There are new down payment assistance available in NC to help first time home buyers buy a house! The program is not available through all lenders, and it is one that we are really excited to offer. These $15,000 down payment assistance are only available in Mecklenburg, Cabarrus, Guilford, Cumberland and Johnston County.
There are no more funds for this program available. Another program came out with $8000 down payment assistance available in 2018. Here are the other First Time Home Buyer programs we may be losing at the end of 2017.
The program is being offered as part of the US Treasury Department effort to help counties affected by high foreclosures during the recession. There are no monthly payments, and it can be used with most mortgage loan programs!
New Down Payment Assistance Available in NC
There are already two down payment grants available through the State of NC. One program offers a 3% DPA, and one offers a 5% DPA. The new $15,000 down payment assistanceworks much like the programs already established. These programs can pay the closing costs, down payment, mortgage insurance – pretty much anything associated with buying a house… except repairs.
The newest $15,000 DPA program has no re-payment and no interest as long as you live in the home for 5 years. Each year you live in the home, 20% of the $15,000 is automatically forgiven.
The $15,000 down payment grant AND the current 3% and 5% down payment DPA programs are available to anyone who has not owned a primary residence in the past 3 years. There are income caps for the programs based upon the area you are buying in, and with the new $15,000 DPA, there’s a sales price limit of $245,000.
A Quick Note
Consumers often refer to these programs as “mortgage grants” because there are no payments to be made, there is no interest charge, and there’s no expectation that you will have to repay ANY of the money you receive for down payment, unless you move out of the property or refinance prior to the dates assigned by your specific down payment assistance program.
The literal term for this down payment assistance program is a “forgivable loan.” Under the terms of the program that best suits you, a portion of this down payment assistance will be forgiven on a schedule that we will share with you when you make loan application. These funds are available to us through NC Housing (NCHFA) and are available through other lenders in the state as well. The interest rates for these programs, however, will not vary from lender to lender as that is set by NC Housing.
Qualifying for the New NC $15,000 Down Payment Assistance
The NC $15,000 down payment DPA program only has 15 Million in available funds. You must take $15,000 – meaning you can’t get a grant for $13,000, you must use all $15,000.
This math means there are exactly 1,000 loans that will be made with this forgivable program. There’s no indication that the Treasury Department will extend the program, it’s on a first come first served basis.
The Mortgage DPA program has a minimum Credit Score requirement of 640. This means the Middle Credit Score of all borrowers must be at least 640.
The Maximum Sales Price for the new NC $15,000 down payment assistance DPA is $245,000. That’s a firm number. You can’t buy a house for $245,000 and then add $5000 for the Seller to pay for other closing costs as you might for other loan programs.
New NC Down Payment Grants By County
The new Mortgage Down Payment Assistance Program is only available in five NC counties. Again, not all banks and mortgage companies offer this grant program (I wish I qualified for it! Seriously? $15,000 free cash!!). New Homes do not qualify for this DPA program, and you need to buy a house that’s less than $245,000.
The reason there aren’t more millennials entering the market is simple; they don’t think they can. Having lived through the bursting of the housing bubble, piling up student debt and a difficult job market, home ownership feels like a pipe dream to many millennials.
That’s why $15,000 in FREE CASH to buy a house is so appealing to folks in NC! However, it’s only available in the Counties listed below, and it’s not available from all banks.
