HUNDREDS of first time home buyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now “famous” 3% Down payment Assistance FORGIVABLE GRANT program available through NC Housing Financing!
These same first time home buyers are purchasing a wonderful $300,000 plus priced homes using the FHA Mortgage Loan Program! The 2014 FHA Maximum Loan amounts changed recently, and the NEW maximum loan amount in Raleigh (for instance) is now $280,600.
Here are some other ways you CAN obtain the 3.5% down payment for FHA loans
- Save it! if you have enough money in your IRA account, you might be able to borrow against the account (check with your employer) for your home purchase!
- Tax Return Refund: If you are getting a refund from your taxes – use it to buy a house!
- Gift: You can get a gift of the entire amount from family and friends, you can even use a BRIDAL REGISTRY to show who gave you the individual amounts!
- Grant from your Employer: there are some pretty specific guidelines about this – but many businesses, and municipalities offer these programs!
- Sale of an Asset: would you rather have a Bass Boat or a house? For some guys, it comes down to this!! (If you are thinking of this, please call us for details of how to document it!)
Documenting Gift Funds to close on your first home can be tricky. If you receive the gift funds in April (for instance) and you are not purchasing the home until August – then the money will have “seasoned” in your account, and very little documentation is required… but let’s say that you are getting the money pretty close to the time of loan approval, then we have a TON of documentation to do.
As you might know, you do NOT have to be a First Time Homebuyer to use FHA financing… but if you want to take advantage of the 3% Down Payment Grant from NCHFA, you need to be either a First Time Home Buyer, or you must not have owned a home in the last 3 years.
FHA does NOT have a maximum income requirement (like USDA), they do NOT have a geographical footprint (meaning you can only purchase some addresses, they only cap the maximum loan in each county)… Unlike VA loans, FHA does not require that the borrowers are married!!
Need more ideas about Gift Funds To Buy A House In NC?? You can also buy a HUD Foreclosed home for just $100 down payment! There are TONS of options available. Don’t let the image of a very small piggy bank hold you back from owing a home!
If you have questions about purchasing a home in Cary, Apex or Holly Springs and getting Gift Funds to close, please call Steve and Eleanor Thorne, 919-649-5058