NC Housing

FirstHome Mortgage
This is NC Housing’s ‘bread and butter’ program.  The main benefit of this program is it allows buyers to purchase a home at below market rates.  The sales price limit is $225,000 for both new and existing homes.  Remember a 1% decrease in the interest rate could increase the purchasing power by approximately $15,000.

Down Payment Assistance
NCHFA’s DPA programs offer up to $8000 in down payment assistance in the form of interest-free, deferred second mortgages.  The borrower does need to have at least $1000 from their own funds in the transaction.  Do keep in mind that homes built before January 1, 1978 and homes that are tenant-occupied are not eligible.

Mortgage Credit Certificate
Another benefit NC Housing has for a first time home buyer is the Mortgage Credit Certificate program.  Eligible buyers can claim 30% of their mortgage interest (up to $2000) as a tax credit by using the MCC.   This program can be used with almost any type of mortgage, including some adjustable rate mortgages. However, it cannot be used with any other NC Housing program (such as the FirstHome Mortgage).