March 26, 2013

Making Home Happen!! NCHFA Home Advantage Mortgage ~ Guest Article by Dawn White

Dawn White ~ Bank of North Carolina

Please welcome guest author Dawn White,Vice President Mortgage Loan Officer at Bank of North Carolina in Salisbury, North Carolina, to  Dawn has news about a new program being offered by the North Carolina Housing Finance Agency (NCHFA)!

Do you lack the down payment needed to buy a new home? The N.C. Home Advantage Mortgage program offers down payment assistance – and competitive interest rates – to give you the boost you need to buy your first home or move up to your next one.

The new program available through the NCHFA offers down payment assistance of 3% so you can get maximum financing available.  The program is no longer just available for first time homebuyers. You can purchase a new or existing primary residence in North Carolina.  We do the program underwritten to VA, USDA or FHA guidelines. The 3% down payment assistance is a second lien and is provided as a 15 year deferred/ forgiven subordinate lien. The lien is deferred for 10 years and forgiven by 20% each year in the 11th-15th years. After 15 years the loan is totally forgiven. This is a great way to take advantage of your option to use maximum financing when available!

The N.C. Housing Finance Agency offers N.C. Home Advantage with down payment assistance up to 3% of the loan amount at 0% interest. This not only helps you get into your new home, but enables you to build equity more quickly. If you qualify, you don’t need to repay the down payment unless you sell, refinance or transfer the home. Even better, it is completely forgiven at year 15 and reduced by 20% a year in years 11 through 15.

With 30-year, fixed rates, the N.C. Home Advantage Mortgage is a perfect match for buyers looking for safe, affordable financing.

Am I Eligible?

You may be eligible for an N.C. Home Advantage Mortgage if:

  • you are buying a new or existing home
  • you buy a home in North Carolina and occupy it within 60 days of closing
  • your annual income does not exceed $85,000
  • you are applying for a FHA, USDA or VA loan through a participating lender and meet the sales price limits of the loan type
  • you are a legal resident of the United States, and
  • your credit score is 640 or higher.

What Kind of Home Can I Buy?

  • New and previously owned single family homes
  • Townhouses
  • Condominiums
  • Duplexes

Additional Help for First-Time Buyers

If you are a first-time homebuyer, you may also be eligible for a Mortgage Credit Certificate (MCC) worth up to $2,000 a year in tax savings. If you qualify, you can claim 30% of your mortgage interest – up to $2,000 per year – as a credit on your federal income taxes, while still claiming the remaining 70% of interest as a deduction. You can receive an immediate benefit from your MCC tax credit by filing a revised W-4 with your employer to increase your take-home pay and help make your house payments more affordable.

How to Apply

NCHFA homebuyer assistance is available statewide through participating lenders. To find a lender near you, go to the Home Buyer section at or call 1-800-393-0988.

Dawn E White

Vice President ~ Mortgage Loan Officer

Bank of North Carolina
415 Jake Alexander Blvd. West
Salisbury, NC 28147

Thank you, Dawn!  Remember to call Salisbury Real Estate Agent Greg Rapp at 704.213.6846 to see the variety of homes that are available for you to use the NCHFA homebuyer assistance!  See you soon! 

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