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Am I Eligible for a NC Housing Finance Agency Low-Interest Mortgage?
You may be eligible if:
•You buy a home in North Carolina.
•You are a first-time homebuyer, or you have not owned a home as your principal residence during the past 3 years.
•Your annual household income doesn’t exceed the county’s allowable maximum income limits.
•You are a reasonable credit risk.
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What are the Terms of the Loan?
The NC Housing Finance Agency’s fixed rate, 30-year term loans have a below market fixed interest rate and lower private mortgage insurance and closing costs.
•Mortgages can be FHA, VA, USDA or conventional.
•Down-payments are usually 0% to 5% of the sales price. VA and USDA loans are available at 100% financing.
•NC Housing Finance Agency offers up to $8,000 in down-payment assistance at 0% interest to qualified buyers.
•Buyers who do not use North Carolina Housing Finance Agency down-payment assistance may use gift funds from a family member topay down-payment and closing costs.
•Closing costs may be paid by either the buyer or the seller.
•The buyer must occupy the home as a primary residence within 60 days of closing.
What Kinds of Property Qualify?
•New and previously-owned detached homes
•Townhouses and Planned Urban Developments
•Condominiums
•Modulars
The maximum allowable sales price is $220,000 for new construction and $210,000 for existing homes.
Do I Qualify for Down-Payment Assistance?
The North Carolina Housing Finance Agency can provide a second mortgage loan for your down-payment and closing costs. You must pay $1,000 from your own funds. The loan pays all or a substantial part of the balance.
The second mortgage is deferred and interest-free. You repay only the principal amount of the loan. Payment is due 30 years from the date of the loan, or when one of the following occurs: you sell, transfer, or refinance your home; your loan goes into default; or the home ceases to be your principal residence. To qualify, you must be eligible for a NCHFA loan and your income must fall within certain limits, which are lower than the limits for a first mortgage without down-payment assistance. The sales price cannot exceed $220,000 for a new home, or $210,000 for an existing home.
Homes built before January 1, 1978 and homes that are tenant-occupied are not eligible for NCHFA down payment assistance
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Things To Do |
| Make the
decision to buy a home.
Get your finances in order.
Call Granite Mortgage and set up an appointment to
obtain a pre-qualification.
GET PRE-APPROVED FOR A MORTGAGE.
Become familiar with different housing types.
Make a list of your requirements
and also your “wants”.
Decide on the location where you want to live.
Choose a real estate agent.
When looking at various homes, keep a list of the
properties and the pros and cons of each. |
When Applying for
a Loan |
Things
you should NOT do when applying for a home loan!
This is a list of things to steer clear of when
you are seeking to obtain financing for a home.
The following actions, if taken, may prove to be
a detriment when you are moving forward in a loan
process.
Don't buy or lease an auto!
Don’t move assets from
one bank account to another!
Don't change jobs!
Don't buy new furniture or major appliances for
your new home!
Don't let anyone, other than the lender, run your
credit report!
Don't attempt to consolidate bills before speaking
with your lender!
Don't pack/ship information needed for the loan
application!
We currently have over 4,000 creative programs to
fit your needs. Please call to set up your FREE No-Obligation
Consultation where we will meet and tailor a program
to fit your specific needs and comfort levels for
a monthly payment and investment. |
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