N.C. Housing Finance Agency Introduces Conventional Mortgages For First-Time Homebuyers--GE Mortgage Insurance is Lead Insurer

Press Contact Only:
Margaret Matrone, NCHFA, 919-877-5606, 
Terry Souers, GE Mortgage Insurance, (919) 846-4459

RALEIGH--First-time homebuyers with good credit will have a new source for 100% home financing at below-market rates beginning March 1. The North Carolina Housing Finance Agency is adding conventional mortgages to its portfolio of FHA, VA and USDA loans, which currently have rates as low as 6.5%. "The conventional mortgages open the possibility of 100% financing for families that qualify for our below-market-rate mortgages, but whose incomes are too high to qualify for help with down payments," said Bob Kucab, the Agency's Executive Director.

"GE Mortgage is our first partner is this venture, "Kucab said. "We appreciate their leadership and expect other mortgage insurance companies to join us by providing insurance for these mortgages."

"We’re proud to be working with the North Carolina Housing Finance Agency to help make this program possible." said Mark Goldhaber, vice president, affordable housing and emerging markets for GE Mortgage Insurance. "We’re in the business of increasing home ownership, and this is another example of how the NCHFA continues to provide new low-cost financing alternatives for potential homebuyers."

The Agency's low-rate loans are available to first-time homebuyers and individuals who have not owned a home as their primary residence in three years. In addition, borrowers must not exceed certain income and sales price maximums. 

Homebuyers interested in the Agency's mortgages can apply by contacting a lender in their area that participates in the Agency's mortgage programs. Complete lists of income limits, home price limits, participating lenders and current interest rates can be found on the Agency's web site at www.nchfa.com, or you can call 919-877-5700 or 1-800-393-0988 and ask to speak to an underwriter.

GE Mortgage Insurance is a unit of Raleigh, NC-based GE Capital Mortgage Corporation, a subsidiary of GE Capital. Additional information about GE Mortgage is available at www.gemortgageinsurance.com. GE Capital, with assets of more than $345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, CT, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.

The North Carolina Housing Finance Agency is a self-supporting public agency. Since its creation in 1973, the agency has financed more than 118,000 affordable homes and apartments for North Carolina citizens.