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FHA Downpayment Guidelines for NC - You might be Surprised!

Dreaming of a new home??Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?

HUNDREDS of first time homebuyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now "famous" $8000 Downpayment Assistance program available through NC Housing Financing!

These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!

The North Carolina Housing Finance Agency, is advancing up to $8000 as a credit to buyers forUse Cash From Your Wedding for a Down Payment their 3.5% downpayment. (of course there are some income qualifications, etc)

Here are some other ways you CAN obtain the 3.5% downpayment for FHA loans

  • Save it! if you have enough money in your IRA account, you might be able to borrow against the account (check with your employer) for your home purchase!
  • Gift: You can get a gift of the entire amount from family and friends, you can even use a BRIDAL REGISTRY to show who gave you the individual amounts!
  • Grant from your Employer: there are some pretty specific guidelines about this - but many businesses, and municipalities offer these programs!
  • Sale of an Asset: would you rather have a Bass Boat or a house?  For some guys, it comes down to this!! (If you are thinking of this, please call us for details of how to document it!)

As you might know, you do NOT have to be a First Time Homebuyer to use FHA financing... but if you want to take advantage of the $8000 Down Payment Assistance, you need to be either a First Time Home Buyer, or you must not have owned a home in the last 3 years.

FHA does NOT have a maximum income requirement (like USDA), they do NOT have a geographical footprint (meaning you can only purchase some addresses, they only cap the maximum loan in each county)... Unlike VA loans, FHA does not require that the borrowers are married!!

If you have questions about purchasing a home in Cary, Apex or Holly Springs using a FHA mortgage, please call Steve and Eleanor Thorne, River Community Bank, 919-649-5058

Comment balloon 2 commentsEleanor Thorne • July 20 2009 05:13PM

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Thanks Eleanor for the info and correcting me on the down payment info!  You are really an asset to us here in the Raleigh NC market!

Posted by Lee & Pamela St. Peter, Making Connections to Success in Real Estate (Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522) almost 8 years ago

Eleanor - I really hate to comment in this way but......  I will!  I am THANKFUL that the $8,000 credit will not be advanced.  Isn't this kind of the way that we got into troube in the first place?  People relying on others for the money for a home?  I have SEEN buyer go to closing lately with either less than $75 or they get a check back - WHAT?  They have borderline credit but good enough to push through, they get a USDA loan and have the seller pay closing costs.  They have to scrape together to get an earnest money deposit and have to have inspections POC because they "have no money" to pay them up front.  Um, should they really be thinking about buying a home?  We'll just call them the 3rd generation of Foreclosures that will hit in about 2-3 years!

Posted by Leesa Finley, RED Properties - Raleigh NC Real Estate (RED Properties) almost 8 years ago

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