Home Buyers in Clayton, McGees Crossroads, Archer Lodge, Smithfield, Benson, Four Oaks, Willow Spring or Kenly should be aware of the newest $15,000 mortgage DPA available to them. It requires that you have at least a 640 credit score, and buy a “used” home at $245,000 or less. New Homes do not qualify for this grant program. A recent study shows that 60-72% of 25-34 year old rental households overestimate down payment requirements for a new home. They believe that an 11-15% down payment is required and are largely unaware of the down payment assistance programs that are available! Unlike the other 2 down payment assistance programs that are available through NC Housing (I’ll refer to it here as NCHFA) we must count all household income to qualify for this program. This is very similar to the way USDA Home Loans are calculated. In Johnston County the $15,000 Mortgage DPA is available if you have a household of 1 to 2 people and an income of $76,000. For those families with 3 or more people, the household income is $87,500. This means that even if a spouse is NOT on a mortgage, their income will be considered when we are determining if you are under the maximum income allowed. With the 3% and 5% Down Payment programs available, we are only counting the QUALIFYING Income. This is one reason first time home buyers in Johnston County benefit from the Down Payment Programs. If you can qualify on base income (for instance) and we don’t have to use Bonus or Overtime income to qualify you… and that Base income is UNDER the limit of $87,500, then you qualify for a DAP! With the OTHER Mortgage DPA programs, if we don’t have to use a spouse’s income to qualify you for the mortgage, then it will not put you over the maximum income limit of $87,500. I hope this is making sense, ya’ll can always call us if you think you might be “close” to being able to qualify! CONCORD NC: First Time Home Buyers in Concord and Kannapolis and Harrisburg qualify for the NCHFA $15,000 Mortgage Grant if their household income is less than $67,000 for a home with one to two people. For households with 3 or more people anywhere in Cabarrus County, the household income limit is $77,000. New Homes do not qualify for this grant program. The minimum credit score for mortgage DPAs in Cabarrus County is 640, and the maximum sales price is $245,000. All homes that meet the minimum program standards, and the maximum sales price in Cabarrus County, NC would be considered for this program. Houses in Greensboro, Summerfield, Whitsett and “Guildford County” area of High Point qualify for the newest $15,000 mortgage grant from the NCHFA Program. This mortgage loan program can be used with a FHA Mortgages, VA Mortgage, USDA Home Loan or a Conventional Loan. New, “previously un-lived in” Homes do not qualify for this DPA program. If you are buying a house in Guilford County, you may be eligible for $15,000 in down payment assistance in the form of a five-year, deferred loan at zero interest. Even better, stay in your home for five years and you won’t need to repay the down payment loan – it is forgiven at 20% per year for each full year you stay in the home. The maximum income limit for a household with 1 or 2 members is $59,000 and the household income limit for a household of 3 or more is $67,000. The minimum credit score for the program, no matter which loan type you choose is 640. FAYETTEVILLE NC: Folks who want to buy a house less than $245,001 in Cumberland County, Fayetteville, Spring Lake or Hope Mills should look into the First Time Home Buyer Programs offered right new through NCHFA. The newest Mortgage DPA is for $15,000 – and there’s no interest, no payments, and is forgivable after 5 years! To qualify for the NC Mortgage DPA, you can have not owned a primary residence during the last 36 months. You need to buy a house that doesn’t need a ton of repairs (CAN NOT BE A BRAND NEW HOME THOUGH) and you need a credit score of at least 640. The income limits for a family of 1 to 2 people in Cumberland County is $65,000. The income limits for a family of 3 or more is $75,000. Homes in the Charlotte area, including Mint Hill, Matthews, Huntersville, Dilworth and Pineville that are under $245,000 qualify for the NCHFA First Time Home Buyer Program. Monroe, which is in Union County would not qualify for this program, however those homes would qualify for the 3% and 5% DPAs. Houses anywhere in Mecklenburg County that are under the sales price limit, will potentially qualify for the mortgage DPA. The money can not be used for repairs, so the home must be in fairly good shape, and meet the program guidelines. New Homes do not qualify for this program. First Time Home Buyers in Mecklenburg County are able to qualify if their household income is less than $67,000 with one to two people in the family, or $77,000 if there are 3 or more people in the family.
You can NOT use this program with a Mortgage Tax Credit.
Again, broken record here – not all banks offer these programs, and you can not get the $15,000 down payment assistance from one bank and your mortgage from another. These programs work together to help you qualify for a slightly larger home.
Down Payment Assistance for First Time Buyer Questions
We get a TON of questions about Student Loan Debt and DTIs, so I figured I would cover those too. The Mortgage Tax Credit actually helps the DTI, because we are able to decrease your payment on a Government Loan by the amount of the credit. If you qualify for the full $2000 – that means we are deducting $166 a month from your overall payment. That can be huge when calculating a DTI.
There’s a “hard” ceiling of 45.0000000000% on all DAPs (or down payment assistance program) mortgages. This mortgage loan DPAs can be used with a FHA Mortgages, VA Mortgage, USDA Home Loan or a Conventional Loan.
These mortgage DPAs act as the down payment and cash to close for the mortgage. The money can not be used to pay credit card debt down (for instance) to qualify.
