Summary of NCHFA Down Payment Assistance Programs
Single Family Properties July 2009
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NCHFA Loan Program
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DAP (Downpayment Assistance Program)
$8,000, 0%, 30 year deferred 2nd mortgage.
Requires $1,000 borrower investment of own funds.
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DAP (Downpayment Assistance Program)
$4,000, 0%, 30 year deferred, 2nd mortgage
Requires $1,000 borrower investment of own funds.
Limited number of loans – 125 (e) Minimum credit score – 700 Maximum qualifying ratios – 31/43% |
NHLP (New Homes Loan Pool) Up to $25,000 or 20% of sales price (whichever is less); +$4,000 for energy efficiency retrofits.
Requires $750 borrower investment of own funds.
Can include $8,000 statewide feature for a $37,000 maximum 2nd mortgage. |
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Areas Served |
Statewide |
Statewide |
48 non-profit approved organizations; borrower applies through non-profit organization.
See www.nchfa.com for full list of non-profit organizations and areas served. |
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Eligible 1st Mortgage Loan Types |
NCHFA FirstHome Mortgage Program
Loan Types: FHA, VA, USDA & Conventional |
NCHFA FirstHome Mortgage Program
Loan Types: FHA, VA, USDA |
NCHFA FirstHome Mortgage Program or Lender Programs
Loan Types: FHA, VA, USDA & Conventional |
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Sale Price Limits
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$210,000 new or existing construction. |
$210,000 new or existing construction |
New Construction:
FHA 203(b) loan limit |
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Income Limits
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80% or less of area median income; varies based on county and household size. |
NCHFA FirstHome Program Limits: 1st mortgage limits (approximately 100 – 115% of area median income based on family size) |
80% or less of area median income; varies based on county and household size.
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Eligible Borrowers |
First-time homebuyer requirement: Yes (has not owned a home last 36 months) |
First-time homebuyer requirement: Yes
(has not owned a home last 36 months) |
First-time homebuyer requirement: Yes (has not owned a home last 36 months) |
This information is not intended to be all inclusive. Please contact a home ownership underwriter for further details. See www.nchfa.com for full details.
