Belmont NC First Time Home Buyer Program

Steve lived in Belmont as a kid. He says it’s one of the best small towns in North Carolina.  The kind of place that you want to come home to, and raise your family – where you know the people you see when you shop downtown.   Belmont offers historical homes, cottages, ranches, and newer homes – all surrounded by street lamps, brick sidewalks and the simpler times of “back then.” Being so close to Charlotte, it’s no wonder so many North Carolina first time home buyers are looking for homes here. The Belmont NC First Time Home Buyer Program is one of the most asked for program from buyers.

If you are applying for the NC Affordable Housing / Belmont NC First Time Home Buyer Program, it’s important to know that the main qualifications include different qualifying Income Limits and Loan Amount Limits for Gaston County and a middle credit score of 640.  This program is for folks who will live in NC and have not owned a primary residence in the past 3 years (so NOT just for First Time Home Buyers).

The NCHFA “Down Payment Assistance Programs” can be used in connection with the USDA Home Loan, FHA Home Loan or VA Home loan program.  Folks like this option, becuase they can use the money to cover closing costs.

Many folks in Belmont NC love for First TIme Home Buyers is the USDA Home Loan.  This program,  like VA Loans, has no down payment requirement.  There are fewer homes in Belmont that qualify for the USDA Home Loan program since the Belmont NC USDA Eligibility Maps Change in 2020.  These are major changes, and many neighborhoods are affected, especially the area near Gastonia – where many neighborhoods are no longer within the USDA Home Loan eligibility map.

The Belmont First Time Home Buyer Program, also referred to as the N.C. Home Advantage Mortgage™, can provide forgivable down payment assistance of up to 3% . To calculate how much you might receive start with the LOAN amount (not the sales price).

Let’s say you are buying a $150,000 home using the FHA Home Loan Program.  FHA requires 3.5% down payment – so you would have a loan (before FHA PMI) of  $144,750.  If you qualify for the NCHFA 3% DPA, they are going to give you 3% of the Loan Amount, or in this case, $4342.50.  So the Down Payment requirement from FHA is $5,250 and NCHFA is giving you $4342.50 of that in the form of Down Payment Assistance.

The down payment assistance offered by N.C. Home Advantage Mortgage™ is forgiven at a rate of 20% per year after you remain in the home for 10 years. After you’ve lived in the home as your primary residence for 15 years, the entire DPA is forgiven – with no interest.

North Carolina First Time Home Buyer Program also offers another program that provides below market fixed rate mortgages, additional Mortgage Tax Credits (MCC) and the ability to qualify for a little larger home.

• 2023 NC Affordable Housing Advantage Mortgage Income Limits for Gaston County and the Belmont / Gastonia area is $126,.000
• The 2023 MCC Tax Credit Income Limits for Gaston County for a family of 3 or more is $110,000
• Maximum Loan Limit for the FHA Program in Belmont for Single Family Homes $472,030 in 2023.  This is just for a FHA Loan with you making your own down payment of 3.5%.  If you are using the NCHFA Tax Credit the Sales Price Limit in Gaston County is $385,000.
  
• Minimum Credit Score Requirements 640 for the Belmont NC First Time Home Buyer Program with Down Payment  Assistance.  If you are making your own Down Payment, FHA will allow us to go down to a 600 credit score.
• There’s a new $15000 Down Payment Assistance program that is available, and there’s a limited amount of funds available.

Please call Steve and Eleanor Thorne 919 649 5058 if you’d like for us to pre-qualify you to purchase your First Home (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! We also love the fact that the Belmont NC First Time Home Buyer Program will allow