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WACHOVIA BANK & TRUST CO., N.A. <br />NEIGHBORHOOD REVITILIZATION PROGRAM <br />Affordable Housing Mortgage Loans <br />Property Type: Owner occupied, single family dwellings (including townhomes <br />and condos, minimum 850 sq.ft.). <br />Loan Amount: Maximum $60;000 (renovation loans up to $50,000). <br />Down Payment: Minimum 3% (loan amount not to exceed 97% of the appraised <br />value or purchase price, whichever is less). Sources of downpayment: <br />Savings, documented gifts and secondary financing from city /county. <br />Maximum Income: $30,000 per family (exceptions may apply for large families). <br />Qualifying Ratios: <br />1st Ratio: Total mortgage payment (PITI & HOA) cannot exceed 35% of <br />borrowers' gross monthly income <br />2nd Ratio: Total mortgage payment and total monthly debt cannot exceed <br />50% of the borrowers' gross monthly income. <br />Closing costs: $300 origination fee, reduced attorney and appraisal fees, no <br />discount points, no application fee, no credit report fee, no mortgage <br />insurance requirements. <br />Terms: Maximum 30 years, reduced interest rate. <br />Rate Lock -In: For 60 days of application. If rate goes down, lower rate <br />will be given. <br />Employment: Two years verification by W -21s. Self - employed - 2 years tax <br />returns. <br />Credit History: Satisfactory credit history or history of rent or utility <br />payments. <br />Mortgage Credit Certificate: Through NCHFA. Can reduce federal income tax <br />for first time home buyers. <br />For Additional Information Contact: <br />Joy E. Paige John S. Towles Bill Rogerson <br />(919) 967 -7061 (919) 929 -6700 (919) 967 -7061 <br />