February 20, 2014

Need $$$ To Buy a New Home? The N.C. Home Advantage Mortgage Program Offers Down-Payment Assistance

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 North Carolina 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 also enables you to build equity more quickly. If you qualify, you do not 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. 

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. 

What Kind of Home Can I Buy? 

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

How to Apply 

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

Find That Home
Realtor® Greg Rapp can help you find that special home you've been looking for, and help you apply the N.C. Home Advantage Mortgage Program. Call Greg at 704.213.6846 to get the ball rolling ~ get you your mortgage, and get you into your new home!

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