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NC Mortgage Expert

Helping First Time Homebuyers in NC

By Eleanor Thorne | Mortgage Broker
or Lender in Cary, NC

FHA Downpayment Requirements in NC

i1Dreaming of a new home??Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?

HUNDREDS of first time home buyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now “famous” $8000 Downpayment Assistance program available through NC Housing Financing!

These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!

The North Carolina Housing Finance Agency, is advancing up to $8000 as a credit to buyers forUse Cash from your wedding for a downpayment their 3.5% downpayment. (of course there are some income qualifications, etc)

Here are some other ways you CAN obtain the 3.5% downpayment for FHA loans

  • Save it! if you have enough money in your IRA account, you might be able to borrow against the account (check with your employer) for your home purchase!
  • Tax Return Refund:  If you are getting a refund from your taxes – use it to buy a house!
  • Gift: You can get a gift of the entire amount from family and friends, you can even use a BRIDAL REGISTRY to show who gave you the individual amounts!
  • Grant from your Employer: there are some pretty specific guidelines about this – but many businesses, and municipalities offer these programs!
  • Sale of an Asset: would you rather have a Bass Boat or a house?  For some guys, it comes down to this!! (If you are thinking of this, please call us for details of how to document it!)

As you might know, you do NOT have to be a First Time Homebuyer to use FHA financing… but if you want to take advantage of the $8000 Down Payment Assistance from NCHFA, you need to be either a First Time Home Buyer, or you must not have owned a home in the last 3 years.

FHA does NOT have a maximum income requirement (like USDA), they do NOT have a geographical footprint (meaning you can only purchase some addresses, they only cap the maximum loan in each county)… Unlike VA loans, FHA does not require that the borrowers are married!!

Need more ideas??  You can also buy a HUD Foreclosed home for just $100 downpayment!  There are TONS of options available.  Don’t let the image of a very small piggy bank hold you back from owing a home!

If you have questions about purchasing a home in Cary, Apex or Holly Springs using a FHA mortgage, please call Steve and Eleanor Thorne, NC Mortgage Experts, 919-649-5058

Originally posted at NCFHAExpert.com

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