July 30, 2021

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Mortgage News

Mortgage assistance – The Tryon Daily Bulletin

More people who are entitled to down payment assistance when sales prices rise

POLK COUNTY – The median home sales price in North Carolina is up 7.4 percent over the past year. NC Housing Finance Agency and NC Home Advantage Mortgage offer down payment assistance of up to 5 percent to thousands of first time home owners.

Eligibility for assistance is now also available for individuals with incomes up to $ 99,000.

“The down payment assistance offered by the agency helps thousands of people buy homes each year,” said Scott Farmer, executive director of NC Housing Finance Agency. “Raising the income limit on this affordable mortgage will expand the North Carolina market that we can support even if home prices continue to rise.”

NC Home Advantage Mortgage ™ is available through a nationwide network of lenders and can be used to purchase single family homes, townhouses, condos, semi-detached houses, and new prefabricated homes. To be eligible, buyers must:

  • Buy a home in North Carolina
  • Occupy the apartment as your main residence within 60 days of closure
  • Have an income of no more than $ 99,000
  • Have a credit rating of 640+
  • Be a lawful resident of the United States

Buying a home in Polk County has gotten a lot tougher in recent years due to rising values. Polk County conducted a home revaluation effective January 1, 2021, and found that average home sales have increased nearly $ 100,000 since 2017.

In 2017, the average house price in Polk County was $ 259,000, and in 2020, the average house price was $ 357,000.