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Home Buyers
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Am I Eligible?
You may be eligible for a FirstHome Mortgage if:
- You are a first-time home buyer or have not owned a principal residence during the past three years. Even if you are not a first-time buyer, you may be able to use the FirstHome Mortgage if you are buying in a targeted area.
- You buy a home in North Carolina and occupy it within 60 days of closing.
- Your annual household income does not exceed the allowed limits.
- The home’s sale price does not exceed maximum allowed limits. The allowable sales price varies depending on local housing costs and whether you buy a new or existing home.
- You must be able to prove legal residency. United States citizenship is not required for eligibility. The N.C. Housing Finance Agency will offer loans to eligible persons who are U.S. citizens or non-citizens who have lawful permanent residency in the United States . Non-citizens who cannot demonstrate legal residency are not eligible for Agency mortgages.
- Minimum credit score of 600 is required. A higher score may be required for other programs, such as down payment assistance (DAP).
Most types of homes qualify for the FirstHome Mortgage or the MCC.
Eligible properties include:
- New and previously owned detached homes
- Townhouses and Planned Unit Developments
- Condominiums
- New doublewide manufactured homes on permanent foundations, purchased through land-home transactions.
- Existing manufactured homes on permanent foundations, purchased through land-home transactions. (These qualify for the MCC tax credit only.)
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For Your First Home:
3.625%
For a 30-year fixed rate (minimum 60-day lock-in) without NCHFA down payment assistance funds.
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