#1- NC Home Advantage Mortgage Program
North Carolina’s Housing Finance Agency realizes that one of the major obstacles on the path to homeownership is the down payment. Though many people can afford to make monthly mortgage payments, they don’t have enough money saved to pay the upfront costs. The NC Home Advantage Mortgage Program aims to help individuals overcome this obstacle.

Available Assistance
This program provides fixed-rate mortgages to qualified homebuyers, as well as down payment assistance of up to 5 percent of the loan amount. Borrowers are not expected to repay the down payment unless the property is to be sold, refinanced, or transferred within 15 years. The down payment assistance is forgiven at 20 percent per year after 10 years in the home.

Applicants who are first-time buyers or military veterans may be eligible to combine the NC Home Advantage Mortgage Program with a Mortgage Credit Certificate (MCC) to increase their savings.(https://ncfhaexpert.com/first-time-homebuyer/mortgage-credit-certificate-income-limits-per-county-in-nc/

Eligibility Requirements  
In order to be considered eligible for the NC Home Advantage Mortgage Program, all applicants must meet certain requirements. While there is no first-time homebuyer requirement, all applicants must be legal U.S. residents. They must have an annual household income under the program’ maximum limit, $87,500, and a credit score of at least 640. Homebuyers must apply for an FHA, USDA, VA, or conventional loan through a participating lender and meet the sales price limits of the loan type.

Property Guidelines
Applicants must occupy the home as their principal residence within 60 days of closing. Eligible property types include new and previously owned single-family homes, townhouses, condominiums, duplexes, and new manufactured homes (660 credit score required).

Not every bank works with this program so if you are thinking about using it, check around to locate a bank that does. Also make sure any guidelines have not changed since this writing.

#2- Hendersonville Housing Assistance Center has several programs
Housing Assistance Corporation | 828-692-4744 | 602 Kanuga Road, Hendersonville NC 28739

*Self-Help Housing
The Self-Help program is Housing Assistance’s most affordable homeownership program. Service Area: Henderson County, N.C. In this program, participants save money and earn “sweat equity” toward their new home by completing 65% of the labor/10 hours per week.  No construction experience is required.
Housing Assistance serves the following North Carolina counties through this program:
Henderson, Polk, and Transylvania Counties, N.C.

*New Homes
The New Homes program is an alternative to the Self-Help program. It offers the same attractive, quality homes at affordable prices with no sweat equity required.
Housing Assistance serves the following North Carolina counties through this program:
Henderson County, N.C.

*Direct Purchase
Direct Purchase is an alternative to new construction. With the direct purchase option clients are able to purchase an existing home through the assistance of a realtor. An additional benefit of the direct purchase program may include down payment assistance.
Housing Assistance serves the following North Carolina counties through this program:
Available in All Counties in North Carolina

*Down Payment Assistance
Down Payment Assistance is  offered through the North Carolina Housing Finance Agency (NCHFA). It is a deferred payment, non-forgivable mortgage with 0% interest rate that can increase your purchase power or reduce your first mortgage amount making your monthly payment even more affordable.
Housing Assistance serves the following North Carolina counties through this program:
Alleghany, Ashe, Avery, Buncombe, Caldwell, Cherokee, Clay, Graham, Haywood, Henderson, Jackson, Macon, Madison, Mitchell, Polk, Swain, Transylvania, Watauga, Wilkes, and Yancey Counties, N.C.

*Financing
Rural Home Loans (Section 502 Loan Program)
Assists low- and very-low-income applicants to obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment  ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

Financing Benefits:
Interest rate below market rate and when modified by payment assistance, can be as low as 1% 
Payment is based on income and adjusted annually

Repayment period is 33 years and no down payment is required

Most closing costs can be financed into the loan

Interest and mortgage payments are deferred during construction.

Moratorium – Suspends the borrower’s requirement of making monthly payments for up to a 2-year period due to hardship situations.

If interested in applying or if you would like information please contact the Housing Assistance Corporation at 828-692-4744 and ask to speak with a Housing Counselor.

828-692-3009, 602 Kanuga Road, Hendersonville NC 28739.