No Romance w/o Finance! (7) Financing options for NC [100($)100]
Be proactive! Find out your credit score and financing options before you start house hunting.
With closing cost in North Carolina averaging around $3,400-$4000 and downpayment cost totaling 3.5% -5%, financing can become quite a challenge. Check out these statewide programs for North Carolina and click their links to see if 1 of these options could benefit you.
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1. What is NCHFA?
North Carolina Housing Financing Agency...
North Carolina Housing Financing Agency...
They create affordable housing for
those North Carolinians whose needs are not met by the market...
What they offer:
Competitive interest rate mortgages
Down payment assistance up to $8,000
Mortgage credit certificate
To learn more about any of these programs, click the link to go to NCHFA.com
for more info:
NCHFA.com
2. WHS- Workforce Housing Specialist -Formerly 'Affordable Housing Specialist'
Since Realtors care about their communities and the lack of affordable, decent
homes available to working families, they created the housing foundation 'Homes4NC'
the purpose of this public charity is to increase safe, decent and affordable housing
for ALL North Carolinians. Realtors like myself who have earned the esteemed
Workforce Housing Specialist designation now have a grant available for our
buyers only. This grant provides $2000 in closing cost or other related transaction
cost as long as the buyer meets certain criteria.
Click the link below to learn more about the requirements for this grant:
3. HUD.gov
U.S. Department of Housing an Urban Development/ Government agency that oversees
U.S. Department of Housing an Urban Development/ Government agency that oversees
home mortgage lending practices
Benefits: If a previous homeowner had an FHA loan ( a loan insured by the
government) once the homeowner defaults HUD takes ownership of the property. In
2010 the Dept. of HUD changed the way they dispose of the real estate they own.
You can now log onto HUDhomestore.com and view a nationwide site that lists all
HUD properties available for sale.
These homes can be purchased for as little as $100 down
In the past, owner occupants or end users had a 10 day period to bid before
investors. Now they actually get a whole 30 days.
Click the link below to see a complete list of these homes and the requirements
for purchase.
4. USDA
United States Department of Agriculture/Rural Development
United States Department of Agriculture/Rural Development
USDA offers different affordable loan programs for homes located in eligible
rural areas as defined by USDA
Buyers must also meet certain income requirements
These loans enable qualified buyers to purchase a home for $0 down, have all
closing cost financed and also have a lower mortgage payment...
To learn more about these loans, income limits or to find out if a home in a
certain area is USDA eligible, click here:
5. VA/United States Department of Veterans Affairs
The VA program helps Service members, Veterans and eligible surviving spouses
become homeowners. They provide a loan guaranty benefit and other housing
related programs to help you buy, build, repair, retain or adapt a home for your
own personal occupancy. VA guarantees a portion of the loan enabling the lender
to provide you with more favorable terms.
For more info and requirements click here...
6. Self Help Credit Union: Creating and protecting ownership and economic opportunity for all...
Self Help the non profit center for community self help combines several
organizations that together provide financing, technical support, consumer
financial services and advocacy for those under served by conventional financing
institutions...
In some cases they only require a credit score of 580 for home purchases
For more information on loan products and terms provided by Self Help click
here:
7. Last but not least, local entities often provide their own home ownership opportunities and incentives. Organizations like City of Raleigh help low-income families by providing up to $20,000 in funds for home purchases. To find out more about specific programs tailored to your county, visit one of these HUD approved counseling agencies. Updated as of 2-14-13 Phone numbers, websites and addresses can be found here:
Need questions answered about any of these programs? Feel free to email me at
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