First Time Home Buyer Lunch & Learn Recap

First Time Home Buyer Lunch & Learn Recap by: Carlee Dempsey

Are you a first time home-buyer? Are you interested in learning how you can cash in on  $15,000? Did you miss synerG’s First Time Home Buyer Lunch & Learn? If you answered yes to any of these questions, this post is for you.

Due to the success of its initial program launch, the North Carolina Housing Finance Agency (aka NCHFA) is offering their $15,000 Down Payment Assistance (DPA) to first time home buyers for the second time. For many of us first time home buyers the loan application process seems daunting. So we sat down with industry professionals over lunch from Potbelly courtesy of our presenters to learn how simple it is to cash in on the program.

The Skinny on the “Loan”

NCHFA’s $15,000 DPA is a 5-year, deferred loan at 0% interest. Which means, if you purchase a home and keep it for at least 5 years, the loan is forgiven.

Yes, it’s basically free money. So now, if you’re like us, you’re thinking “What’s the catch?”. The answer’s simple, there’s no catch as long as you meet the following five criteria.

  1. You’re a first time home buyer using NCHFA Home Advantage financing
  2. You meet household income limits (up to $59,000 total household income)
  3. You purchase an existing home below $245,000 (no new builds!)
  4. You purchase a home in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg county
  5. You have a credit score of 640 or higher (Jon Needham with Atlantic Bay Mortgage Group can guide you if you need to raise your credit score.)

Now, if you’re thinking to yourself, “Okay, I think I might meet these criteria…but how do I check?”, in come our industry professionals – Jon Needham with Atlantic Bay Mortgage Group and Ashley Meredith with Berkshire Hathaway HomeServices Yost & Little.

The first step towards applying for the NCHFA Home Advantage financing, is to give Jon a call. Here’s his cell – (336) 482-8101. Jon will ask for a few documents (W4’s, pay stubs, etc.) in order to assess your eligibility. Then, barring you meet the above criteria, he will be able to grant you conditional approval within 24 – 48 hours.

Seems simple right? It is!

After receiving loan approval, your next step is to reach out to Ashley Meredith (i.e. your realtor). Here’s her email – ashley@ashleymeredithhomes.com. Ashley will walk you through your Initial Consultation (note: you can have your Initial Consultation before receiving loan approval if you wish to do so). During this meeting, Ashley will get an idea of your needs, priorities and your budget, if your loan is already approved.

Now you’re well on your way to purchasing your first home!

Want to learn more about the home buying process? Click here to see the complete Home Buyer’s Guide courtesy of Berkshire Hathaway HomeServices Yost & Little.

Video from the NCHFA website – https://www.youtube.com/watch?v=HKqwm–1EfQ