The Mortgage DPAs available do not have any payments or accrued mortgage interest associated with them. They are forgiven, at a rate of 20% each year. If you sell the home, or refinance before the end of the 5th year, you will owe a portion of this grant back.
The Interest rate for the mortgage programs associated with the Mortgage DPAs vary daily – but the rate is actually set by the NCHFA. Every lender in the state is offering the very same interest rate, you can’t get a better rate by calling 15 people. The rates ARE higher than those for “regular” loans with a down payment – BUT you are getting $15,000 with no interest and no payments. As long as you live in the home for at least 5 years, you don’t have to pay a cent of that $15,000 back… we think that equals FREE MONEY.
If you are a First Time Home Buyer – there’s more than just a Rate that you need to ask questions about, what about those First Time Home Buyer Programs that you could be missing?! Have questions about the new NC $15,000 Down Payment DPAs?? We want to help you! Call Steve Thorne at 919-649-5058 and get pre-qualified right now! There are ONLY 1000 of these loans available, and they are NOT available from all lenders… so don’t wait, or they could be G-O-N-E!
Do you only offer your services to people in Wake County and surrounding areas?
Jasmine, no we work all of the state. Probably 60% of our business is OUTSIDE Wake County. Please call us at 919 649 5058
Hi Eleanor,
What is the minimum income you have to have to apply for the first time home buyers grant?
There’s no minimum income requirement, only enough to be able to make your payments.
Interested in grant for first time home buyers.
Is there a DTI limit? I’m almost at 50% and I heard that most grant programs in NC are <45%
Yes – the maximum DTI is 45% for the Grant programs, however you might want to look at the USDA Home Loan Program if you qualify for an exception. You can call us at 919 649 5058
You can call me 919 649 5058
Hello, I live in Maryland and am interested in applying for this grant near the end of this year. Are interested buyers from out of state able to qualify for this program? I just want to know the process. I hope we can qualify and in time before it runs out.
Natalie – there are actually 4 different mortgage grants that will not run out available, and another round of the “bigger” 15k grants coming in the 3rd quarter of this year!
Ok great. So 3rd quarter sometime around July-September when more 15k grants will be added? I forgot to add that my family and I are first time home buyers as well.
Natalie – yes the Fed Reserve is releasing funds to the State at the beginning of the 3rd quarter – so we think by August the funds should be available from an approved lender… like us 🙂
This mentions a couple times that you only have to repay if you sell or refinance. What if you have to relocate for work but want to keep your house. Can you rent out the property without having to pay any portion of the assistance back?
Alison that is on a case by case basis. You can contact NC Housing and ask for a waiver
Hi! I had a home in another state I sold. Can I still qualify for first time homebuyers program in NC? If no what other programs r there? I’m looking into HUD homes!
Mae, yes you qualify for the down payment assistance. How long ago did you sell? To qualify for the Mortgage tax credit, you can not have owned a principal residence for the last 3 years. Call us at 919 649 5058
Hello Eleanor!
Is there any update on the 15,000 grant being replenished in November? I know your post suggested that was the earliest you thought it would happen, but I wasn’t sure if that was a definite thing or just conjecture.
Thanks!
How will I know when and where do I apply for the $15,000 DPA program?
Hi I was wondering how I could start the process of seeing how I can get qualified for the 15000 grant for first time home buyer plus the 5% grants as well
This program will be re-funded by the State of NC near the end of the year. Subscribe to the blog, and you will be updated when it is available again.
Kevin you can apply with us, subscribe to the blog and you will be updated when the funds are available.
Wow great info. Would love to see if I can get the 15k grant and what loan program would work for my husband and I. We will both be first time home buyers and looking for more of a country home then city.
How are the 1000 recipients chosen by the grantor?
It’s who is first in line and qualifies
Johnston County maybe? What area are you in? Please call us 919 649 5058
Grant it will be available on October 17th – we are taking applications now, and will have them ready to register on the 17th. Call us at 919 649 5058
Whats the minimum income for a1person house hold to qualify. also would i have to be employed a certain length of time? I am very much interested in this program. Thanks
Can you receive the $15,000 grant with a USDA Direct Loan?
No, because NCHFA sets the rate on the $15,000 program it is not eligible for the USDA.
