Monroe’s Down Payment Assistance Program Helps First Time Home Buyers
Another down payment assistance program for home buyers in Monroe
The Monroe-Union County down payment assistance program is a program that provides forgivable loans to assist home buyers with down payments and closing costs for the purchase of a home in Monroe real estate market. There are a few down payment assistance programs available in Union County, but this one is of particular interest since it offers up to $7,500 in assistance in the form of a loan that is forgivable after five years and many homes for sale in Monroe qualify for this program.
Who is eligible for this program
To qualify for the Monroe-Union County down payment assistance program, you must be a current resident of Monroe (for a least six months within the city limits). You must also be a first time home buyer. A first time home buyer is defined has an individual who has not owned a home in the last three years. Your income (household income) must not exceed 80% of the area median income adjusted for family size broken own as follow:
- one to two persons per household: combined gross incomes must be below $67,000
- three or more persons per household: combined gross incomes must be below $77,100
The financial assistance can be used to pay the lender-required down payment, closing costs and prepaid expenses. This program works in conjunction with a FHA loan which requires a 3.5% down payment (3.5% of the purchase price)
The selected property must be located within the city limits of Monroe (no exception). If the property is located outside of the city limit, the NC-Bond program can be used for down payment assistance. The property must meet the minimum house inspection requirements and the property cannot exceed North Carolina Housing Finance Agency property acquisition limits.
In order to receive the funds, you must qualify for a loan through an approved lender and you will have to take a the home buyer education class provided by the Monroe Union County CDC (Community Development Corporation). The maximum assistance is $7,500 depending on your need and you will have to contribute $750 of your own funds towards the purchase of the home.
We specialize in down payment assistance programs and provide five-star real estate services to first time home buyers in the Charlotte area. If you are interested in this program or any other down payment assistance programs, contact us today.