About Charlotte Down Payment Assistance for Home Buyers
We are Chris Angel Real Estate. We specialize in assisting our clients obtain down payment assistance to purchase a home.
We are dedicated to assisting home buyers achieve the American dream; owning a new home. We can assist you in getting approved for many different programs that are available in the area. These programs are excellent for home buyers whether your a first time home buyer or not.
NC Home Advantage Down Payment Program
The North Carolina Housing Finance Agency has the NC Home Advantage Mortgage Program which offers down payment assistance for anyone who is living in or planning to move to North Carolina. This program covers the entire state of North Carolina.
This program is a forgivable loan; after 15 years of living in the property the loan is completely forgiven.
North Carolina Home Advantage Program Eligibility
1. This program is available to all home buyers. You do not have to be a first time buyer.
2. You do not have to currently live in North Carolina, but you must plan to buy a home located in North Carolina.
3. There is no limit on the purchase price of the home.
4. You must be applying for a home that will be your primary residence.
Special $15,000 Down Payment Assistance Program
The North Carolina Housing Finance Agency also has a special $15,000 Special Down Payment Assistance Program which offers down payment assistance to qualified homebuyers.
The $15,000 Special Down Payment Assistance program is available for the state of North Carolina in the following counties: Mecklenburg, Cabarrus, Cumberland, Guilford, and Johnston Counties.
Up to $15,000.00 down payment assistance is offered to cover your down payment and closing costs towards your home purchase. The program is available with 30-year, fixed rate FHA, VA, USDA and conventional mortgages using only authorized lenders.
$15,000 Special Down Payment Assistance Program Eligibility Requirements
1. You must be a first time home buyer or a military veteran.
2. You must complete a required homebuyer education course.
3. You must have a middle credit score of 640 or higher.
House Charlotte Down Payment Program
The House Charlotte down payment assistance program was created to help home buyers with the downpayment and closing fees required for the purchase of a residence located in Charlotte, NC.
This city sponsored program has helped thousands of home buyers purchase a home when they were otherwise unable qualify.
House Charlotte Down Payment Assistance
The House Charlotte down payment program Features are as follows
Up to $10,000 for buyers who are Public Service employees with income at or below 80% AMI purchasing within Charlotte City Limits. Public Service employees include: City of Charlotte, Charlotte Mecklenburg School, City Fire Department,
- Up to $8,500 for families with income at or below 80% AMI purchasing within Charlotte City Limits.
Mecklenburg County Sheriff employees, Mecklenburg County Medical employees, and CATS employees.Up to $5,000 for families with income above 80% AMI, up to 110% AMI in select HouseCharlotte neighborhoods.You must attend eight hours of homebuyer education and counseling with a HUD-approved Housing Counseling Agency before you purchase a home.
Acceptable Mortgages For Program
A) HouseCharlotte funds may be used with 30-year fixed rate FHA, Conventional, VA, and USDA loans.
B) 203K Rehab/renovation loans are not allowed.
C) The home must appraise for the purchase price or greater.
D) HouseCharlotte does not allow Adjustable Rate Mortgages (ARM s).
House Charlotte Down Payment Assistance Program
The HouseCharlotte forgivable loan is a 5, 10, or 15-year deferred, loan with a 3% interest rate.
5-Year: The loan is deferred for years 1-2, and forgiven at a rate of 331/3% per year beginning at the end of the 3rd loan year, with the accrued interest being totally forgiven at the end of the 5th year.
10-Year: The loan is deferred for years 1-5, and forgiven at a rate of 20% per year beginning at the end of the 6th loan year, with the accrued interest being totally forgiven at the end of the 10th year.
15-Year: The loan is deferred for years 1-10, and forgiven at a rate of 20% per year beginning at the end of the 11th loan year, with the accrued interest being totally forgiven at the end of the 15th year.
The loan must be paid back if any of the following occurs before the forgiveness date: death of the borrower, default, change in occupancy status, refinance for cash out, or sale of the home.
For this particular program, information can also be found on the City of Charlotte website www.cmhp.org/homeownership/housecharlotte-program/
Five To One Match Down Payment Assistance Program
With this down payment assistance program, you could get up to $5,000 in matching funds (5:1 match) to pay for your down payment and closing costs.
For example, if you pay for $1,000 in down payment, you would get $5,000 in assistance. The assistance comes in the form of a 5 year forgivable (no interest and no payment due if you own the property for at least 5 years). The assistance is pro-rated at a rate of 20% per year. There is no limitation on where the property you want to buy is located. In order to qualify for this program, you must be a first time home buyer and your gross income per year must be 80% or less of the median income for the county where the property is located. Please contact us for more details.
House Concord Program
The city of Concord NC has created the House Concord down payment assistance program. The program receives HOME Investment Partnership Funds, allocated annually through the Department of Housing and Urban Development (HUD) for home buyers which include down payment assistance. You have to be a first time home buyer to qualify for this program.
With House Concord down payment assistance program, you can receive a 5 year forgivable loan of up to $5,000 to apply towards your down payment and closing costs when buying a home within the city limits of Concord NC.
You must be first time home buyer or not have owned a home in the last 3 years and have annual incomes that do not exceed 80% of the median income for the Concord area to be eligible for this program. Please contact us for more details.
Eligible Homes For Sale
There are many types of homes that are eligible for these programs. There are resale homes as well as brand new homes from various builders such as Wade Jurney Homes, True Homes, LGI Homes, Regent Homes, and Accent Homes just to name a few. We can assist you in dealing with any of these builders ensuring you get the best deal possible.
Chris Angel Real Estate has helped hundreds of families find new homes. Please let us assist you in your home search. Please fill out the short online form on this website or call Chris Angel Real Estate at PH: 704-493-4547. We will be happy to assist you.
If you have any questions or If you would like to schedule a viewing of all the available homes for sale, just give us a call. PH: 704-493-4547
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