You may qualify for $14,900 in downpayment assistance
If you are a first-time home buyer buying a foreclosed
property, you may qualify for a five-year, deferred
loan up to $14,900 at zero interest.
This second mortgage may be forgiven at 20% per year for each
full year you own and live in the home, as long as you remain
current on your mortgage.
These loans are provided under the federal Neighborhood
Stabilization Program (NSP), authorized in the Housing and
Economic Recovery Act of 2008. Loans are offered by the N.C.
Housing Finance Agency and used with the Agency’s 30-year,
fixed-rate FirstHome Mortgage.
Am I eligible?
To qualify, you must
• be a first-time home buyer (or not have
owned a home in the past three years).
• meet certain income limits.
(See chart, back page.)
• obtain eight hours of HUD-approved home
buyer counseling. (Contact your lender or the Agency for help.)
• contribute $1,000 from your own funds.
What properties are eligible?
Sales prices cannot exceed $210,000. The homes must be
foreclosed properties, built after 1978, and purchased at a
1% discount to the current appraised value. Only single-family
homes, condominiums, and townhomes qualify. Manufactured
homes are not eligible.
Your home must be in one of the 23 counties served by the
NSP: Alamance, Brunswick, Buncombe, Cabarrus, Catawba,
Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth,
Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover,
Pitt, Randolph, Rowan, Union, Vance, and Wake.
How do I begin?
Since the NSP loan must be used with the Agency’s FirstHome
Mortgage, you should first determine if you qualify for the
mortgage. First, check your income against the chart on the
back to see if you are eligible. Then, go to the home buyer
section at www.nchfa.com to find a list of participating
lenders or call 1-800-393-0988
and ask to speak to an underwriter.
Downpayment Assistance
Under the Neighborhood Stabilization Program
Counties 1 person 2 persons 3 persons 4 persons
Alamance $47,100 $53,850 $60,600 $64,000
Brunswick $48,400 $55,300 $62,200 $65,000
Buncombe $46,800 $53,450 $60,150 $64,000
Cabarrus $55,850 $63,850 $71,800 $75,000
Catawba $44,100 $50,400 $56,700 $63,000
Cumberland $43,350 $49,550 $55,750 $61,900
Dare $50,900 $58,200 $65,450 $68,000
Davidson $47,100 $53,850 $60,600 $64,000
Durham $59,900 $64,000 $73,000 $73,000
Edgecombe $41,900 $47,900 $53,900 $59,900
Forsyth $50,150 $57,300 $64,500 $67,000
Gaston $55,850 $63,850 $71,800 $75,000
Guilford $49,150 $56,150 $63,200 $65,000
Iredell $50,300 $57,500 $64,700 $68,000
Johnston $64,600 $73,800 $83,050 $86,000
Mecklenburg $55,850 $63,850 $71,800 $75,000
New Hanover $48,400 $55,300 $62,200 $65,000
Pitt $44,950 $51,350 $57,800 $64,000
Randolph $49,150 $56,150 $63,200 $65,000
Rowan $53,850 $56,000 $64,000 $64,000
Union $55,850 $63,850 $71,800 $75,000
Vance $41,900 $47,900 $53,900 $59,900
Wake $64,600 $73,800 $83,050 $86,000
Income Limits by County and Household Size*
* For a family of 5 persons or more, contact the N.C. Housing Finance Agency
at 1-800-393-0988 for income limits.
