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Down Payment Assistance Programs

If you are a first time home buyer wanting to purchase a home or a town home in the metropolitan Charlotte area, there are several programs available that could provide you with financial assistance to pay for your down payment and, in some cases, your closing costs. Below is a list of the down payment assistance programs you could qualify for. There are additional programs available not listed below. Each down payment assistance program has its own requirements. For more information and to find out if you qualify to get free money to help you purchase a home, give us a call today or complete our online contact request form to be contacted.

House Charlotte

The House Charlotte program offers first time home buyers and move-up home buyers up to $10,000 in down payment assistance to purchase a qualifying home in one of the many House Charlotte neighborhoods.


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$15,000 Grant

If you are a first time home buyer, you could qualify for $15,000 in assistance to purchase a home in Mecklenburg or Cabarrus County. The funds can be used towards down payment and closing costs.


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HUD $100 Down

The HUD $100 down program represents a great opportunity to purchase a foreclosed property owned by the Department of Housing and Urban Development with only a $100 down payment using FHA financing.


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Home Advantage Mortgage

First time home buyers who qualify for the NC Home Advantage Mortgage program can receive up to 5% of a home's purchase price as a down payment assistance to purchase a home anywhere North Carolina.


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HomePath REOs

HomePath is a FannieMae REO brand. Those REOs are often priced below market value. With a down payment as low as 3% and paid closing costs, this program could be a great fit for you. 


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Good Neighbor Next Door

Police officers, teachers, firefighters, and emergency technicians can purchase a qualifying HUD home for 50% off the listed price. Find out about the requirements to qualify for this great program.


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USDA

Home buyers who want to purchase a home in a qualifying USDA rural area can do so with no down payment (100% financing). Learn more about this great program and find out the requirements to qualify.


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House Concord

First time home buyers wanting to purchase a home within the city limit of Concord, NC, can receive as much as $5,000 in assistance if they and the house they selected qualify for the House Concord program. 


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NSP

First time home buyers who want to take advantage of the Neighborhood Stabilization Program (NSP) can get up to $14,900 in assistance to purchase a foreclosure in a qualifying neighborhood.


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Down Payment Assistance Programs Available in Charlotte Area

charlotte down payment assistance programs

If you are a first time home buyer wanting to purchase a home in the Charlotte NC area, but have limited funds for a down payment and less than perfect credit, combining a government-insured loan with a down payment assistance program could open up the door to home ownership for you and your family.

In order to qualify for a conventional loan, most lenders require home buyers to have an excellent credit score and to contribute between 5 and 20% of the home purchase price towards a down payment from their personal funds. A good credit is usually a 720+ score. For a $150,000 home for example, the down payment required by a lender for a conventional loan could be as much as $30,000. A home buyer is also responsible for paying the closing costs associated with the purchase of a home which usually amounts to 3.5% to 5% of the purchase price. If you have been saving for a while and have good credit, that’s fantastic! You can choose to borrow with a conventional loan. However, for people who want to own a home but cannot qualify for a conventional loan, a government-backed loan combined with a down payment assistance program can be the key to owning a home in Charlotte area.

Combining down payment assistance programs with government-insured loans

Down payment assistance programs and government-insured loans go hand in hand. The department of Housing and Urban Development (HUD) and the United States Department of Agriculture (USDA) are the two government agencies that insure mortgage loans in an effort to make home ownership more affordable and accessible. Lenders who offer government loans like FHA and USDA loans are guaranteed to get compensated by the government in the event a borrower using a government-insured loan defaults. Without the government insuring some mortgage loans, many individuals and families would be unable to purchase a home. Government insured loans are fixed rate loans with low interest rate and low or no down payment requirements. Keep in mind that even though lower credit scores are accepted to qualify for a government-insured loan, most lenders add their own layers of risk above the government-insured loan requirements. In other words, lenders may require higher credit scores to qualify for an insured loan that the government would otherwise. Learn more about FHA loans.

A FHA loan combined with a down payment assistance program could allow you to purchase a home with little or no money down. How does that work? Banks are willing to take on more risks if a loan is “insured” by the government. There are two types of government insured loans – FHA loans and USDA loans. FHA loans only require 3.5% down and a credit score as low as 620 (as of July 2016), whereas USDA loans are 100% financing – in other words, no down payment –  which means that the full purchase price of a home is financed over 30 years. Down payment assistance programs (aside from USDA loans), work in conjunction with FHA insured loans. Basically, down payment assistance programs provide home buyers funds to cover the 3.5% FHA down payment, and in some cases, funds to cover closing costs (closing costs are usually anywhere from 3% to 5% of the purchase price).

Down payment assistance programs in the greater Charlotte real estate market

If you want to purchase a home in the greater Charlotte real estate market, but do not have enough money saved to pay for a large down payment and closing costs, a down payment assistance program might just be what you need to make the dream of home ownership a reality. Down payment assistance programs are Government and City sponsored programs that are available to help home buyers with their down payment and closing costs for the purchase of a home. There are nine main down payment assistance programs available in the greater Charlotte real estate market. Each down payment assistance program has its own set of advantages. The down payment assistance programs described on this site include House Charlotte, House Concord, Home Advantage Mortgage, USDA, HUD $100 Down Program, Homepath, NSP, GNND, and 5:1 Match.

Down payment assistance programs – how we can help

We have spent much time researching, learning and mastering down payment assistance programs. We have put those programs to work to help many home buyers in the Charlotte area. Bottom line – it works, especially when combined with our unique real estate strategies. Down payment assistance programs are real and have helped thousands of families purchase homes in the Charlotte and surrounding areas. Read testimonials from past home buyers we have benefited from our expertise in down payment assistance programs. In our experience, most applicants do qualify for those programs and you too could receive up to $10,0000 in funds to help you with your down payment and closing costs when buying a home.

Depending on the down payment assistance program we can help you qualify for, our streamlined process could allow you to move in a home in 45 days or less with little or no out of pocket expenses. In order to qualify for those down payment assistance programs, various factors are taken into consideration such as gross household income, family size, where you want live, credit score, debt to income ratio, price range, etc.

The Realtors® at Cornerstone Realty have extensive experience in helping home buyers who want to take advantage of down payment assistance programs in the Charlotte area. Those programs are not limited to first time home buyers. Move-up buyers can also use some of those programs. For more information and to find out if you qualify for down payment assistance programs, call (704) 837-4672 today to have one of our expert Realtors® assist you.

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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.

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