The Money is Out There
The most common fear of any potential home buyer is not having enough money saved to purchase a home. There are tons of free money programs offered for homebuyers in the Charlotte area that many people don’t know about. The government wants you to be a homeowner, it’s a benefit to you personally and an increase in our economy, which is why they offer these down payment assistance options. After reviewing this list hopefully you will have a sense of confidence and no longer fear the possibility of homeownership.
House Charlotte – This is probably the most common down payment assistance in the area. Grants of up to $10,000 are offered to first time homebuyers or move-up homebuyers. To qualify you must take participate in a 8 hour homeownership course.
House Concord – Similar to the House Charlotte program, with grants up to $5,000. Also, for first time homeowners who purchase a home in qualifying neighborhoods.
$100 HUD – Yes, you read that correctly. You will only put $100 down payment towards the purchase of a HUD home. Are you feeling more confident yet?
NC Home Advantage – This program offers buyers 3% of the loan amount towards down payment costs. If your financing is an FHA loan the down payment is usually only 3%, which is perfect for this program. However, you will need an additional 3.5% for closing costs.
USDA – 100% financing…100% financing!! I had to type that twice to let it marinate. 100% means nothing out of your pocket. You must use a USDA approved lender and the home must be in a USDA rural area. Rural doesn’t necessarily mean farmland, so don’t let that deter you.
Good Neighbor, Next Door – Hopefully everyone is a good neighbor but you’re an especially good neighbor if you are a police officer, firefighter, or teacher. As a good neighbor HUD will offer you 50% off the listed price of a home.
These are just a few of the many homeownership assistance programs out there. Sometimes you can find additional incentives through your bank, credit union, and home builders. Make sure your mortgage lender is approved for the program that you choose to use. With all of these options there is no reason to fear homeownership, so get out there and start searching.