More people eligible for down payment assistance with rise in sales prices
POLK COUNTY—The median sales price of a home in North Carolina has risen 7.4 percent over the last year, the NC Housing Finance Agency, the NC Home Advantage Mortgage is offering up to 5 percent down payment assistance for thousands of first-time homeowners.
The requirement for the assistance is now including people with incomes up to $99,000.
“The down payment assistance offered by the agency helps thousands of people buy homes each year,” said NC Housing Finance Agency Executive Director Scott Farmer. “Raising the income limit on this affordable mortgage will widen the market of North Carolinians we can help, even as home prices continue to rise.”
The NC Home Advantage Mortgage™ is available through a statewide lender network and can be used to purchase single-family homes, townhomes, condominiums, duplexes and new manufactured homes. To be eligible, buyers must:
- Purchase a home in North Carolina
- Occupy the home as a principal residence within 60 days of closing
- Have an income not exceeding $99,000
- Have a credit score of 640+
- Be a legal resident of the United States
Buying a home in Polk County has become much more difficult over the last few years because of the rise in values. Polk County did a property revaluation that was effective Jan. 1, 2021 and discovered that the average home sales increased almost $100,000 since 2017.
In 2017, Polk County’s average home price was $259,000 and in 2020 the average home price was $357,000.