CHIP – Community Homebuying Incentive Program

100% or 97% financing available with no PMI

Highlights:

Maximum loan: $417,000.00

Maximum income limits: 97% financing - $64,300.00, 100% financing - $51,440.00 household income. Can go higher for 5 and over person occupancy.

If home is located in a census tract area (about 60 in Mecklenburg county) the income limit is waived. No Income restrictions if moving in census area.

Ratios: 33% housing, 41% total debt. Can go up to 45% with 720 credit score and no other debt

Term: 30 year fixed only

Homebuyer Education: Required

Can use approved down payment assistance program for down payment, closing costs and prepaid, including seller funded down payment assistance.

Property: Single family residence, or condo

Minimum buyer contribution: $500.00

Reserves: 97% financing – one month PITI, 100% financing – two months PITI

Credit Qualifying:

No 30 day delinquencies within the past 12 months. Derogatory credit must be explained.

Collections may not have to be paid, but judgments must be paid off.

Student loan payments will not be counted in debt as long as payment will be deferred at least 12 months from loan closing.

For 100% financing, minimum credit score must be 660. No minimum credit score needed for 97% financing.

Non-traditional credit sources can be utilized. Must be opened and maintained for 12 months.

Minimum number is three sources of non-traditional credit, excluding rental verification.


If you are need assitance with buying or selling your home, please contact your Huntersville Area agent at 704 451 7051 or by email.

See Also:

Be The First To See Huntersville Area Hot New Listings as soon as they become available.

What would my Huntersville Area Home Sell For?