NC has one of the BEST First Time Home Buyer Programs Around! Yesterday, the Agency in charge of the program announced that it will be adding to and enhancing the program starting sometime in February of 2013.
Currently, to qualify a borrower (and their household / family) must meet fairly strict Income Requirements (set differently for each County), purchase a home that is below the maximum Sales Price (set differently for each County) and have a RENTAL History for at least the last 3 years.
That’s All Going To Change!
So what are the big changes? Here are some highlights:
- No first-time home buyer restriction (move up buyers are eligible too)!
- No forms! Yes, I’m not kidding. No NCHFA forms required (no seller affidavit, no affidavits period)
- 3% Down Payment Assistance Program (“DPA”) – that is forgivable over 15 years!
- $85,000 statewide income limit based on 1003 income (no longer use household income)
- No cash flow analysis or $1,000 investment required to get the 3% Downpayment Assitance Program
- Lower credit score of 640 (vs. 650) for the Downpayment Assistance Program
- Government loans types only (FHA, VA, and USDA)
- 60 day locks (no free extensions, sorry)
- No NCHFA sales price limitation (follow FHA, VA, or USDA sales price limits)
- MCC and Home Advantage product can be combined!
This is really really great news – especially since it looks like the USDA Home Loan Program is NOT going to be available for nearly 1/3 of our State starting at the end of September! You can currently use this program with the Mortgage Credit Certificate to purchase a home if you have at least 2 credit scores over 600!
As we get more details – we’ll fill you in! Here are details on First Time Home Buyer Programs, as it works TODAY. Please call Steve and Eleanor Thorne 919 649 5058 if you’d like for us to pre-qualify you to purchase with the new First Time Home Buyer Programs (or your second or third!) We think that the fact that you can use this program as a “move up” buyer is going to be HUGE!