NC has one of the VERY BEST First Time Homebuyer Programs in the Country. There are a few requirements, but for the most part, it’s pretty easy to find a home that qualifies, and the underwriting guidelines for the program are pretty sweet too!
First off, the program is NOT just for First Time Homebuyers. If you are a buyer who has not owned a principal residence during the last three years (so you rented out your previous home instead of selling it?), then you ALSO qualify for the program!
- The house must be located in North Carolina and you must occupy it within 60 days of closing.
- Your annual household income can not exceed the allowed limits. They do vary by county, but for MOST of North Carolina (read not the Metro areas like Raleigh and Charlotte and Greensboro or Asheville or Wilmington) the income limit with 1 to 2 people in your hosuehold is $57,500 and for 3+ people in the household it’s $66,600.
- The sales price can not exceed the maximum limit set – which is currently at a price of $225,000
- You must be able to prove legal residency. This is an important piece of the puzzle. NC will allow first time homebuyers (and those who have not owned a primary residence during the last 3 years) to buy a house even if you are a non-citizen, but you have lawful permanent residency in the United States . Non-citizens who cannot demonstrate legal residency are not eligible for this NC First time Homebuyer program ;(
Borrowers will need to have 2 of the three credit scores at or above 600 to qualify. Higher scores ARE required for other programs, including the down payment assistance (DAP 3% for your downpayment!). Remember, another great part of this program is that it has a TAX CREDIT that is in ADDITION to what you would normally be able to write off in mortgage interest deduction!
Different types of houses that qualify for the NC First Time Homebuyer NCHFA loan are:
- New and previously owned detached homes
- Townhouses and Planned Unit Developments
Manufactured homes also qualify for this program, however WE do NOT have financing outlets for them, and we suggest that folks who are interested in buying a Manufactured or Modular home seek out this program through BB&T or Wells Fargo.
If you are interested in buying a home and using the NC First Time Homebuyer Program call us! Steve and Eleanor Thorne 919 649 5058 – we love these loans, and we can usually help people buy a house with little or NO MONEY out of their pocket!