North Carolinians. The Community Partners Loan Pool (CPLP) provides qualified home buyers with down payment assistance:

  • Up to 25% the sales price, not to exceed $50,000 (effective September 1, 2022), when using a NC Home Advantage Mortgage™. 
  • Up to 10% of the purchase price when using a USDA’s Section 502 loan.

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 1st Home Advantage Down Payment or the NC Home Advantage Tax Credit as well as with other down payment assistance loans or grants.

The program is available through local community partners.

Buyer Eligibility

Your buyers should contact a CPLP Member to determine eligibility and find an available home and will need to complete an approved home buyer education course and at least two hours of housing counseling. To qualify for this assistance, buyers must meet the following requirements:

  • Qualify for an NC Home Advantage Mortgage™ or USDA Section 502 Loan.
  • Total household income at 80 percent or below of the Area Median Income for the county in which they intend to purchase a home.
  • Proof of sufficient, stable income to afford and maintain their potential home.
  • Minimum credit score of 640.
  • Housing ratio between 25% to 32% and total debt-to-income ratio no more than 45%.

Property Eligibility 

  • Newly constructed house or an existing home in “like new” condition (i.e. less than 10 years old or with an effective life of 10 years or less). 
  • The sales price cannot exceed the Sales Price Limit for the county.
  • All newly constructed homes must receive a Certificate of Occupancy (less than 12 months old at the time of closing).
  • All existing homes must pass two inspections: (1) a Home Inspection by a licensed NC home inspector; and (2) a Local Housing Code Inspection or in the absence of a local Housing Code, a Housing Quality Standard (HQS) Inspection. Any significant deficiencies identified that threaten the property or borrower must be repaired before assistance can be approved.  Repairs and replacements may be required for the home to be eligible for CPLP.

NOTE: An existing, older home that has been comprehensively rehabilitated and received a Certificate of Occupancy will be treated like a newly constructed home.

Press &
Investors

North Carolina Housing Finance Agency / 3508 Bush Street / Raleigh, NC 27609 / 919-877-5700

Disclaimer (please scroll and read, then proceed below)

All information contained on the following Web pages is obtained from the Agency’s books and records, and is believed to be accurate and reliable. Reference should be made to the official statement and operative documents of each series of bonds referred to herein for complete information on that issue. Because of the possibility of human and mechanical error as well as other factors, this information is provided "as is" without warranty of any kind and no representation or warranty, expressed or implied, is made, nor should any be inferred, as to the accuracy, timeliness, or completeness of this information. Under no circumstances shall North Carolina Housing Finance Agency have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any error (on account of neglect or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering this information, or (b) any direct, indirect, special, consequential, or incidental damages whatsoever, even if North Carolina Housing Finance Agency is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, any such information. This information relates to bond issues of the North Carolina Housing Finance Agency that have been sold and distributed in underwritten public offerings described in the related official statements. Each viewer of the aforementioned information acknowledges that (i) the North Carolina Housing Finance Agency is not now by this document offering any bonds or other securities, nor soliciting an offer to buy any securities, (ii) this information is not to be construed as any description of the North Carolina Housing Finance Agency-such offerings are only made pursuant to the appropriate official statements of the North Carolina Housing Finance Agency, (iii) the information provided speaks only as of the date thereof and the North Carolina Housing Finance Agency has not in any way undertaken to update such information, and (iv) no representation is made as to the propriety or legality of any secondary market trading of the bonds or other securities of the North Carolina Housing Finance Agency by anyone in any jurisdiction. The financial condition of the North Carolina Housing Finance Agency may have changed since the date this information was prepared.

© NCHFA 2024. All rights reserved. View Our Privacy Policy and Our Terms and Conditions.