If you are dreaming of buying your first home, but not sure you can afford it, a low-interest mortgage and downpayment assistance may be just the help you need. The North Carolina Housing Finance Agency helps make home ownership affordable for first-time buyers by selling tax-exempt Mortgage Revenue Bonds and issuing Mortgage Credit Certificates (MCC) under federal authority.
If your income has kept you out of the housing market, the North Carolina Housing Finance Agency may be able to help you.
If you are a first-time home buyer, you may be eligible for
- a competitive interest rate mortgage
- downpayment assistance up to $8,000.
If you qualify, you may be eligible for a Mortgage Credit Certificate (MCC). This federal tax credit can lower your income-tax liability, dollar-for-dollar, leaving you more money to use toward your mortgage.
FirstHome Mortgage What are the terms?
We offer 30-year, fixed-rate FHA, VA, USDA, and conventional mortgages at interest rates that are below or competitive with market rates to first-time home buyers. FHA loans are insured by the Federal Housing Administration; VA loans are guaranteed by the Department of Veterans Affairs for eligible veterans; USDA loans are guaranteed by the U.S. Department of Agriculture for rural areas; and conventional loans are insured by a private mortgage insurance (pmi) company. This insurance is paid to the lender if the buyer defaults on the loan. Loans are available through participating lenders.
Down payments are usually 0% to 3.5% of the sales price. VA and USDA loans offer 100% financing to qualified buyers while conventional loans may be eligible up to 80% financing. Click the link to read more details about FirstHome Mortgage.
Downpayment Assistance up to $8000
Home buyers who need help with the down payment and closing costs may qualify for interest-free, deferred second mortgages up to $8,000. You pay $1,000 from your own funds, and the loan pays up to $8,000 of the balance.
Payment on the principal isn't due until 30 years from the date of the loan. Payment is due earlier if you sell, transfer, or refinance your home; if your loan goes into default; or if the home ceases to be your principal residence.
To qualify for the $8,000 downpayment assistance, your income and the home's sales price must fall with in NCHFA's established limits. You must also have a minimum credit score of 650 to qualify for down payment assistance.
Homes built before January 1, 1978 and homes that are tenant-occupied, are not eligible for NCHFA down payment assistance. For more details click the link below.
You also may be able to qualify for assistance through selected nonprofit or government agencies that offer deferred second mortgage loans of up to $25,000 for the purchase of their newly constructed homes.
The funds are available to eligible home buyers who work through local agencies under the North Carolina Housing Finance Agency’s New Homes Loan Program. The second mortgage is targeted to home buyers with incomes below 80% of the area's median income.
The maximum second mortgage amount is $25,000 per unit, or 20% of sales price, whichever is less. The minimum loan amount is $5,000 per unit. See a list of non-profit and government agenices in the Jacksonville, New Bern and Kinston areas that may offer the New Homes Loan Pool Program.
Good New's for First-Time Home Buyers in North Carolina: MAKE HOME HAPPEN With a Mortgage Credit Certificate! Save up to $2,000 a year on income taxes Sale Price up to $220,000 Can be used every year for the life of the loan Available thru the North Carolina Housing Finance Agency.
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