Home Protection Program
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The Home Protection Program provides zero-interest loans to qualifying NC homeowners while they are looking for another job or participating in an approved retraining program. The amount and length of the assistance varies based upon homeowners’ circumstances, with a maximum loan amount of $24,000 or 24 months of assistance, whichever is less.
Homeowners apply for assistance through agencies such as Alliance, which offer housing counseling and determine whether applicants are eligible for assistance from the loan fund. Once eligibility is confirmed, the N.C. Housing Finance Agency will place a temporary stay of foreclosure on the property for up to 120 days.
To be eligible for a loan, homeowners must meet the following criteria. They must:
- have lost their job due to changing economic conditions within the last two years
- have a mortgage that is secured by real property
- have had a stable employment and credit history prior to losing their job
- be a legal resident of the U.S. who owns property in North Carolina that is the principal residence.
Repayment of the loan is deferred for 15 years, unless the home is sold, refinanced or is no longer the principal residence of the owner.
To obtain more information about the program, call our Homeownership Department at 704-943-2044.