Neighborhood Advantage Loan Programs

The properties that qualify for the neighborhood advantage program are:

		Single family residence,
		Two-to-four unit properties, where the owner must occupy one of the units.

The income qualifications are determined by using the following standards:

		Median income of 80% or less of the metropolitan statistical area (MSA),
		Home must be located in a designated zip code, or
		Home must be located in a designated census tract.

The borrower who wants to qualify for the neighborhood advantage loan program must have

		Excellent and/or clean credit = A paper loan,
		No late payments showing on their credit record.

The neighborhood advantage loan program is a FNMA program and may come with the following attachments:

		Pre-payment penalties,
		Available optional buy-down programs