North Carolina Home Advantage Mortgage helps buyers finance their homes
Attention renters! Now is time for you to stop renting and buy a home! Perhaps you are ready but the lack of a down payment is holding you back. If you need a boost to buy your first home or move up to your next one, the North Carolina Home Advantage Mortgage might be right for you.
The North Carolina Home Advantage Mortgage offers eligible buyers competitive interest rates along with down payment assistance up to 3% of the loan amount at 0% interest. According to the Housing Finance Agency, if you qualify, the down payment amount not only helps you get into your new home, but also enables you to build equity quicker. Also, you don’t need to repay the down payment unless you sell, refinance or transfer the home. Even better, the down payment amount is completely forgiven at year 15 and reduced by 20% a year in years 11 through 15. With 30-year fixed rates, the North Carolina Home Advantage Mortgage is perfect for buyers that are looking for safe and affordable financing.
If you are a first-time homebuyer, you may be eligible for even more savings by combining and Mortgage Credit Certification (MCC) with the North Carolina Home Advantage Mortgage. According to the Housing Finance Agency, if you qualify, you can claim 30% of your mortgage interest – up to $2,000 per year – as a credit on your federal income taxes, while still claiming the remaining 70% of interest as a deduction. You can receive an immediate benefit from your MCC tax credit by filing a revised W-4 with your employer to increase your take-home pay and help make your house payments more affordable.
Curious if you are eligible? You may qualify if:
- You are buying a new or existing home in North Carolina
- You occupy the home as your principal residence within 60 days of closing
- Your annual income does not exceed $85,000
- You are applying for an FHA, USDA, or VA loan through a participating lender and meet the sales price limits of the loan type
- You are a legal resident of the United States
- You meet a minimum credit score, and
- You are buying either a new or previously owned:
- Single-family home
- Condominium, or