NC Definition of First Time Home Buyer

We have some great first time home buyer programs in NC!  One of our favorite programs allows for credit scores of 600, another program provides a down payment assistance program of 3%!

To qualify for the First Time Home Buyer Program in NC, however, you don’t really have to be a First Time Home Buyers!  That’s right!

NC Definition of First Time Home Buyer

Even if you are not buying your first home, you may still qualify for the low-interest First Home Mortgage, down payment assistance, or a Mortgage Credit Certificate if you meet one of the following conditions:

• You have not owned a home as your principal residence in the past three years.

• You are a veteran (defined as a person who served in active duty of the United States Armed Forces or Reserves and who was honorably discharged or released) in the last 25 years.

In regard to the veteran (VA Loan) exception, a new federal law allows eligible veterans who are not first-time home buyers to use the First Home / Affordable Home Mortgage or Mortgage Credit Certificate (MCC) programs. Please note that the law sunsets at the end of the year unless Congress extends it.

You also must be able to prove legal residency. United States citizenship is not required for eligibility.

• The program works with FHA mortgage loans, VA loans and USDA Home Loans.  Conventional loan programs are also available *see below!
• Tax Credit Available.
• Lowest Mortgage Rates
• Some Income Restrictions apply
• Maximum Home price is $225,000

The N.C. First Time Home Buyer program  will offer loans to eligible persons who are U.S. citizens or non-citizens who have lawful permanent residency in the United States. Non-citizens who cannot demonstrate legal residency are not eligible for these mortgages.

IN A NEW *Conventional First Time Home Buyer Program – the maximum APPLICANT income is $87,500 across the state, however there are no sales price restrictions, and the down payment of 3% can be a GIFT (or part of the down payment GRANT).  The Lowest PMI Factors available in NC, are associated with this program, and the minimum credit score is 640.  Even if you have a MUCH higher credit score, you will save THOUSANDS of dollars with this new Affordable Home Program!

There are also some targeted “economically” challenged areas in NC that qualify for first time home buyer programs.  If you are interested in more information about the NC First Time Home Buyer program, please call Steve and Eleanor Thorne 919 649 5058