Press Contact Only:
Margaret Matrone, NCHFA, 919-877-5606, [email protected]
Connie Helmlinger, NCHFA, 919-877-5607 [email protected]
North Carolina’s want-to-be home buyers have cause to celebrate National Homeownership Month this year, thanks to a new mortgage that includes down payment help.
Offered by the NC Housing Agency, the NC Home Advantage Mortgage™ offers down payment assistance up to 3 percent of the loan amount, along with competitive interest rates. The 30-year, fixed-rate loans are available for first-time and move-up buyers through a statewide network of lenders.
“National Homeownership Month spotlights the role of housing in the economy – successful homeowners strengthen communities by contributing to the local tax base and putting money into local businesses,” said A. Robert Kucab, executive director of the NC Housing Finance Agency. “Our goal is to help working families attain their dream of owning their own home.”
To qualify, home buyers must have incomes below $85,000 and good credit scores. The mortgage can be a FHA, USDA or VA loan, and can be used to purchase new and existing single-family homes, townhomes, condos and duplexes.
The down payment help is offered at zero percent interest and isn’t repaid until the buyer sells, refinances or transfers the home. If the buyer remains in the home for 15 years, the down payment loan is forgiven. Unlike the NC Housing Finance Agency’s other mortgage products, this one uses only taxable financing, and is funded by the sale of mortgage-backed securities.
First-time buyers may also be eligible to use a tax-saving Mortgage Credit Certificate with their NC Home Advantage Mortgage™. Qualified buyers can claim 30 percent of mortgage interest – up to $2,000 per year – as a credit on federal income taxes, while still claiming the remaining 70 percent of interest as a deduction. MCC buyers must meet additional income and sales price limits.
The NC Home Advantage Mortgage™ and Mortgage Credit Certificate are available statewide through participating lenders. Buyers can find a lender in their area at www.nchfa.com or by calling 1-800-393-0988.
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The North Carolina Housing Finance Agency is a self-supporting public agency. It has financed 215,000 homes and apartments since its creation in 1973, including nearly 85,000 homes for first-time home buyers. To learn more, go to www.nchfa.com or call 919-877-5700 or 800-393-0988.
