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North Carolina Community Partners Loan Pool (CPLP)

The North Carolina Community Partners Loan Pool (CPLP), administered by the North Carolina Housing Finance Agency (NCHFA), is a program designed to provide additional financial assistance to eligible homebuyers. By offering deferred second mortgages, CPLP reduces upfront costs and makes homeownership more attainable for low- and moderate-income households.

Benefits

  • Offers deferred second mortgages of up to 25% of the home’s purchase price, reducing the amount the buyer needs to borrow for a primary mortgage.
  • Assistance is provided as a zero-interest, deferred loan, with repayment typically required only upon sale, refinance, or transfer of the property.
  • Can be combined with the NC Home Advantage Mortgage or other NCHFA programs for comprehensive financial support.
  • Supports the purchase of single-family homes, townhomes, and condominiums across North Carolina.
  • Encourages long-term housing stability and equity building for eligible residents.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and property location within North Carolina.
  • The property must be located in North Carolina and used as the buyer’s primary residence.
  • Homebuyers must contribute a minimum of $1,000 of their own funds toward the purchase.
  • A minimum credit score of 640 is required, with lender-specific underwriting criteria also applicable.
  • Participants must complete a homebuyer education course and work with a CPLP-approved nonprofit housing organization.

Additional Information

The North Carolina Community Partners Loan Pool (CPLP) is a critical resource for residents seeking to make homeownership more affordable. By providing deferred second mortgages and reducing upfront financial challenges, the program empowers eligible buyers to secure stable housing and build long-term equity. Administered by the North Carolina Housing Finance Agency, this initiative strengthens communities and supports sustainable homeownership across the state.

Frequently Asked Questions About Our Program

What is the North Carolina Community Partners Loan Pool (CPLP)?

The Community Partners Loan Pool (CPLP) provides up to $50,000 in secondary financing to help eligible homebuyers cover down payment and closing costs for purchasing a home in North Carolina.

Who qualifies for the CPLP program?

Eligibility is open to low- and moderate-income buyers who meet income, credit, and property requirements. Buyers must use the home as their primary residence and work with an approved housing partner.

How much assistance does the CPLP provide?

The program offers up to 20% of the home’s purchase price or a maximum of $50,000, whichever is lower, to help with down payment and closing costs.

Is the assistance provided as a loan or a grant?

The assistance is a deferred, subordinate loan that is forgiven after 30 years, provided the homeowner meets program requirements and remains in the home.

What is the minimum credit score required for the CPLP program?

A minimum credit score of 640 is typically required, though exceptions may be considered based on individual circumstances.

Are there income limits for the CPLP program?

Yes, income limits apply and vary by household size and property location. These limits are updated annually to reflect current market conditions.

What types of properties are eligible for the CPLP program?

Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program requirements and are permanently affixed to a foundation.

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Can the CPLP program be used for newly constructed homes?

Yes, newly built homes are eligible as long as they meet program guidelines and are intended to be the buyer’s primary residence.

Is homebuyer education required for the CPLP program?

Yes, completing a homebuyer education course is mandatory to ensure buyers are prepared for the financial responsibilities of homeownership.

What is the maximum purchase price allowed under the CPLP program?

The maximum purchase price varies by location but is generally capped at $400,000 in most areas.

Can the CPLP program be combined with other assistance programs?

Yes, the CPLP can be combined with other state or local assistance programs, such as the NC Home Advantage Mortgage, to maximize financial support.

Are there debt-to-income (DTI) ratio limits for the CPLP program?

Yes, the program typically allows a maximum DTI ratio of 45%, although exceptions may be made based on other qualifying factors.

What fees are associated with the CPLP program?

Standard loan-related fees, such as origination, appraisal, and closing costs, may apply. Borrowers should confirm these costs with their lender and housing partner.

What happens if I sell or refinance my home before the loan is forgiven?

If you sell or refinance the home before the 30-year forgiveness period ends, the remaining balance of the CPLP loan must be repaid.

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Can the CPLP program be used to refinance an existing home?

No, the CPLP program is specifically designed to assist with purchasing a primary residence and does not apply to refinancing.

Are there location restrictions for the CPLP program?

Yes, the property must be located in North Carolina, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.

What are the benefits of the CPLP program?

The program reduces upfront costs with substantial down payment assistance, offers forgivable loans, and supports homeownership for low- and moderate-income buyers.

How do I apply for the CPLP program?

Applicants must meet eligibility requirements and work with an approved housing partner who will guide them through the application process.

What is the loan term for the CPLP assistance?

The CPLP assistance is structured as a deferred loan forgiven after 30 years, provided all program conditions are met.

Does the program have a first-time homebuyer requirement?

No, the CPLP program is open to both first-time and repeat homebuyers who meet all other eligibility criteria.

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