North Carolina Community Partners Loan Pool (CPLP) Checklist
A comprehensive guide for applicants of the North Carolina Community Partners Loan Pool in 2025.
Assess Your Eligibility
- Confirm that your household income does not exceed 80% of the area median income (AMI) for your county. :contentReference[oaicite:0]{index=0}
- Ensure you have a minimum credit score of 640. :contentReference[oaicite:1]{index=1}
- Plan to occupy the purchased property as your primary residence.
- Verify that you do not own other residential property at the time of CPLP approval. :contentReference[oaicite:2]{index=2}
Gather Necessary Documentation
- Collect recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the CPLP application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Homebuyer Education and Counseling
- Participate in a minimum of 8 hours of homebuyer education and counseling through a CPLP member or an approved housing counseling partner. :contentReference[oaicite:3]{index=3}
- If opting for online education, complete the course through approved providers such as Framework or eHome America, followed by 4 hours of one-on-one counseling. :contentReference[oaicite:4]{index=4}
- Obtain certificates of completion for both the education course and counseling sessions to include in your application.
Submit Your Application
- Work closely with your Loan Officer to fill out your application for the CPLP.
- Provide all required documents to confirm your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.