North Carolina Housing Bond Loans and MCC Tax Credits

Coastal is an Approved NC Housing lender.

1st-time Homebuyers can get below-market interest rates and tax credits using NC Housing programs.

Financing can be done using FHA, VA, or Conventional guidelines at special NC Housing Finance Agency rates.

Down payment Assistance is available for qualified buyers through NCHFA's DAP program or many other non-profit groups like Nehemiah or AmeriDream.

The benefits to you as a 1st-time homebuyer are:

Using the MRB "Bond" program, you can get an FHA, VA, or Conventional loan at an interest rate that is BELOW what the market rate for that loan would be today.

Using the MCC tax credit program, you can get an annual credit off of your Federal income tax bill equal to 15% or 25% of your mortgage interest paid during the year.  This helps qualify you for a larger mortgage balance, giving you more buying power to purchase your home.

The MRB "Bond" program offers down payment assistance to qualified borrowers through ZERO-interest, deferred second mortgages, enabling some transactions to be closed with only $750 of the borrowers' own money.

The MRB "Bond" program also allows down payment funds from other qualified non-profit organizations such as Nehemiah.

For borrowers with top tier credit scores on Conventional loans, there can be 100% financing through Coastal and NCHFA!

To qualify for NCHFA MRB "Bond" loans or NCHFA MCC tax credits:

Borrowers must be first-time homebuyers.

The total gross annual income for all residents living, or intending to live in the home, age 18 or older(except for full-time students), must be within the limits established for household income.  These limits are county-specific and are based upon the total size of the borrowers' family.  Call me to inquire about the specific income limits that would apply to your county.

Total gross annual income is calculated using all sources of income, including but not limited to wages, overtime, bonuses, child support, alimony, commissions, earnings from a second job, business, and inventories.

Household asset limits apply and are limited to no more than $40,000 per household with larger limits for ages 62 - 64, 65 and older, and for those families with a disabled or handicapped person living in the household.

Eligible properties include single-family detached homes, condominiums, townhouses, modular or double-wide manufactured housing that is permanently attached to a foundation approved by FHA, but cannot include more than 2 acres of land and no unfinished square footage.

There are limitations on the sales prices allowed under NC Housing guidelines that are county-specific.  There are also different allowable sales prices for new homes versus existing homes.  Please call me to discuss the county-specific limits on sales prices.

These programs can help get you into the home that you have always dreamed about.  If you are a 1st-time homebuyer, we urge you to call me to discuss the possibilities that Coastal Mortgage and NC Housing programs have to offer.