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First Time Homebuyer

 First Time Homebuyers

If you are dreaming of buying your first home, but not sure you can afford it, a low-interest mortgage and down payment assistance may be just the help you need. The North Carolina Housing Finance Agency helps make home ownership affordable for first-time buyers by selling tax-exempt Mortgage Revenue Bonds and issuing Mortgage Credit Certificates (MCC) under federal authority. If you are a first-time home buyer, you may be eligible for a competitive interest rate mortgage down payment assistance of:

  • 3% of the loan amount for FHA
  • 2% of the loan amount for Conventional

If you qualify, you may be eligible for a Mortgage Credit Certificate (MCC). This federal tax credit can lower your income-tax liability, dollar-for-dollar, leaving you more money to use toward your mortgage.

NCHFA offers 30 year, fixed-rate FHA, VA, USDA, and Conventional mortgages at interest rates that are below or competitive with market rates  to first-time home buyers.

Home buyers who need help with the down payment and closing costs may qualify for interest-free, deferred second mortgages partially forgiven years 11 – 15 and totally forgiven at year 15. Payment on the principal isn't due until 30 years from the date of the loan. Payment is due earlier if you sell, transfer, or refinance your home; if your loan goes into default; or if the home ceases to be your principal residence.

To qualify for down payment assistance the borrower's income cannot exceed $85,000. You must also have a minimum credit score of 640 to qualify for down payment assistance. For more information on these programs contact Denise Maroldy or visit:  http://www.nchfa.com/

Fairway Independent Mortgage Corp.
514 S. Stratford Rd Suite 240, Winston Salem, NC  27103
Office:  (336) 714-1574
Cell:  (336) 403-4237
Fax:  (336) 714-7409
Toll Free:  (866) 532-2634 Ext. 1574
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