New First Time Homeowner
October 11, 2018
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New First Time Homeowner,
Did you know, if you have not owned a home in 3 years, you are considered a first time home buyer. Did you know, you can also qualify for $10,000 in down payment assistance in Greensboro, North Carolina?
To qualify for DPA, you must:
- Be a first-time homebuyer or have not owned a home within the last three years. If the home you want to buy is located in one of the City’s redevelopment areas, there are no past home ownership requirements. Anyone can purchase and qualify.
- Buy a new or existing house as a primary residence.
- Meet specific income limits.
- Make a minimum cash investment of $500.
- Receive no more than 20 percent of the purchase price in DPA.
- Not exceed a 33 percent maximum or 21 percent minimum housing expense-to-income ratio.
- Not exceed a 43 percent debt-to-income ratio.
- Complete a HUD-approved eight-hour, in-person homebuyer education course.
- Secure a fixed-rate, 15- or 30-year mortgage. (Note: ARM or balloon first mortgage loans cannot be used with this assistance. Non-conforming, high-interest rate and fee loans are not be accepted).
In order to get detailed information and to get connected to the Housing Program Coordinator for your one on one session, please call or email 336.638.1299 and [email protected]