N.C. Housing Finance Agency Offers Low-Interest Mortgages and Down Payment Assistance to First-Time Homebuyers

Press Contact Only:

Margaret Matrone, NCHFA, 919-877-5606, 

RALEIGH--Buying a home is easy for thousands of the state's low-wealth families thanks to the North Carolina Housing Finance Agency’s first-time homebuyer program. The program offers 30-year, fixed-rate mortgages that are currently available at 5.99% with zero points. For eligible borrowers, mortgages with up to $5,000 of down payment assistance are available at 6.5%. The down payment assistance is offered as a 30-year deferred second mortgage at 0% interest.

The program, which includes FHA, VA, USDA and conventional loans, can be used for new and existing homes, as well as homes under construction. Down payments are generally 3% to 5% of the sales price. VA and USDA loans require no down payment, and borrowers with excellent credit can also obtain 100% financing with conventional loans.

Qualified property includes detached homes, townhouses, condominiums and new doublewide manufactured homes on permanent foundations. Because the program targets low-to-moderate-income individuals and families, there are limits on a borrower’s income, assets and the price of the home.

For more information about the Agency's homebuyer programs, including a list of maximum incomes and sales price limits, visit our web site at www.nchfa.com, or call 919-877-5700 and ask to speak to an underwriter. The Agency's low interest rate mortgages and down payment assistance are available through a network of local lenders. These lenders are also listed on our web site.

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.