Help for Raleigh, NC Home Buyers
It’s always a smart idea to research what you can afford before you begin the home buying search. One good resource to look into is The North Carolina Housing Financing Agency. Here, you can find a wealth of information concerning two mortgage help programs offered by the state. Read on to see if you qualify.
What Types of Mortgage Assistance Can I Find?
The Mortgage Credit Certificate and the N.C. Home Advantage Mortgage can help you save on taxes or provide you with a low-interest loan, respectively. First time home buyers are encouraged to look into these programs, which can make home ownership more affordable.
How Do I Qualify for These Programs?
For the Mortgage Credit Certificate, you must meet specific requirements for income in order to receive a federal tax savings of up to $2,000. Essentially, you’re able to receive 30% of the interest of your mortgage payment in the form of a tax credit. That way, you can use this money on your house payment.
For the N.C. Home Advantage Mortgage, home buyers can receive a low-interest rate mortgage or an interest-free mortgage for closing costs or a down payment. Some of the requirements for home buyers who qualify for this loan include:
- having an income of no more than $85,000
- your credit score is no lower than 640
- you legally reside in the United States
- you are a move-up or first time home buyer planning to buy a new or existing home