Patrice there’s not a minimum income – but in general, we are going to take your Gross monthly income (before taxes) and take about 30% of that for a house payment. So it will limit the size of the home you buy, based upon the amount of house payment you can qualify for.
What is the maximum income requirement for a single person?
Meg, it will depend on how much home you wish to buy. If you make $18,000 gross, in very rough numbers, with no car payment, etc and good credit scores, you MIGHT qualify for a $75,000 house. That’s a moving number as mortgage rates change daily. The best thing to do is call us, 919 649 5058 or fill out an application on the site.
Hi! We are currently beginning the process of purchasing a foreclosure. Are the loans and downpayment assitance programs available for foreclosures? The house also needs some septic work (it is partially on the neighboring land and must be moved or a new one put in), but is in otherwise great condition. Are there loans that will include the costs of those repairs? Or will they have to somehow come out of pocket? Also, we have all the required documents for preaproval save for one tax return that we are waiting to come in the mail. Is that enough for a preapproval/prequalification, or do we have to wait for that document?
Thanks in advance for your time.
Kate! Congratulations! Down payment Assistance programs will work for a foreclosure, but the funds can not be used for repairs. You might need a FHA 203k loan, but that is not something we offer. I would suggest calling Prospect Mortgage – most of those guys specialize in this very difficult program. If you can come out of pocket for the repairs, we can help in NC.
How are the funds from the down payment assistance distributed? Is there a certain amount that goes towards the down payment and closing costs?
Janell that is actually a great question! (I should write about that!)
The funds can be distributed as you need them to be. For instance, if you have some cash, and need the funds for closing costs – they can go for that. If you need them to cover the down payment they can be used for that as well.
Hi Eleanor, I believe I qualify for the 15k grant program. I have one question though regard the requirement that one must live in the house for 5 years. I currently live and work in Virginia, but I claim permanent residency in Guilford County, NC (where I’m from). What does “living” at a property entail? Could I purchase a house and “reside” in it without spending a majority of my days there? What would I have to do to demonstrate that I’m actually living at that property?
Joel, there’s a rule that says you must live within a certain number of miles from your work. Additionally the 15K is for folks who intend to fully occupy the property within 60 days of closing. They could call your loan if they suspect you are not living there.
We are looking to buy our first house in Wake Co. by next June to avoid having to sign a new lease in our apartment. We would like to see what down payment assistance programs we qualify for. We have a combined income of under the 87.5k threshold…Are there any programs for teachers? Rural housing programs (USDA)?
Thanks.
Yes, there are down payment assistance programs, and USDA is available in the Wake Forest area, please see these maps. There’s also a program to help teachers buy a house with as little as $100 down! You are welcome to call us, it’s not too early – our number is 919 649 5058
Hello I was just approved for a FHA loan in Charlotte NC but my DTI is at 48% what can I do to drop those 3 points so I can qualify for the down payment assistance?
Angela – that’s pretty hard for me to answer, since I don’t know your debt, etc. Sometimes folks can get cheaper quotes for Homeowners Insurance. You can always call us at 919 649 5058, we do tons of these loans in Charlotte, in fact I’m going to be in Charlotte later today 🙂
Hi Eleanor well i think i was incorrect when i get online and did the DTI calculator, I came up with 19% I have all of my paperwork and would love to talk with you if possible my number is 757-362-1935 also I called the number listed above and left a voice message!!
Yes I’m buying a home n Northampton County do u have any grants for that county or do I need to Knock d house down n build o e from d ground up or do u have any assistance with renovating the house
Linda – if there’s ever a question of should you knock the house down… you probably are not going to get a down payment assistance loan on it.
Thank you so much for your help!! I was approved for the GRANT!!!
Hi. I’m interested with the 15k assistance. Me and my husband has gross income in like 45k. We have 2 car loans around $650 both a month. We only have car loan and credit card debt which is 3k. No more other debt. Do you think we qualify? This is our first time buying a jouseb
How is the income determined? Is it done on base pay or W2? I got a bunch of overtime early in the year, but it has since dried up and is never guaranteed. As a result I am less than $1500 over the $87500 threshold. Are there any allowances in the income consideration for this type of situation? I’m a first time home buying veteran.
