Mortgage Example
Currituck County Tax Rate: $0.32 / $100
Estimated Tax value (75% of appraised value): $255,000 x 75% = $191,250
Monthly Taxes: 191,250 / 100 = 1913 x .32 = 612.16 / 12 = $51.01
Monthly Insurance: $150.00
Financed………………$190,000
Fixed Rate………………5.75%
Term………………360 months
Monthly Payment………………$1108.79
PITI………………$1309.79
Financed………………$160,000
Fixed Rate………………5.75%
Term………………360 months
Monthly Payment………………$933.72
PITI………………$1134.72
Financed………………$140,000
Fixed Rate………………5.75%
Term………………360 months
Monthly Payment………………$817.00
PITI………………$1018.00
Lending Debt-To-Income Guidelines: 42% of monthly income
(Includes Principal, Interest, Taxes, and Insurance (PITI) and monthly reoccurring debt).
Formula: # of person(s) in household with total yearly income divided by 12 months times 42% Debt-to-income = amount of income available to pay PITI and all reoccurring debt.
4 Person- $51,300 / 12 = $4,275.00 x .42 = $1,795.50
3 Person - $46,150 / 12 = $3845.83 x .42 = $1,615.25
2 Person - $41,150 / 12 = $3,429.17 x .42 = $1,440.25
1 Person - $35,900 / 12 = $2,991.67 x .42 = $1,256.50
Mortgage payment information based on varying amounts financed up to maximum sales price is located on Attachment A. Maximum sales price with down payment assistance is: $190,000
Maximum income for First-Time Home Buyer Mortgage with No Down Payment Assistance in Currituck County is $64,000 for as many at 2 Persons per household or $73,500 for 3 or > Persons.
Maximum sales price for a new home is $200,000 without down payment assistance for a FirstHome HFA Mortgage.
New Homes Loan Pool
To qualify for these financing programs you must first contact the Outer Banks Community Development Corporation. For more information contact Daryl Davies by phone at
252-480-2507 or by e-mailing daryl@obx-cdc.org.
The North Carolina Housing Finance Agency's New Homes Loan Pool is available to nonprofit and government organizations that select and prepare home buyers, coordinate financing assistance for buyers, and either develop affordable homes or partner with local builders.
“New Homes” provides gap financing through deferred, interest-free second mortgages of up to $20,000 per home. The assistance is targeted to home buyers with incomes below 80% of the area median income.
The homes financed by the New Homes Loan Pool can be located in:
• new subdivisions • scattered rural sites
• comprehensive neighborhood revitalization areas, or
• strategic in-fill developments.
For services rendered in preparing the buyer and closing the New Homes loan, the Loan Pool Member is paid $1,000. If the houses they sell meet certain advanced performance standards, Members can receive a construction subsidy of $4,000 under the SystemVision energy guarantee option.
Organizations first seek Loan Pool Membership, then apply for approval of specific homeownership projects by completing an Application for Project Approval. For more information, see the Guidelines for Loan Pool Membership. Once approved, the Loan Pool Member serves as a liaison between the North Carolina Housing Finance Agency and the home buyer, reserving loan funds and submitting a loan application on the buyer's behalf.
Home buyers who borrow through the New Homes Loan Pool must complete a home buyer education course, and most must receive one-on-one homeownership counseling. Loan Pool Members can either offer the education themselves or partner with a counseling organization in the community. For information on training for counselors, go to Workshops and Technical.