I’m Jill Burgess, and at Mortgages by Jill, I’m dedicated to helping North Carolina residents find their dream home at a price point they can afford.
Buying a home for the first time can be an intimidating process. There are countless different types of available loans, eligibility can be multi-tiered and complicated, and the whole experience can quickly go from exciting to stress-inducing. That’s why I’m committed to demystifying the complex aspects and putting your perfect home within your reach.
Here are my top 3 tips for buying your first home.
NC Home Advantage Mortgages
An NC Home Advantage Mortgage has the potential to make a dramatic difference in your first home-buying experience. Through this 30 year fixed rate loan, you can receive down payment assistance up to 5% of your total loan amount. Better yet, that’s without having to pay any interest. It can be used in association with FHA, VA, USDA or conventional loans.
As a result, money saved through an NC Home Advantage Mortgage can be reallocated to furniture, moving, and other associated moving costs.
Down Payment Assistance
There are multiple available forms of down payment assistance for purchasing your first home in North Carolina.
For instance, you might qualify for the Housing Connect Greensboro 10K Down Payment Assistance Program if you meet the following conditions:
- Be a first-time home buyer.
- But a new or existing house as a primary residence.
- Meet specific income limits.
- Receive no more than 20 percent of the purchase price in DPA.
- Complete a HUD-approved 8-hour, in-person homebuyer education course.
- Secure a fixed-rate, 15- or 30-year mortgage.
Similarly, NC 1st Home Advantage Down Payment provides $8,000 in down payment assistance. You could qualify for up to $30,000 of down payment assistance depending on the specifics of your circumstances as a first-time home buyer.
As a mortgage expert for 30 years, I can help narrow down your options and ensure you receive the most possible assistance.
Core City Homebuyer Incentive Program
The Core City Home Buyer Incentive Program provides financial benefits to homebuyers in particular areas of Core City. This is done in order to increase income diversification in the area.
The program provides $5,000 of assistance via a 5-year loan at 0% interest, forgiven at 20% per year. This is provided that your property sales price does not exceed $200,000 and is located in the Core City or Springbrook Meadows.
Don’t neglect to consider these kinds of incentive programs when choosing your new home’s potential location. It could make a dramatic difference for your budget!
Contact Mortgages By Jill Today
These aforementioned tips could potentially save you thousands of dollars, but they’re only a small fraction of my knowledge on mortgages. From the High Point City Wide Home Buyer Assistance Program to the Good Neighbor Next Door Program, there are multiple routes towards buying your first home— but only one of those paths is the right path for you.
If you want my expertise on your team, contact Mortgages By Jill today to schedule a consultation. Let’s find your dream home together without breaking the bank.