Down Payment Assistance Programs For NC Residents!

Buyers,

Here is a great chart from the Raleigh Regional Association of REALTORS® that will help you understand the North Carolina Housing Finance Agency (NCHFA) down payment assistance  programs and eligibility requirements.    Check out our preferred partners webpage for Mortgage Consultantswho are registered with NCHFA.

Please note that this chart only highlights the programs, consult a certified mortgage broker for full details.  July 2009

 

NCHFA Loan Program 

DAP

(Downpayment Assistance Program)

 

$8,000, 0%, 30 year deferred 2nd mortgage.

 

Requires $1,000 borrower investment of own funds.

 

DAP

(Downpayment Assistance Program)

 

$4,000, 0%, 30 year deferred, 2nd mortgage

 

Requires $1,000 borrower investment of own funds.

 

Limited number of loans – 125 (e)

Minimum credit score – 700

Maximum qualifying ratios – 31/43%

NHLP

(New Homes Loan Pool)

Up to $25,000 or 20% of sales price (whichever is less); +$4,000 for energy efficiency retrofits.

 

Requires $750 borrower investment of own funds.

 

Can include $8,000 statewide feature for a $37,000 maximum 2nd mortgage.

Areas Served

Statewide

Statewide

48 non-profit approved organizations; borrower applies through non-profit organization. See www.nchfa.com for full list of non-profit organizations and areas served.
Eligible 1st Mortgage Loan Types NCHFA FirstHome Mortgage ProgramLoan Types:  FHA, VA, USDA & Conventional

NCHFA FirstHome Mortgage Program

 Loan Types:  FHA, VA, USDA

NCHFA FirstHome Mortgage Program or Lender Programs Loan Types: FHA, VA, USDA & Conventional
Sale Price Limits 

$210,000 new or existing construction.

$210,000 new or existing construction

New Construction: FHA 203(b) loan limit
Income Limits 

80% or less of area median income; varies based on county and household size.

NCHFA FirstHome Program Limits:

1st mortgage limits (approximately 100 – 115% of area median income based on family size)

80% or less of area median income; varies based on county and household size. 
Eligible Borrowers

First-time homebuyer requirement:  Yes

(has not owned a home last 36 months)

First-time homebuyer requirement: Yes

 

(has not owned a home last 36 months)  

First-time homebuyer requirement:  Yes(has not owned a home last 36 months)