Available Down Payment Assistance programs in Raleigh (and North Carolina)

NCDPA

North Carolina, and Raleigh specifically, have multiple down payment assistance programs. Will one work for you, or one of your clients? It never hurts to ask! Below is some basic information, but for more details, contact me at 919-260-8013, via email or apply online and I can answers any questions you may have!

Basic Information on NCHFA Down Payment Assistance Programs:

  1. The minimum credit score is 640 across the board
  2. Maximum debt to incomes ratio is 45% (Calculate your DTI here)
  3. Condos, Townhouses, and Single Family homes are eligible (must be Fannie Mae approved)
  4. A Mortgage Credit Certificate (MCC) can be attached for first time home buyers
  5. 60 day locks are available
  6. Down payment assistance is treated as second mortgage and is fully forgiven after 15 years. The balance is deducted 20% per year from years 11-15. (For $15,000 DPA Program, fully forgiven after 5 years / 20% per year)
  7. Income restrictions apply ($87,500 max for conventional)

Down Payment Assistance Rates & Options

Want to know the current NCHFA rates? Click above
Want to know the current NCHFA rates? Click the image above

3% Down Payment Assistance

5% Down Payment Assistance

  • FHA – 96.5% Loan + 5% DPA = 100% Loan to Value + 1.5% for Closing Costs
  • VA – 100% Loan + 5% DPA = 100% Loan to Value + 5% for Closing Costs

$15,000 Down Payment Assistance (more info on this program)

  • Conventional, FHA, USDA, VA, – $15,000 Down Payment Assistance Available
  • Must be first time home-buyer, or have not owned a home in 3 years
  • Down Payment Assistance can be used for down payment AND closing costs
  • Home must be in Cabarrus, Cumberland, Guilford, Johnston or Johnston County

Community Partners Loan Pool (more info on this program)

  • Up to 20% down payment assistance

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!