2. Low Down Payment Options
A Comparison of NC Housing Conventional, Community Opportunity and USDA Loan Programs

3. Down Payment Credit Score
NC Housing Conventional
Community Opportunity
USDA 3% 0%
Credit Score
NC Housing Conventional
Community Opportunity
USDA
640
680

4. Income Limits Maximum Debt-to-income
NC Housing Conventional
Community Opportunity
USDA
$87,500
100% HUD for county
Based on county and family size
Qualifying income
Household income
Maximum Debt-to-income
NC Housing Conventional
Community Opportunity
USDA
41% total
45% total
29% housing

5. Terms available Example of Rates for 30 year fixed (as of 5/22/2017)
NC Housing Conventional
Community Opportunity
USDA
30 year fixed
30, 25, 20, 15, 10 year fixed; 5/1 ARM, 7/1 ARM, 10/1 ARM
Example of Rates for 30 year fixed (as of 5/22/2017)
NC Housing Conventional (with 3% DPA
Community Opportunity
USDA
4.625%
(APR 5.497%)
5.25%
(APR 5.392%)
3.625%
(APR 4.187%)

6. Eligible Property Types
NC Housing Conventional
Community Opportunity
USDA
1 unit only
Detached
Condos meeting Fannie Mae Full Review
Townhomes
Condos meeting Fannie Mae Limited Review

7. Employment Own Other Property
NC Housing Conventional
Community Opportunity
USDA
2 year work history
2 years continuous or 1 year of school and 1 year of employment
2 years work history or 1 year of school and 1 year of employment
Own Other Property
NC Housing Conventional
Community Opportunity
USDA
Yes No
Maybe - situational

8. NC Housing Conventional Community Opportunity
Mortgage Insurance
NC Housing Conventional
Community Opportunity
USDA
Up Front or Guarantee Fee
None 1%
Monthly
18% coverage
.35%
Mortgage insurance on NC Housing Conventional varies based on factors such as credit score, DTI, etc.

9. Seller Contributions Gifts allowed
NC Housing Conventional
Community Opportunity
USDA
3% of purchase price
Unlimited
6% of purchase price
Gifts allowed
NC Housing Conventional
Community Opportunity
USDA
Yes

10. Non-Occupant Co-borrower
NC Housing Conventional
Community Opportunity
USDA
Allowed – income included in income limit for qualifying income
Not allowed
Homebuyer Education
NC Housing Conventional
Community Opportunity
USDA
Yes
All allow education to be completed through MI companies

11. NC Housing Conventional Community Opportunity
Payment Comparison
NC Housing Conventional
Community Opportunity
USDA
Total Loan Amt
$121,250
$125,000
$126,262
Rate
4.625% (APR 5.497%)
5.25%
(APR 5.392%)
3.625%
(APR 4.187%)
P & I
$623.39
$690.25
$575.82
Mortgage Ins
$99.02 $0
$36.51
Insurance
$41.67
Taxes
$100.00
Total Payment
$864.08
$831.92
$754.00
Scenario is based on purchase price of $125,000 on 30 yr fixed
Credit score of 680
Payments based on rate as of 5/22/2017
Guarantee fee financed