NCHFA Loan Program

DAP

(Downpayment Assistance Program)

$8,000, 0%, 30 year deferred 2^nd mortgage.

Requires $1,000 borrower investment of own funds.

DAP

(Downpayment Assistance Program)

$4,000, 0%, 30 year deferred, 2^nd mortgage

Requires $1,000 borrower investment of own funds.

Limited number of loans – 125 (e)

Minimum credit score – 700

Maximum qualifying ratios – 31/43%

NHLP

(New Homes Loan Pool)

Up to $25,000 or 20% of sales price (whichever is less); +$4,000 for energy efficiency retrofits.

Requires $750 borrower investment of own funds.

Can include $8,000 statewide feature for a $37,000 maximum 2^nd mortgage.

Areas Served

Statewide

Statewide

48 non-profit approved organizations; borrower applies through non-profit organization.

See www.nchfa.com for full list of non-profit organizations and areas served.

Eligible 1^st Mortgage Loan Types

NCHFA FirstHome Mortgage Program

Loan Types:  FHA, VA, USDA & Conventional

NCHFA FirstHome Mortgage Program

Loan Types:  FHA, VA, USDA

NCHFA FirstHome Mortgage Program or Lender Programs

Loan Types: FHA, VA, USDA & Conventional

Sale Price Limits

$210,000 new or existing construction.

$210,000 new or existing construction

New Construction:

FHA 203(b) loan limit

Income Limits

80% or less of area median income; varies based on county and household size.

NCHFA FirstHome Program Limits:

1^st mortgage limits (approximately 100 – 115% of area median income based on family size)

80% or less of area median income; varies based on county and household size.

Eligible Borrowers

First-time homebuyer requirement:  Yes

(has not owned a home last 36 months)

First-time homebuyer requirement: Yes

(has not owned a home last 36 months)

First-time homebuyer requirement:  Yes

(has not owned a home last 36 months)