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North Carolina Program Offers Down Payment Assistance To Home Buyers

I love being the bearer of good news!  There is just something special about sharing information with a home buyer than can make a difference in their ability to buy a home or continue to have to rent.

The North Carolina Housing Finance Agency announced changes to an already super program that offers assistance to home buyers in the state of NC of up to 3% of the loan amount.  This down payment assistance program comes in the form of a no interest, deferred second mortgage.  

OK….so what does this mean?  Essentially, it means that you can borrow up to 3% of the loan amount to help with the down payment on the purchase of your home and you will accrue no interest and make no payments on that loan for as long as you own the property!

In fact, after 10 years of owning the home, the assistance amount is “forgiven” at a rate of 20% per year so that after year 15, you would not have to pay back any of the borrowed funds!

Yes…that is truly free money!

Participants are no longer required to be first time home buyers and there is no limit in sales price as in previous versions of the program.  In addition, the income limit has been changed to $85,000 where only the income of the borrower is counted – meaning you no longer have to include “household income”.

The program can be used with FHA, VA or USDA loans and a minimum credit score of 640 is needed but heck…its a fantastic deal designed to help move people toward home ownership.

If you have any questions about the program or are interested in getting started down the path toward owning a home, give us a call and we would be happy to get the ball rolling for you!

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