DNJ Mortgage is excited to announce a new First Time Home Buyer Grant Program being rolled out in conjunction with one of our bank partners.  This program works with a traditional FHA loan and the grant money goes towards the down payment requirements.  It is also specific to North Carolina (NC) borrowers.

The grant matches the borrowers contribution $5 for every $1 they put in up to a grant of $10,000.  If the borrower contributes $1,000, they’ll receive $5,000.  If they contribute $2,000, they’ll receive $10,000.  But if they contribute $5,000, they’ll still only receive $10,000 because that is the limit.  The grant money is also forgiven 20% for every year they live in the house.  So, if they own the home for 5 years and then sell it, the entire grant is forgiven.  If they sell after 4 years, they would owe 20% of the grant they received ($2,000 if they received $10,000).

This program is focused towards low-moderate income borrowers. The income limits are county specific and based on the number of people within the household.  As an example, a household of 4 in Wake county can make an income of $61,500.

The borrowers are still able to receive the IRS $8000 Tax Credit.

For more information on this program or any others, please contact:

Cari DeCandia at DNJ Mortgage

cari@dnjmortgage.com