$15,000 Down Payment Assistance is BACK for 5 North Carolina counties


Great news! The $15,000 down payment assistance program IS BACK as of October 17, 2016 (from the North Carolina Housing Finance Agency).

Here are some details:

  • $15,000 down payment assistance for homes in Johnston, Mecklenburg, Cumberland, Guilford, and Cabarrus counties
  • Single family homes, Townhouses and Condos qualify
  • Can be paired with any NCHFA Home Advantage Mortgage (Conventional, USDA, VA, FHA)
  • Can be used as a combination for down payment AND closing costs
  • The amount is fully forgivable after 5 years (20% per year)
  • Money is from US Treasury and will likely last 2 years (3000 loans)
  • Must be first time home-buyer, or have not owned a home in 3 years
  • 640 minimum credit score with minimum of 2 scores per borrower required (get all 3 credit scores free here)
  • Maximum Debt to Income ratio of 41% (Calculate your DTI here)
  • Maximum Sales Price will be $245,000
  • A Mortgage Credit Certificate (MCC) can be attached for first time home buyers
  • Rates change daily. Click here to see where they are currently
  • Homeownership Education Class Required (Can be done online – Here’s an example)
  • Maximum household incomes vary per county (Note: these amounts increase for families of 3+):
    • Cabarrus – $67,000
    • Cumberland – $52,200
    • Guilford – $57,200
    • Johnston – $76,600 ($85,000 for 3+)
    • Mecklenburg – $67,000

Want more information or wish to apply: Contact me at 919-260-8013, via email or apply online and I can answers any questions you may have!

More information from NCHFA: http://www.nchfa.com/home-buyers/buy-home/15000-special-down-payment-assistance

Pat Price Financing Sign

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