A common challenge for first time home buyers is saving enough money for a down payment and closing costs. Often low and moderate income families who are first time home buyers have the income to manage monthly mortgage payments, but cannot afford the considerable up-front costs associated with obtaining a mortgage.
The Good News is that there are Charlotte NC Down payment Assistance Programs available from both local and state agencies that will assist you with your home purchase by providing down payment assistance to qualified buyers.
Each program is unique and based on income and other compensating factors, we can help determine which program is right for you. Some buyers may even be eligible for more than one program giving you a wider variety of options to choose from that best fits your needs.
CHARLOTTE NC DOWNPAYMENT ASSISTANCE COMMON QUESTIONS & ANSWERS:
1. Do I have to be a First Time Home buyer to qualify for any of these programs?
No, although most of them will require you to be a first time home buyer, (meaning that you can not currently be on title to a home or have owned a home within the last 3 years). There are several program currently available even if you do not meet this requirement. Feel free to contact us for further details about those programs.
2. Can I qualify with less than perfect credit?
Yes, we have helped many to obtain homeownership with less than perfect credit. Most programs do require a minimum credit score of 620 and above. If your score happens to fall below 580, we have agencies in place that will go over your credit report with you even helping you to dispute inaccuracies on your credit report that is causing you to have a low credit scoring.
Simple mistakes are easily corrected by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.
3. Can I use more than one down payment assistance program for my home purchase?
Yes, although there are a few that can’t be combined, there are some that gives you the ability to combine multiple down payment assistance programs together giving you the maximum amount of leverage towards your home purchase.
4. Can I use Charlotte NC Home buyer Down payment assistance to purchase a foreclosure?
Yes you can. With so many foreclosures on the market, it’s virtually impossible to avoid them. One thing to keep in mind, the house has to be livable and habitable in order for the lender to lend money on the home. Cosmetic repairs are ok. Major repairs such as a leaking roof, busted water pipes and damaged HVAC system etc will require the owner to make repairs before your loan can be approved. Most owners don’t mind making necessary repairs if they are required by your lender in order for you to obtain financing.
This is where it will be VERY beneficial for you to work with a qualified professional real estate agent to help negotiate repairs with the seller on your behalf and to help you navigate through this process.
5. How do I choose the best program that is right for me?
Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.
– Do you expect your finances to change over the next few years?
– Are you planning to live in this home for a long period of time?
– Are you comfortable with the program guidelines?
– Do you have a specific area of town that interests you?
Your lender or Realtor can help you use your answers to questions such as these to decide which loan best fits your needs.
List of Home buyer Programs available in the Charlotte NC area.
- House Charlotte Program Down Payment Assistance: This program requires buyer to obtain a homeownership certificate by attending an 8 hour Home buyer workshop. Allows you to receive up to $7,500 to use towards down payment and closing costs. $15,000 is available in some House Charlotte communities.
- NC Bond Program: Now named the NC Home Advantage Mortgage Program Charlotte NC area down payment assistance program for qualified buyers. Currently offering up to 5% of purchase price to use towards down payment and or closing costs.
- Charlotte NC HUD $100 Down Program: This awesome program allows you to purchase a HUD Foreclosure for only $100 down! Also comes with a FREE appraisal!
- GNND Loan Program: Better known as the Good Next Door Neighbor Program. This excellent program allows for Charlotte area Police Officers, Teachers, Emergency Medical Technicians and Fire Fighters to receive 50% off their home purchase.
- USDA Loan Program: Backed by United States Department of Agriculture Rural Development, The Charlotte North Carolina area USDA Loan is a 100% financing program with no money down program and minimal monthly MI (mortgage insurance).
- VA Loan : Similar to the USDA Program, the VA loan is 100% financing with no money down and no monthly MI (mortgage insurance). The VA Loan is available only to veterans that meets VA Loan eligibility requirements.
- FHA Loan: The most Popular loan program available for First Time Home buyers. This Program can be used in conjunction with various Down Payment Assistance Programs.
- Home Path Program: This program is for the purchase of a Fannie Mae owned foreclosed property with low down payment and no monthly mortgage insurance. Home Path Rehab Loan is also available.
- Community Incentive Loan Program: Down Payment assistance program eligible for First Time Home buyers with no credit score requirements.
To get started, you will first need to qualify through a lender who is familiar with the various different programs and their requirements.
Carolina Realty LINX is one of the leading real estate groups in the Charlotte NC area who specializes in Down Payment Assistance Programs.
We hope you have found this information enlightening. Thank you for visiting!
HELPFUL LINKS:
HUD Homes for Sale – coming soon
USDA Homes for Sale – coming soon
Home Path Properties for Sale – coming soon
House Charlotte Properties for Sale – coming soon
*The NC Real Estate Commission requires agents to provide the Working with Real Estate Agents brochure to all prospective customers/clients. Please click the link below to review: Working with Real Estate Agents
We can help you every step of the way! If you would like more information about one of these Down payment Assistance Programs or would like to apply for one of these programs, please fill out the form below.