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Community Incentive Program
If you are considering buying a home, you may be eligible for the Community Incentive Program. This program helps first time home buyers purchase a home with no money down and or with limited credit. This program has no PMI (Private Mortgage Insurance) witch decreases your monthly mortgage payments and in some cases, allows you to qualify for more house with lower payments. This truly is one of the best mortgage loan products available in today's market.
Program includes:
- Loan amounts up to $417,000.00
- Maximum income limits: 97% financing - $66,500.00, 100% financing - $53,200.00 household income. No income limits in HUD designated undeserved areas.
- Ratios: 33% housing, 41% total debt. Can go up to 45% with 720 credit score and no other debt
- Term: 30 year fixed only
- Home buyer Education: Required
- Can use approved down payment assistance program or qualified gift
- Property: Single family residence, townhouse or condo
- Minimum buyer contribution: $500.00
- Reserves: 97% financing - one month PITI, 100% financing - two months PITI
Buyer Credit Qualifications:
- No 30 day delinquencies within the past 12 months. Derogatory credit must be explained. Collections may not have to be paid, but judgments must be paid off.
- For 100% financing, minimum credit score must be 660. NO MINIMUM CREDIT SCORE for 97% financing.
- Non-traditional credit sources can be utilized. Must be opened and maintained for 12 months. Minimum number is three sources of non-traditional credit.
Fill out the form below if you would like more information about the Charlotte NC Community Incentive Home buyer Program, or if you would like additional information on any other First Time Home buyer Down Payment Assistance Program in Charlotte NC.
For an immediate response or to see if you qualify for this program, you can apply online using our secure website. You may also contact us directly at 704-965-3319.
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