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NC Housing Finance Agency Foreclosure Property Downpayment Assistance
North Carolina Housing Finance Agency
http://www.nchfa.com

Program Overview


NC Housing Finance Agency Foreclosure Property Downpayment Assistance is a program that offers no interest forgiveable loans for purchasers of foreclosed property. Property must be in a county that receives Neighborhood Stabilization Program funds.


Who is eligible for this program?


Borrwers must qualify for a FirstHome mortgage. Funds may be used to pay the down-payment on a foreclosed property.

Household Income Limit: $ 77100
Is this program for first time buyers only? Yes


Property Eligibility Requirements


The property must be located in an eligible county.
Allowable property types: Homes must be foreclosed and for sale by a bank, bank holding company, government agency (other than the NC Housing FInance Authority), or authorized REO designated entity. Single-family homes, condominiums, and townhomes. Manufactured homes are not eligible.


Benefit Details


Loans may be forgiven at a rate of 20% per year for each full year the borrower owns and lives in the property. At the end of 60 months, or when he proeprty is sold, refinanced, or occupied by a non-owner, the borrower must be current on the mortgage to qualify for forgiveness of the loan. Maximum loan is $10,000

Benefit: Five-year, 0% interest deferred loans for down-payments or closing costs.
Loan Term:5 years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:Loans must be used in conjunction with a FirstHome mortgage. Buyers who do not qaulify for downpayment assistance may be eligible for FHA financing through the Agency.

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.



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