Need help with down payment to buy a home?

[Shay Campbell]

Many home buyers need help with down payment to buy a home; This is a challenge that many cannot overcome. It has just gotten a little easier with the introduction of N.C. Home Advantage™. This new mortgage program which will start March 1st 2013, will help homebuyers by providing down payment assistance up to 3%.

Some major bullet points are:

• 3% down payment assistance.
• DAP is forgiven after 15 years
• 640 minimum FICO score.
• $85,000 maximum income limit.
• No program limit on purchase price.
• Used with FHA, USDA or VA.

 

I believe most of these loans will be used with an FHA first mortgage. FHA has a minimum requirement of 3½% down. If the borrowers have a 3% DAP then only ½% more will be needed. I will repeat this; the borrower may be able to do an FHA 30 year fixed rate mortgage with only ½% down payment from their own funds.
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Who Can You Call For Your Mortgage Needs in North Carolina?
Call Shay Campbell a licensed Loan Officer, NMLS# 46083, located in the Triangle area of NC, which includes Raleigh, Cary, Durham, Chapel Hill, Apex, Holly Springs, RTP and the counties of Wake, Durham, Johnston, Chatham and Orange. Shay has over 14 years of originating experience in North Carolina and can assist you with FHA, VA, USDA, NCHFA and conventional loans. He has a special interest in working with first time home buyers. Shay can be contacted at 919-624-8614, [e-mail] or visit his website at shaycampbellmortgage.com.

[Pat Howlett]

Great share Shay - I'd think that this should help many folks just getting started in home ownership.

[Fred T. Gruber Jr.]

Great news! This should help jumpstart the real estate market, which helps so many other professions.