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North Carolina Housing Down Payment Assitance Program Changes
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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

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Listings
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FOR SALE

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MLS® #658015 MLS® # 658015 (Active)
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FOR SALE

0.0 Bath

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$8,000,000

Listed ByJEFF BIGGS REALTY, INC

MLS® #658018 MLS® # 658018 (Active)
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FOR SALE

0.0 Bath

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$6,675,000

Listed ByHubbard Commercial, LLC

MLS® #564927 MLS® # 564927 (Active)

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Michael Jones

RE/MAX Of Greensboro

204 Muirs Chapel Rd
Greensboro  North Carolina 27410

(336) 750-6453 (800) 950-6453 (336) 346-1280

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