Home Buying Can Be Within Reach for First Time Homebuyers
There is a new mortgage option for North Carolinians through the North Carolina Housing Finance Agency - the N.C. Home Advantage Mortgage. With the North Carolina housing market steadily improving and low interest rates, the N.C. Home Advantage Mortgage lowers the barrier many first time homebuyers face: insufficient funds for a down payment.
Details of the N.C. Home Advantage Mortgage
This one of a kind North Carolina mortgage offers a 30 year, fixed rate loan with competitive interest rates and down payment assistance for up to three percent of the mortgage amount, interest free. The down payment loan is repaid only if the borrower moves out of the home, sells, or refinances before the fifteenth year. Also, beginning in the eleventh year, the debt is reduced by twenty percent until it is forgiven fully after the fifteenth year. Buyers are required to use their home as their primary residence and have a credit score of at least 640 or higher. They must also have an annual income of up to $85,000 to be eligible. Additional requirements may apply if the mortgage is an FHA, VA, USDA, or other conventional type loans.
Stipulations around the Home Advantage Mortgage
A new or previously owned single family home, townhouse, condominium, duplex, or manufactured home on a permanent foundation can be bought with the N.C. Home Advantage Mortgage. Qualified first time home-buyers can combine the N.C. Advantage Mortgage with the Mortgage Credit Certificate (MCC), a federal home-buyer tax credit, since it uses no public funds. The MCC is based on household annual income and allows for a federal tax credit for up to thirty percent of the mortgage interest paid yearly. A. Robert Kucab, Executive Director of the NC Housing Finance Agency stated,
N.C. Home Advantage offers a great opportunity for a moderate-income home buyers, move-up buyers as well as first-timers. If a household is ready for home ownership, we believe that now is a great time to buy, and the N.C. Home Advantage Mortgage can make it happen.
For more information on the N.C. Home Advantage Mortgage, please refer to the documentation on NCHFA's own website. Since many of these financing options change over time, this should be your best source for obtaining the most up to date details.
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