NATIONAL CITY'S NCHAMP MORTGAGE
National City Housing Affordable Mortgage Program

This program provides for a 1.5% interest rate discount on loans up to $359,650. For higher loan amounts, borrowers benefit from a 0.625% rate discount. As long as the property is being built or renovated in cooperation with National City's various Community Development Corporations, this may be the perfect loan.

For more details, call Michele Hackney, your National City Mortgage representative at 859-879-2205 or 859-533-6599.

Availability:	Only properties located in projects approved by National City's CDC are eligible for NCHAMP financing.	Eligible Properties:	Owner Occupied 1-4 family dwellings, Condominiums, PUDs and Manufactured Homes.
Loan Purpose:	Purchase transactions only. Refinance transactions are not allowed.	Term:	15 and 30 year terms available
Loan Amount Limits:	Fannie Mae conforming loan limits apply. 1 unit = $359,650 Jumbos up to $650,000.	Maximum Loan-to-Value:	Up to 97%
Down Payment Requirements:	Minimum down payment is 3%. See your National City Lender for more details.	Private Mortgage Insurance:	Required on all loans in excess of 80% LTV.

The NCHAMP Discount can be applied only to standard credit quality conventional loan programs.

Underwriting/Salability:
With the exception of the NCHAMP-specific guidelines outlined above, all NCHAMP loans will be underwritten to comply with current secondary market standards and requirements.

Down Payment Assistance:
Down payment assistance programs (DPA) can be used with this loan program. Standard community seconds requirements apply.

Pricing:
Conforming ($359,650 and below): 1.5% in rate below the current 0 point rate for conforming fixed rate loans.
Jumbo (Above $359,650): 0.625% in rate below the current 0 point pricing for Jumbo loans

For more information on National City's NCHAMP program, contact me today.