The State of North Carolina has great programs for first time homebuyers. These programs are offer through North Carolina Housing Finance Agency or NCHFA.
One of the programs NCHFA offers is the FirstHome Mortgage Program. NCHFA says it best, "The FirstHome Mortgage Program offers first-time homebuyers affordable mortgage financing at an interest rate that is usually below the market rate." Just click RATE for the most current rate offered by NCHFA. NCHFA offers 30 year fixed rate mortgages that can be used with FHA, VA, USDA and conventional mortgages. These mortgages are not originated by NCHFA. They are originated by participating banks and lenders.
As with all State Housing Finance Agencies there are eligibility requirements. Some are;
- Must be a First-Time homebuyer. Generally this means you have not owned a home in the last three years.
- Income limits. The income is limited by what county the home is located in and household size.
- Purchase a home within the established acquisition limits
- Borrowers must be a reasonable credit risk.
- Occupy the property with in 60 days of closing.
It should be noted that the FirstHome Mortgage Program is a program offering interest rates that are below or competitive with market rates. It is not a program for borrowers with risky credit.
Contact Shay Campbell for more information on NCHFA's FirstHome Mortgage Program. Shay Campbell is located in Raleigh, NC.
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