YES! There can be allowances. We can also consider any child care payments. Please call us so that we can qualify you for the program. Our number is 919 649 5058
Wow! You might be able to qualify – it will depend upon the car payments. If you owe more than 1200 a month in car payments, you might have a difficult time – if you have them almost paid off (which I think is what you were saying) then you can probably buy a house! Please call us so that we can go over your exact debt structure – or you can hit the apply now button on the site 919 649 5058
Do you have to get a loan to receive the grant? For instance if the house is $100,000 and you have 85k cash would you be able to get grant for the other 15k? And is there a minimum amount the house has to be that you are purchasing?
Reginald, there’s not a minimum, although most banks will not do loans under $40,000. You would need to have some sort of mortgage to qualify for the down payment assistance program of $15,000.
While shopping for mortgage, many of the company’s say they do not do the 15,000 grant. Can you tell me why? Does it cause me to pay more points or higher interest rate?
Hello
Do you have to get pre approved from a bank to get involved in the program? I live in Guilford county and my score is 640. So what do I need to do next? Thanks
Hi, I believe my husband and I qualify. We have a car payment of $369/mo. and our income is definitely way below $87k because we both just started a new job. We’ve been living under my parents’ roof and decided that we need to move out in order to make more space for our family. So we would be first time home buyers in Guilford county. I just want to know if the grants are still available?
Diane, they are still available. We work with top agents in Greensboro / Guilford and would love to help you with your home loan financing. 919 649 5058
You can apply from the green button on each page of the site, or you can call us at 919 649 5058. The Down Payment Assistance is part of the loan application process.
David – most lenders in NC are not signed up to do the loans through the State as there are extra requirements, and frankly, as a lender we don’t make as much money on these types of loans. We are the LARGEST down payment assistance lender in our area, and we do tons of them all across the state. We’d be glad to help you.
In answer to the other part of your question – yes, there is a trade off. The programs that are providing you with the down payment assistance do have higher mortgage rates. Not SUBSTANTIALLY higher, but the trade-off is that you are not having to come up with those thousands of thousands of dollars.
Our number is 919 649 5058 – we’d be glad to answer your questions.
Hey we are interested to buy a home in alamance county area 1st time home buyer need help getting statred
Tanya, the first step is to call us. It’s never too early in the process for us to go over exactly what your house payments might be… Congratulations on your decision to be a homeowner! 919 649 5058
Hi,
If my wife and I make about 145,000 per year are there any programs out there for us to help with downpayment? Any grants or waivers? We are looking at a finance company but we both work in the medical field and were hoping to find some kind of program that integrates with FHA. Please help. I’m glad to research but haven’t been able to find anything. Just need a point in the right direction.
Thanks
There are Good Neighbor Next Door and $100 down payment that might help. What area are you interested in? There are parts of NC that will qualify for the next 2 years under Natural Disaster programs from FNMA and FHLMC.
How do we find the approved lenders?
Hello is this still available?
Janna! Yes it is! Please call us at 919 649 5058
Jamie, we are approved to do the down payment assistance and MCC programs across the State. The full list of Lenders can be found here:
http://www.nchfa.com/home-buyers/find-lender
Best wishes. We can be reached at 919 649 5058
My question is the value of the house to be purchased. If you have a large deposit can that be added (the loan amount for 245,000.00) or does the house have to be worth that or less?
$245,000 is the maximum loan limit for the Mortgage Tax Credit Certificate. If we can help please call us at 919 649 5058
Hello. We plan to buy a townhome around August or July. I know buying a house could take up to 3 months. When do you think is the best time to apply for this? Will this be available around May this year? Is town house eligible for this program?
There are several down payment assistance programs that will continue to be ongoing Town Homes are eligible for the program. I would talk to a Loan Officer now, so that you know what you might need to have in savings, or what your payment might be. But certainly, you would want to call by May. Our number is 919 649 5058, and we would love to help!
HI, I see that there are several down payment grant programs are we only allowed to apply for one grant, or are you familiar with all the different grants and you a will either help anyone apply to all grants possible or show them where to apply
if the house I want to buy costs 75k, to be able to not to pay for PMI, I have to put money down of 15k for this amount. Im thinking if I could get approve for the down payment assistance of 15k, do I have to put money down from it of my pocket? I don’t have savings right now but I want to buy a house
You are correct – the trick will be finding a $75K house…
Gary, wee offer multiple programs, and we are doing a loan right now for folks who are using both NC Housing Finance Agency and the City of Raleigh program. If you would call us we would be glad to look at what down payment assistance programs you would be available for.
