North Carolina Housing Finance Agency: New and Revised Financial Programs

The North Carolina Housing Finance Agency has recently added and revised a few of their financial programs.  The following programs could be greatly beneficial to those looking to purchase a home. 

The NC Home Advantage Loan Program

This program is not only a low fixed rate mortgage that’s available to first time and repeat home buyers but it also has a Down Payment Assistance (DPA) feature.  The following are additional characteristics of this loan program:

• 3% DPA of the loan amount for buyers with a 640+ mid credit score
• 0% interest & no payments on the DPA soft second
• The DPA loan is forgivable starting the 11^th year thru the 15th
• No NCHFA imposed sales price limits (follow FHA, USDA, or VA loan limits as appropriate)
• Statewide income limit of $85,000
• Can be used by repeat and first time home buyers

The Mortgage Credit Certificate (MCC)

• A credit available to qualified first time homebuyers that is a federal tax REDUCTION, up to $2,000 a year
• Helps buyers qualify for a larger home by increasing net take home pay
• Good for the life of the loan
• Can be combined with the NC Home Advantage loan program

For more information on these and other loan programs, contact Team Gale and we can point you to a participating lender!

Information collected from Guaranteed Rate and WRAR