Lots of programs and financing available for 1 st time homebuyer
To explain a few…
NCHFA (North Carolina Housing Finance Agency) If your income is modest, a low-interest mortgage from the North Carolina Housing Finance Agency can make the difference between owning a home and dreaming about it. NCHFA offers 30-year, fixed rate mortgages at competitive interest rates for new homes, existing homes, and homes under construction. For home buyers that need extra help, NCHFA offers interest-free, deferred second mortgages to help pay down payment and closing costs.
Are a first time home buyer, or you have not owned a home as your principal residence during the past three years
Annual household income does not exceed the maximum income limits allowed for your county
Pitt County Income Limit:
1-2 person household - $54,500
3 person household - $62,000
4 person household - $62,000
Are a reasonable credit risk
NCHFA Second Mortgages (DAP Loans) Down Payment Assistance loans are available to borrowers up to $8,000 as a 2nd mortgage on the home. Borrowers must have at least $1,000 of their own funds in the purchase transaction. Liquid cash reserves after closing cannot exceed the amount of the DAP Loan multiplied by 1.5. The property must meet NCHFA’s property standards. -the property must be safe, decent and sanitary -the home must be built prior to January 1, 1978
Continued… Rental property currently occupied by a tenant is eligible for a DAP Loan only if that tenant is the prospective homebuyer. Borrowers must receive homeownership and budgeting counseling. Household income limits do apply. -1 person household - $28,900 -2 person household - $33,050 -3 person household - $37,150 -4 person household - $41,300 The loan must meet all other NCHFA underwriting guidelines.
(Federal Housing Administration) What is an FHA Loan? An FHA loan is guaranteed by HUD. This allows lenders to make high loan to value mortgages with reasonable underwriting guidelines. Sometime homebuyers will qualify even if they do not qualify for other mortgage programs.
Local loan operations: in Washington, processing, underwriting, closing, servicing
In house underwriting
Full menu of mortgage loan programs
Conclusion Now is the time to own the American Dream. Rates continue to be at historical lows! Call me today for any additional questions you may have. Brandy Lee Mortgage Loan Officer 301 East Arlington Blvd • Greenville Phone: (252) 321-1541 Cell: (252) 944-7216 [email_address]