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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 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 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 neighborhood advantage loan program is a FNMA program and may come with the following attachments: - Pre-payment penalties,
- Available optional buy-down programs
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