Great. Do I have to be 2 years in my job to get qualified? I will be 2 years in June this year but I want to start the process. Im afraid the 15k downpyment assurance will be gone in June
I have been promoted to a partner position in Greensboro nc and am looking at property In the northern Guilford school district. We are from va and were looking to buy here till transfer. Could we qualify for any no Down payment and no closing cost mortgage? Thanks for your time
Yes you can, and if you qualify from an income standpoint, there’s also a $15,000 forgivable grant available to you. There are many options. Please call us at 919 649 5058
No, you can apply now! 919 649 5058
Is the 15k down payment assistance available for townhouse in mecklenburg county?
Yes it is. You can use it for any existing home. It is not for new construction.
Hey Eleanor,
Which credit agency do you use as reference? Under Equifax, my wife and I are at 627 combined but would love to work on qualifying for this grant.
As far as the DTI, how does it work if student loans are deferred?
Juan, I think you will want to read this : https://ncfhaexpert.com/front-page/buying-house-student-loans-deferment/ Currently, if you have Student Loans in Deferment, we are generally required to count 1% of the balance in your DTI. If you are applying for a Grant, that would be the case as even the Conventional Down Payment Assistance Programs are Fannie Mae Loans. Freddie Mac is the only place where we can count exactly what’s on the credit report with Student Loan Debt, and you would need a 5% down payment.
Hello. I called but no one picks up
May, please leave us a message. We are often in conversations with other borrowers or taking a loan application. We really would like to help.
This information is inaccurate. The limit for income is $59,000 for one or two person households. Also, to clarify, the middle score of the individual with the lowest credit scores is what is used. Credit scores are not averaged between both borrowers.
David thank you for the feedback, I’ve updated the numbers.
If I live in Kentucky and want to move to North Carolina could still try for the grant?
YES!!! You can definitely do that!
What are the property restrictions for DPA? I’ve been told conflicting things by lenders. It’s 10.3 acres subdivided into 8 lots but being sold as one. Thanks!
Is the income maximum referencing adjusted gross income?
Randall, for a W2 buyer, the underwriter takes the most recent paystub and projects out the expected income. If there are other income streams on the transcripts, Dividend Income, Royalties, etc then that income is added to the W2 income. If self employed, it is not gross income, it’s net after expenses income that is used.
Any lender is going to have a problem with that. It would look too much like development property in my opinion. You could call Housing at 919 877 5700, but I don’t think a Lender is going to want to do that deal. It needs to be re-recorded as one plat.
Hi, I’m currently working with a local community development group and they’ve pre-qualified me for a CPLP loan with a 20% interest free, payment free loan to combine with an FHA loan. I am favoring buying in Cabarrus/Concord, can any of these grants stack with these? I’m sitting at about 45k with a family of 3.
Yes, the $15,000 should work. I would need more information but you can “stack” Community loans.
I think you’ll already be familiar with the loan as described http://www.nchfa.com/homeownership-partners/community-partners/community-programs/community-partners-loan-pool
I’ve now been told by the local program that they can’t be combined because both come through the same agency. But the community development corp I’m working with doesn’t often work in Cabarrus and I’m trying to find a second opinion. If they actually can be combined I think our available housing options would increase substantially.
Keith I am familiar with the NCHFA Programs. Because email is not ideal, can you please call us at 919 649 5058. Steve’s mom had a stroke, so we are returning calls. When you leave a message, please tell Steve that I asked you to call him regarding NCHFA in Cabarrus County. One of us will call you back today. Thank you again for allowing us to be a resource for you.
Hello can this be combined with NACA program?
We do not participate with NACA unfortunately, so I don’t know.
I’m currently working on building my credit. I have student loans that are currently deferred because i’m still in school. Should i go ahead and start making payments on those loans now?
