If you are in the market to purchase a home in North Carolina, there is a lot to be excited about with the launch of a new down payment assistance program starting in 2018 that could give you, if you qualify, $8,000 in free money to help you pay for your down payment, closing costs, and / or interest rate buy down when you purchase a home. This program is called the NC First Down Payment Assistance program and is offered through the NCFHA.
At Cornerstone Realty Carolinas, we have helped many home buyers take advantage of this $8,000 grant since it was launched. If you are interested in purchasing a home and need assistance with your down payment and/or closing costs, give us a call today at (704) 837-4672 to find out if you qualify for one of the home buyer programs and grant discussed on our website.
Requirements for the $8,000 home buyer program
In order to qualify for this home buyer program, you will first need to get pre-approved for a mortgage by a participating lender who is authorized to work with this down payment assistance program. As your Realtor®, we’ll make easy for you by connecting you directly with the best, approved lenders in Charlotte. Your credit score will need to be at least a 640 in order to qualify for this program. With the NC First Down Payment Assistance Program, the maximum home purchase price is $260,000. Not all homes qualify for this program so make sure to have us help you with your home search so we can help you determine which homes would work and which ones would not. If you are interested in purchasing a home over $260,000, we have other home buyer programs available to help you with your down payment. Call us for more information.
There are income limits for this grant. It is computed using your total household gross income and family size. As long as your at, or under the income limit allowed, you can qualify for this program based on income. For the NC First Down Payment Assistance Program, the following income and family size guideline applies:
1 person household – $74,000 household income or below
2 person-household – $74,000 combined household income or below
3 or more person-household – $85,000 combined household income or below
If you earn more than shown above, we have other down payment assistance programs we could help you qualify for. Contacts us today to learn more.
The $8,000 down payment assistance program can be used with a FHA, conventional or VA loan. The funds from the $8,000 down payment assistance program are given at closing. The grant is zero percent silent and deferred second mortgage, which is forgiven 20% per year at the end of years 11 through year 15, with complete forgiveness at the end of year 15. No interest and no payment is due on the grant unless you sell or refinance before year 15 of you owning the home.
Ready to start the process? Call us today at (704) 837-4672 or fill out the application below so we can contact you. We assist home buyers in the Charlotte NC region including Mecklenburg, Union, Gaston, Stanly, Cabarrus and Iredell counties.