Saving money for a down-payment is 1 of the 3 concerns that potential home buyers worries about. Contact me about the other two concerns.
As a real estate agent I want to bring attention to programs, grants, and other sources of money that may help people who desire to own their own home, but need a little direction and guidance.
Below are some points (y'all know I prefer bullet points) that I picked from an article. The website is listed above.
The NCHFA, North Carolina Housing Finance Agency, offers a mortgage that provides down-payment assistance.
Who is the program targeted to help?
· People who desire to own their own home, but have low to moderate-income
· Qualified buyers who meet income guidelines
· First-time buyers or repeat buyers
Basic Information About the Mortgage
· The name of the mortgage is called the NC Home Advantage Mortgage
· This is a NC State program so some lenders may not have access to the funding
· All loans under the program are 30-year fixed-rate mortgages
Is there a minimum credit score?
· 660 if you are buying a manufactured home
· 620 - 640 for other types of homes
How much money will I get?
· The amount of down payment assistance depends on the loan type
· 5% assistance on FHA, VA and USDA loans
· 3% assistance on conventional mortgages
· Military veterans and First Time Home Buyers get more money:
Up to $8,000 from the NC 1st Home Advantage Down Payment Program
If they qualify for the NC Home Advantage Mortgage
What are the terms for the down payment assistance?
· It is a 0% interest loan with no monthly payments
What can the down payment assistance be used to pay?
· Closing costs
· Prepaid items like property tax and homeowner’s insurance
· Down payment
Is the money really FREE? Do I have to pay back the down payment assistance?
· Maybe or Maybe not:
It depends on how long the borrower lives in the house
· After 11 years — and each year after — 20% of the down payment assistance is forgiven.
· After 15 years, the down payment assistance won’t have to be repaid
What Lenders participate in the program?
· I can provide you with a list of lender names and their contact information
· Contact me using the phone number below
· Message through Facebook: https://www.facebook.com/MoveOnJJBrannon/
If you know anyone who is thinking of buying or selling a home in the Triad area of NC, please have them contact me.
JJ Brannon Weichert Realtors Triad Associates
Realtor Office: (336) 759-0060
Cell: (336) 448-9175 3061 Trenwest Dr.; Winston-Salem, NC 27103
Email: jjbrannon@weicherttrad.com www.weichert.com
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