Down Payment Assistance For First Time Home Buyers
If you are considering buying your first home and you are trying to figure out if you can afford it, then I think you will like the next sentence. N.C. Housing Finance Agency is offer $15,000 down payment assistant for first time home buyers that are looking to buy a home in Fayetteville, NC and Cumberland County. That’s wonderful news and The Rockel Group can help you find your first home. Of course there are some requirements when qualifying for first time home buyers down payment assistance. We have a few amazing lender partners that are on the N.C. Housing Finance Agency approved lender list in the Fayetteville area, let us help get you in touch with them.
Here are a few key points to the down payment assistance program for first time home buyers that;
- You are a first time home buyer or have not owned a house within the last 3 years.
- Your income does not exceed a certain limit (please see chart) and look for Cumberland County.
- You purchase an existing house below $245,000…you can get a lot of home for this price in Cumberland county.
- You have to buy in the eligible county…Cumberland County.
- Your credit score is 640 or higher. Contact us and we can put you in touch with our lenders that can help make sure you meet this requirement as well as other.
- You complete an in-person or online home buyers education course. We do offer First Time Home Buyer Seminars if you are interested. If you can’t find a date that works for you, we may have others being done around Fayetteville that might work with your schedule
Buying a home can be stressful at times and if the money was not one of the stresses, then let us help you. The best part about this program is that it works for VA, FHA, USDA and Conventional loans. To our understanding, the $15,000 down payment assistance is in the form of a five year deferred loan at zero interest. We are being told the best part of the Cumberland County down payment assistance is… if you stay in the home for 5 years then you won’t have to repay the down payment loan and it’s forgiven. It’s forgiven at 20% per year for each full year you live in the home . This program is on a first come first serve basis until the money runs out, so let us help you take advantage of the lower rates and extra financial buying power.
Even better, some first time home buyers may also qualify for the Mortgage Credit Certificate (MCC), which provides a federal tax credit up to $2,000 a year and our preferred lenders can help answer more detailed questions about these two great programs.
I’m sure you’re reading this and trying to figure out if this is something that could help you or maybe you’re reading this and confused about the qualifications of the down payment assistance for buying a home in Cumberland County? That is where we come in and can help you as your Buyer’s Agent to help make sure you know all the options available for you, even better…a Buyer’s Agent is free and you can buy any home listed by anyone for sale and know that you have someone on your side that does not represent the seller (or listing). The Rockel Group knows how we can help you if you are interested in buying your first home.