FIRST TIME HOMEBUYER PROGRAM

KCDC sells new homes to income qualifying first-time homebuyers and assists them in getting financial assistance to make monthly mortgages affordable. By increasing the number of local residents who take pride in their homes, this program helps to create safe, stable, and vital neighborhoods.
Who is eligible for KCDC homes?
To be eligible for this program, households must meet the following criteria:
· First time homebuyer (low-moderate income program only participants must not have claimed a deduction for mortgage interest or taxes on real property claimed as a principal residence or held title for a property within the last three years, unless you have been displaced by public action or other qualified exception.
· Income qualifying--Eligible participants must demonstrate that their total household income falls between the income restrictions defined by HUD.  Properties are typically restricted to a variety of income levels including  low to moderate. Some homes are also available at fair market rates without income restrictions.

How do I determine if I am income-eligible?
The homes will be sold to a mix of low and moderate-income households. In addition, some of the homes will be available for sale without income restrictions. To determine your income-level refer to the 2007 Income Limit Chart. Your total household income for all working adults over the age of 18 must be included.

How do I pre-qualify for a mortgage? What amount should I pre-qualify for? Do you have any recommendations?
Call KCDC's office to pre-qualify for a mortgage. Ask the counselors to set-up an appointment to pre-qualify you for the highest amount based on your annual income, available down payment, FICO score, and debt service. We recommend that you pre-qualify for an affordable mortgage, such as those offered by the BB&T (CHIP program) and North Carolina Housing Finance Agency.  For more information and a list of approved lenders call (910) 484-2722.  Continued…..