In an effort to stabilize existing neighborhoods, the State of North Carolina has stepped up to the plate to offer first-time home buyers an opportunity to purchase a foreclosure property with unprecedented terms.
Administered through North Carolina Housing Finance Agency (NCHTA), the Neighborhood Stabilization Program (NSP) can provide a second mortgage of $14,900 at zero percent interest rate. The second mortgage may be forgiven at 20% per year for each full year you own and live in your home. This means that after five years, the second mortgage is wiped clean.
How do you qualify?
• You are a first time homebuyer (or haven’t owned a home for the past three years))
• You meet income limits
• You complete eight hours of HUD-approved home counseling
• You can contribute $1,0000 of your own money toward the down payment
Homes that qualify:
• Single-family homes, condominiums, and townhomes – (No manufactured homes_
• Sales price not over $210,000
• Home foreclosed
• Built after 1978
• Home purchased at 1% discount to current appraised value
Qualifying areas: 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.
Where else can you get nearly $15k of money for free? You’ll have a great home and live in a lovely established neighborhood. Talk about a win-win! For further details on the NSP and other helpful housing programs, check the Home Buyers section of the section at the North Carolina Housing Finance Agency (NCHTA) website or call 1-800-393-0988.
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