Looking for $14,900 to Purchase a Foreclosure in Catawba County?

Looking for $14,900 to Purchase a Foreclosure in Catawba County?

The North Carolina Housing Finance Agency is providing expanded second motgage assistance in the First Home Mortgage Program to help finance the sale if foreclosed homes.

Property Requirements:

1- REO properties must be located in Catawba and Iredell Counties

2- All homes must be foreclosed and for sale by a bank, bank holding company, government agency, or authorized REO designated entity.

3- All homes must be single-family detached, condo, or townhouse (not manufactured)

4- Only properties that have no structural repairs or deferred maintenance issues per a home inspection report from a NC licensed inspector will be eligible.

5- Sales price can not exceed $210,000

6- All properties must be purchased at or below 99% of appraised value within 60 days of the sales contract date.

7- All repairs must be made prior to loan closing.

Borrower Requirements:

1- Eligible borrowers must meet the same mortgage financing requirements for the First Home Mortgage Program (ex: first time home buyers, acceptable credit risk, etc.)

2- Income limits vary by county.

3- Borrowers must contribute $1,000 of own funds into the transaction

4- Borrowers must complete 8 hours of classroom or one-one home buyer counseling from a HUD-approved counseling agency prior to loan closing,

5- Borrowers must meet or exceed figures on the Monthly Cash Flow Worksheet

Financing Requirements:

1- First Mortgage financing will be provided by NCHFA: only FHA, VA, or USDA are allowed.

2- Second mortgage financing: 5 year, 0% interest, deferred, forgivable loans up to $14,900 -

NOTE: The loan will be forgiven on a pro rata basis at 20% per year for each 12 full months the borrower continues to own and live in the property as their principal residence. Borrowers must be current on their mortgage at the end of the 60 months(or at the time of sale, refinance or non-owner occupancy) to qualify.

The above program information has been provided by:

Nicole Carson, Senior Loan Officer with WR Starkey Mortgage

828-324-5552 ncarson@wstarkey.com www.TheCarsonTeam.com