Jasmine, when you are ready to buy a house, so after you have your credit in check, you should take them out of deferment and set up a payment plan. You can give your loan officer the paperwork verifying what your payment will be. Your scores will be higher if you add revolving credit and pay the balances down on the ones you have
Hi, I was wondering about the $15000 down payment assistance grant. My boyfriend and I are thinking of buying a house together in Guilford county. We are not married and do not plan to get married. He will be a first time homebuyer. Our income together will be over the Guilford county guidelines. Since we are not married would he qualify on just his income or would that only work if he was the sole applicant for the mortgage?
Ronda – he needs to apply and buy the home on his income. You can not write the Earnest Money check, that’s one of those things that can get tricky. I suggest this, because you are going to be over the limit. Doesn’t really matter that you are not married – that only counts if you were applying for a VA Mortgage Loan. We would be glad to help! You can call us at 919 649 5058, we help folks all over the state.
Very interested if any grants are still available!?
Yes there are several programs available. Of the $15,000 program available in 5 counties there are 1200 left as of yesterday afternoon. We expect that program to be available through May?
Hi we just found out we owe tax this year. $2400. Can we still qualify. We will set up payment plan soon.
Joanna, if you set up a payment plan, and pay each month for 6 months, you should be fine. You can go ahead and apply now, and we will walk you through the process. Congratulations! You’re going to buy a house!
If I already own a small home I purchased in 2005 but haven’t lived there in almost 4 years & I’m renting it out because I live with relatives in another town, do I qualify for any of the programs?
Yes you do! Please call us at 919 649 5058 if you are buying in NC we are helping folks in every county!
Eleanor I think you and Steve are wonderful in being there to help all the people the way you do–you deserve the success you have………I will be calling you soon………thanks for all you do…….John Parsons
Hello – How many grants are still available? I know you said around 1200 at the end of March. Do you still expect this to run out by the end of May?
Brian I called NC Housing and they said there are 800 available. That should get us into June.
I have medical debt (all under $600) on my credit report. Should i pay those off before applying for a loan or leave them alone?
Hi Eleanor,
My husband and I are trying to begin the process for the 15,000 grant program. How do we start this process? Also, is it required to be preapproved for a loan amount through a bank? I just called your phone number and left a voicemail as well. Thanks!!
Hi Ellen, we owe tax in 2016 but we’re paying it in full in July. I already called IRS about it. Is it possible that we still qualify for the 15k down payment assistance in July or August? Also I’ve been calling but always in voicemail.
Joanna, please call us. It is definitely possible to get approved subject to paying that off! 919 649 5058 / we need to go ahead and reserve funds for you as there are less than 700 left.
Jasmine, NO! Wait and let your Loan Officer tell you what to pay off. Call us at 919 649 5058 and we’ll be glad to help!
Hello Eleanor I called and left voicemail. Do you have another number?
Thanks! You should hear from someone on our team shortly! If not, you can text me at 919 649 5057 and I’ll help you 🙂 -E.
Larry Dugger should be in contact with you shortly. Thanks!
What is the min. you can make a year to qualify for this15K assistant program with 2 people in the home?
There is no minimum income limit
Hello. Will I qualify if credit score is 640 but no savings. I’m trying to pay my debt.
Are grants or anything available like this for Halifax County?
Yes, there are several NC Housing Forgivable loan programs available – plus as far as I can tell the whole county qualifies for USDA Home Loan financing – which is a better program. Call us and we will be glad to help. There’s no down payment requirement for these loans, and the mortgage interest rates are lower.
Sienna, there are lots of programs you can apply for that require no savings to buy a house in NC
Do you know what the most accurate credit score monitoring website is? We’re monitoring our scores as we’re hoping to apply for this grant but we’re finding significant discrepancies among the sites.
What if you make more than $67k but meet all the other conditions? Are there any down payment assistance programs for that?
If you are over the income limits, you might want to consider the USDA Home Loan program as those limits are generally higher. If you are looking for a home in NC, please call us, and we will go through all of your options with you 919 649 5058
Rachel, we use Credit Kara as a benchmark. But mortgage credit scores are different than consumer reports, which is what you are looking at.
Do you know if any $15,000 grants will be issued for the 2018 year? Looking to move in the spring of 2018 and this grant could be very beneficial to my family. Our (mine and husband’s) credit scores are in the 620 range according to credit karma, but we have been steadily building them up and it should be in the 640 range soon.
