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House Charlotte Program Prequalification Requirements

The House Charlotte program has specific requirements in regards to the borrower(s) and the property being purchased. We will start with the borrower’s requirements.

Borrower requirements

  • You must be a first time home buyer and not own any other property
  • Your must occupy the property you are buying as your primary residence
  • Mid-credit score must be a least a 620 (some lenders may require a higher credit score)
  • Debt to income ratio (DTI) that does not exceed 33/45. House Charlotte will not allow front end ratios that exceed 40% or backend ratios that exceed 50%
  • Recent 12 months of good rental payment history
  • 3 months of reserve or 6 months of reserve if you don’t have recent rental history
  • You must take 8 hours of home buyer education class

Property requirements

  • Depending on our household income, the property must be located either within Charlotte’s city limits or within designated Neighborhood Profile Areas
  • The home sales price cannot exceed $185,000 ($195,000 if it is a brand new home accompanied with a CO if less than 6 months old)
  • The home must be vacant
  • The home must pass the House Charlotte code inspection
  • The property can be a single family residence, a town home, condominium or duplex (with some restrictions)

In general, the City allows the lender’s underwriting criteria to be the main factor in approving House Charlotte subsidies. However, the required monthly payment under both the insured mortgage and the second mortgage or lien, plus other housing expenses and all recurring charges, cannot exceed the borrower’s reasonable ability to pay. The City’s guideline for qualifying ratios is 33/45. In some cases the qualifying ratios may exceed 33/45; however, borrower(s) must show significant compensating factors.

The home you select must appraise for at least the purchase price. Your interest rate cannot exceed 2% of the current market rate for 30 year fixed rate mortgages. The standard used for determining the current market rate is www.bankrate.com. Adjustable rate mortgages are not permitted.

The House Charlotte program does not require any down payment from the borrower and concurs with the lending institution regarding their down payment requirements. Condominiums are eligible for purchase as long as the condominium has a financially stable condominium association. This would also include duplexes that have been established as a condominium. The condominium community must be over 50% occupied by owners in order to be eligible.

Useful links about the House Charlotte program

House Charlotte program
Apply for the House Charlotte program
House Charlotte program neighborhoods
House Charlotte program interactive neighborhood map
House Charlotte program eligible neighborhood statistical areas
House Charlotte program income guideline
House Charlotte program requirements to prequalify
House Charlotte program frequently asked questions

Down Payment Assistance Programs & Grants


Would you like to find out if you qualify for the purchase of a home? A down payment assistance? Are you interested in having Cornerstone Realty help you to sell your home? Call us today or fill out the form below and we will contact you as soon as possible.

Mortgage Center

We have included below a few tools to help you determine your mortgage payments, closing costs and an estimator of how much you could afford based on your income. To get pre-approved for the purchase of a home, give us a call today or fill out an online inquiry from our website and we will contact you with 24 hours of your submission.


Start today with your pre-approval process. It's easy - simply provide your information below and will contact you and email you the contact information of one of Charlotte's best lenders.

About Us

This Charlotte real estate website provides search tools, information and market news for home buyers and sellers. All the properties displayed on this website are generated automatically from the Carolina MLS and are updated daily.

The down payment assistance programs discussed in this website are based on a 30-year fixed loan. Interest rate is the current market rate.

If you have questions, please contact us today. Your inquiry will be answered by a Realtor® licensed to practice real estate.

Contact Information

Office: (704) 837-4672
Email: info@nc-homeownership.com
Address: 317 Matthews Mint Hill Road, Suite 201 Matthews, NC 28105

Mon-Fri: 9am to 6pm EST
Sat & Sun: By appointment only

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