Even for experienced homeowners, buying a new home can be daunting. It’s a maze of numbers and paperwork and percentages that can overwhelm just about anyone. Thankfully, there are a lot of ways to get into a great home for less money! If you’re buying a home in North Carolina, make sure you know about these programs.
NC Home Advantage
The North Carolina Housing Finance Agency has two options for prospective homebuyers in the state.
The first, the NC Home Advantage Tax Credit, is available to first-time buyers and military veterans. While it doesn’t do much for upfront costs, it pays big dividends when tax season comes. There is no income limit, and eligible buyers can claim a federal tax credit for up to 30% of interest paid on a home (with a cap of $2,000 per year.) This is on top of the additional mortgage interest deduction on the other 70%!
The NC Home Advantage Mortgage offers up to $8,000 towards a down payment (up to 5% of the total loan) for first-time buyers and military veterans. This down payment credit is only repayable if you live in the house for less than fifteen years. One important note: borrowers cannot have an annual income greater than $87,500.
USDA Loans
The Triangle is a big place. For a prospective homebuyer, that means certain suburbs are eligible for the USDA Single Family Housing Guaranteed Loan Program. These suburbs include some in which Tingen builds our homes.
With a USDA loan, buyers get a variable (but very low) interest rate, and many don’t even require a down payment! There are various income restrictions depending on the area; your lender can help you determine if you qualify.
Are you looking for a beautifully crafted custom home in North Carolina’s Triangle? With nearly thirty years of experience, Tingen Construction builds custom homes in popular Raleigh and Durham suburbs. Our plans range in size from 2,337 square feet to 3,385 square feet, and we have new homes available in several Triangle communities.
If you’re interested in one of our available homes or building one of your own, contact us today! We would love to help.