Brandy there probably will be no more of the $15000 Grants made. This is a Federal (Treasury) program, and I think we’ve tapped out of those funds. Currently there are approximately 400 more loans that can be made.
Good morning, I’m currently renting and have 6 months left on my lease, I would really like to try and buy a house next year but coming up with the down payment is a hard for me at this time. How can this program help?
We have a brand new program that gifts the 3% down payment. There are multiple ways to buy a house with no down payment, the trick is to have a credit score that meets the requirements. Each program has it’s own standard. You can call us at 919 649 5058 and we’ll be glad to go over the program that will work best for you!
Hello Miss Thorne. Hate to ask, but would love to know if any of the 15,000 Grants are left ? I qualify with the requirements. Current credit score 795ish. But reside in Guilford county. Thank you so much for your time!
Justin, call us! I’ve been able to get 3 of them in the last 10 days. 919 649 5058
Is there any 15k downpayment. Assistance left?
There’s a NEW 15k coming out at the end of the month, and there ARE some 15ks in the system. Please call us at 919 649 5058
Is there any 15k grand left? 10-19-17
We were able to get one this week. As loan get denied (it happens) then the money goes back into the pool. We understand more money will be announced in November.
My wife and I wouldn’t qualify for the 15k program because the house we are looking to by is 290k+, but would we be able to qualify for the 5% program? DTI under 45%, credit score over 640. The income was the other question. How exactly is income calculated? We are Business owners, so is it 2 year average of tax returns?
Yes we average 2 years. Please give us a call, there’s a new $8000 grant coming out soon. 919 649 5058
My home is being built in Johnston Co for $252,000. Are there any programs with down payment assistance for 1st time buyers?
Good morning, I see in the description above there’s mention of additional funds being released in November? Is this a raise to the 15k grant or something new entirely? Thank you
Will the new $8000 grant program be set up as a forgivable second mortgage, like the $15,000 was? What will the payback period be? Will I be able to combine the $8,000 program with the MCC? Any idea when it will be announced and how long it will be in effect? Thank yoy!
Dave, those program details have not been fully released. Based upon the information we have now, they would not be limited to certain counties, bu would be open to the entire state. The payback period (we are talking about the number of years you would need to live there to avoid a recapture) would be slightly longer, but I don’t have exact numbers.
Interestingly enough (sad in my books) the MCC could EASILY go away with the Tax Reform being passed by Congress this week. You might want to read more here: https://ncfhaexpert.com/first-time-homebuyer/mortgage-credit-certificate-program-and-tax-reform/
Victor, this is a new program. It will be for approximately $8000, and will be available in every NC County. This is the only down turn…
Gilia, the maximum sales price right now is $250,000 – but they have not set the 2018 amount yet, so it might go up! USDA does not require a down payment… could we talk to you about that? 919 649 5058
Is this still a possible option and if so how would we go about doing this??
Are there any new updates or details regarding 2018 and limits? We are looking in Clayton and are almost ready to get pre qualified. Our price range is above the previously stated 250k max.
Chris, they will not be updating the Sales Price Limits before July 1 according to NC Housing. Can you use the USDA Home Loan? There are household income limits, but that might be a good option. Call us when you get a minute 919 649 5058
Wendy this is still an option. The 15k Grant ran out, but there are 4 others. A new one should be available in March. Our number is 919 649 5058, just call 🙂
Will this program or something similar be available again in the near future?
We understand there will be another program coming out in March – I will update this when it does.
Hello , can someone receiving SSDI (limited) can qualify for this program? I am a single mom with 1 child and receiving disability. Living in Johnston County and I have never own a home.
I am interested to receive any assistance if possible. Thanks in advance
Yes, SSDI is an allowable source of income to purchase a home. Please call us at 919 649 5058
Are there any updates for April 2018 regarding any possible assistance programs? Thanks!
There’s a new $8000 Program that you might be interested in!
Hello. Are there any programs available now? And do they have fast turn around times currently?
These programs are available, through the NCHFA. We will begin offering them again in a few weeks. Like many companies, we stopped offering them during Covid. The best thing to do is to call Housing at (919) 877-5700. The Underwriting Team at Housing is on a 24 hour turn time – most lenders can get these loans closed within 30 days. GOOD LUCK!!