North Carolina Housing Down Payment Assitance Program Changes
rom a great loan officer Tonya May with Movement Mortgage:
I just wanted to take a couple of minutes to update you on a few things.
First - for the first time since 2006, loan limits have increased for FHA, VA and FNMA. For FHA, the loan limit has increased to $275,665 - VA loan limit (without addtl $ down) increased to $424,000 and the FNMA loan limit has increased to $424,000.
Next, the $15K down payment assistance money is still available - well over 2000 as of last update - so this should last well into 2017. The highlights of the program (for a quick reference) :
- $15,000 assistance in form of a 0% interest rate 5 year subordinate lien with deferred payments. 20% of the balance forgiven each year.
- First Time Homebuyers Only (everyone that is occupying the home has to be a FTHB) which means they havent owned property in the last 3 years... Alot of the buyers I talk to qualify and dont realize it!
- Existing single family properties only (no new construction / all properties must be previously occupied)
- Maximum sales price of $245,000
- Mortgage Credit Certificates (MCCs) CANNOT be combined with the loans with the $15,000 DPA feature (this is a change from prior program)
- Income limit based on income of all adults 18+ years of age expected to occupy the property included in income limit (** TOTAL HOUSEHOLD INCOME **) and the limit for Guilford County is $59,000
Please do not hesitate to call me or email me with any help I can offer you or your buyers!
Realtor Michael Jones REMAX Of Greensboro
www.forsalegreensboro.com (336) 750-6453 or (800) 950-6453