Downpayment Assistance Program for the First Time Home Buyers in North Carolina
Page 2

The program will enable you to pay at least $1,000 of your own money and then shoulder a maximum amount of up to $8,000 which is not payable until 30 years after you purchased your house. In addition, this Downpayment Assistance Program can also be used in conjunction with the FirstHome Mortgage Program that is also offered by the North Carolina HFA.

If you wish to considered eligible to apply for the Downpayment Assistance Program, you should be able to satisfy the following eligibility requirements which states that you should be:

1) A first time home buyer or a veteran who is planning to acquire a home in a targeted area

2) A person who has not owned a home or occupied it as his/her primary residence for the last three years

3) A person whose annual income does not exceed the limits that are set by the North Carolina Housing Finance Agency

4) A person who wishes to acquire a property whose selling point does not exceed the limits that are set by the North Carolina Housing Finance Agency

5) A citizen and a legal resident of the United States of America

6) A person who is planning to occupy the purchased home within 60 days before closing.

The Downpayment Assistance Program is naturally not due until after 30 years of procurement, but payment will have to made earlier if the borrower opts to sell, transfer, or refinance his North Carolina HFA-financed property.


Downpayment Assistance Program for the First Time Home Buyers in North Carolina
  Back to Page 1

About The Author Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. He also maintains Websites providing resources on civic engagement grants and philanthropy giving.

Additional Resources

category - Home Buying Programs

California Homebuyer's Downpayment Assistance Program for First Time Home Buyers
The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

---

First Time Homebuyer Programs in California
The programs of CalHFA are constantly guided by its overall agency mission which is to "finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership."

---

State of New York Mortgage Agency
The State of New York Mortgage Agency, otherwise referred to as SONYMA, is an agency established in the year 1970 in an attempt to address the shortages of funds within private banking systems that are specifically intended for residential mortgages within the State of New York.

---

Downpayment Assistance Program for the First Time Home Buyers in North Carolina
The programs and activities of the North Carolina Housing Finance Agency are constantly geared towards the satisfaction of the best interest of its target population, which is why all their endeavors are carefully guided by their overall agency mission which is "to create affordable housing opportunities for North Carolinians whose needs are not met by the market."

---