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Loan Programs for First Time Home Buyers

Are you a first time home buyer in the Greensboro NC area?  Are you ready to stop throwing money away on rent each month?  Think you need a sizeable down payment or just can’t afford a mortgage?  Well…THINK AGAIN!

Most North Carolinians are not aware that a program exists in our state through the North Carolina Housing Finance Agency that assists first time home buyers with down payment assistance and counseling to help new owners develop the solid financial habits that can keep them out of foreclosure.

The program serves to help potential home buyers bridge the gap between renting and home ownership.  There are many people who can afford a mortgage payment but find it difficult to save for a down payment.  This program has provided more than 5,300 loans since it started in 1994.  Income limits vary but there are limits for home prices – $220,000 for a new home and $210,000 for a resale.

Essentially, the the agency offers either a $4,000 or $8,000 down payment (depending on income) which is structured as a zero percent interest second mortgage when paired with their FirstHome low interest loan.  Qualifying for the FirstHome loan requires that a buyer first qualify for either an FHA, USDA or VA loan.

In conjunction with the down payment assistance and some negotiating with a home seller to pay for closing costs, there is little out of pocket for the buyer.  The program does require that they have at least $1,000 in the transaction which is usually a combination of earnest money, appraisal fees etc.

This is a wonderful program open to all residents 18 years of age or older in North Carolina.  For more information, give me a call!



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