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NC Housing Finance Agency FirstHome Mortgage (MRB Loans)
North Carolina Housing Finance Agency
http://www.nchfa.com

Program Overview


NC Housing Finance Agency FirstHome Mortgage (MRB Loans) is a program that offers 30 year fixed-rate mortgages to first-time homebuyers. Statewide


Who is eligible for this program?


Borrowers must be a first-time home buyer or not have owned a home and occupied it as a principal residence in the past three years. Current homeowners may qualify if they purchase homes in economically distressed areas in Gaston or Mecklenburg counties. Household income may not exceed $77,100 Funds may be used for the purchase of a new or existing home.

Household Income Limit: $ 77100
Is this program for first time buyers only? No


Property Eligibility Requirements


Statewide; buyers who are not first-time homebuyers must purchase in an economically distressed area
The sales price cannot exceed $ 225000.
Allowable property types: Single-family homes, townhouses and planned unit dvelopments, condominiums, modular homes, or new doublewide manufactured homes on permanent foundations.


Benefit Details


Thirty-year fixed rate mortgages. Interest rates are below market or are at competitive rates. Amount of loan varies.

Benefit: Fixed rate mortgages at below-market or competitive interest rates.
Loan Term:30 years
Owner Occupancy Required:Yes
Other Program Comments:Buyers must be US citizens or legal permanent residents. Buyers must plan to occupy the home within 60 days of closing. Loans offered are FHA, USDA, VA, or conventional mortgages. Application is made through participating lenders. Current homeowners may qualify if they purchawse a home in an economically distressed area.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.



For more information about this and other homebuyer programs please contact one of the following:

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