Buying Your First Home? Get $15,000 Down Payment Assistance

By
Mortgage and Lending with Blue Ridge Bank Mortgage NMLS # 78989

If you are a first time buyer purchasing a home in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties NC, you may be eligible for $15,000 in down payment assistance with 0% interest, no required payments, and it is forgiven after just 5 years!

Most of the time when you hear something like this, it is too good to be true.  In this case, it is True!  There is a limited availability to the first 1,000 loans so see the details below and take advantage now.

The special $15,000 down payment assistance is funded through the U.S. Department of the Treasury’s Hardest Hit Fund.  The five counties were chosen to support homeownership in areas that experienced especially high rates of foreclosures during the recent recession.

This down payment assistance product, which we offer through NC Housing Finance Agency, can be used towards down payment, closing costs, or PMI.  The down payment assistance can be coupled with a USDA, VA, FHA, or conventional mortgage loan and is a great way for a first time buyer to get quick equity in their new home.

$15000 down payment assistance for first time buyers in Cabarrus, Cumberland, Guilford, Johnston, & Mecklenburg Counties

If you are a first time buyer purchasing a home in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties, you may be eligible for $15,000 in down payment assistance with 0% interest, no required payments, and it is forgiven after just 5 years!

Most of the time when you hear something like this, it is too good to be true.  In this case, it is True!  There is a limited availability to the first 1,000 loans so see the details below and take advantage.

The special $15,000 down payment assistance is funded through the U.S. Department of the Treasury’s Hardest Hit Fund.  The five counties were chosen to support homeownership in areas that experienced especially high rates of foreclosures during the recent recession.

This down payment assistance product, which we offer through NC Housing Finance Agency, can be used towards down payment, closing costs, or PMI.  The down payment assistance can be coupled with a USDA, VA, FHA, or conventional mortgage loan through the NC Home Advantage products and is a great way for a first time buyer to get quick equity in their new home.

In addition this this great down payment option, first time buyers can take advantage of an MCC Tax Credit of up to $2000 per year!  Learn more about how an MCC Tax Credit can work for you here.

Details for the $15,000 Down Payment Assistance

  1. 640 minimum credit score required
  2. 60 day locks
  3. Buyers can combine with MCC tax credits
  4. Existing homes only (new homes not eligible)
  5. Maximum sales price is $245,000
  6. 1st time buyers only (not owned a home in last 3 years)
  7. Household income limits:
    1. 1 – 2 person households $62,000
    2. 3+ person households $71,000

Down Payment Assistance Terms:

  1. 5 year term, 0% interest rate, no required payments
  2. Forgiven 20% per year in years 1 – 5.  Totally forgiven after 5 years!
  3. DPA may be used towards down payment, closing costs, & PMI
  4. DPA is repayable if the following happens within 5 years:
    1. No longer occupies the property
    2. Refinances the first mortgage
    3. Sells the property

Contact one of our first time buyer expert loan officers with Team Move here

We hope that you find this article and product helpful.

Posted by

Russell Smith - Your Mortgage Lending Expert

NMLS # 78989

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
North Carolina Cumberland County Fayetteville
Tags:
realtors
down payment assistance
first time buyers
mortgage loans
first time buyer
mortgage lending
real estate
mortgage
nc housing finance agency
mcc tax credit
down money

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,143,921
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

I know this will help many families who can make the payment but cant seem to be able to get through life and have the extra for saving for the down payment

Sep 05, 2015 04:29 AM #1
Rainmaker
722,437
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Russell

Thanks for the post. That is a great incentive for home buyers.

Thanks for sharing. Have a great weekend

Sep 05, 2015 09:37 AM #2
Rainmaker
82,213
Russell Smith
Blue Ridge Bank Mortgage - Wilmington, NC
Loan Officer Communication & Execution You Deserve

Thank you Patrick.  It is an exciting product that should help knock down some barriers to home ownership.  Enjoy your weekend as well.

Sep 05, 2015 09:29 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
82,213

Russell Smith

Loan Officer Communication & Execution You Deserve
Ask me a question
*
*
*
*
Spam prevention

Additional Information