Local Realtors®
At YOUR SERVICE

( Hablamos Español )

Buying or Selling? Call us today for expert assistance!

House Charlotte Program

House Charlotte program

The House Charlotte program is a down payment assistance program that provides financial assistance to qualified first time home buyers who want to purchase a home within the Charlotte limits or in a designated Neighborhood Profile Areas (NPAs). Sponsored and administered by the Charlotte-Mecklenburg Housing Partnership and the City of Charlotte, this program is designed to provide home ownership opportunities to individuals and families and increase the supply of affordable housing in Charlotte. This program can be used in conjunction with a FHA, VA or 30-year fixed rate conventional loan. FHA 203K loans are not permitted.

The funds provided by the House Charlotte program are used to pay for the upfront costs associated with the purchase of a home – the down payment and/or closing costs. The funds can also be used for interest buy-down.

As an example, if you finance the purchase of a home with a FHA loan, the lender will require for you to pay a 3.5% down payment (3.5% of the purchase price) from your own funds. Almost all mortgage loans require a down payment from the borrowers except an USDA loan which requires no down payment. With a FHA loan, you will be able to borrow up to 96.5% of the purchase price of a home. The funds for the down payment using a FHA loan can originate from your own personal funds, gift money from your friends and family, or a down payment assistance program like the House Charlotte program.

Whatever type of loan you choose to obtain, when purchasing a home, there will be some closing costs. Closing usually added up to about 3.5% to 5% of the purchase price. So if you were planning to purchase a home for $130,000, the funds you would need to have would be around $9,000. For some home buyers, it is really difficult to save that much money, hence the reason for down payment assistance programs like the House Charlotte program.

Qualifying for financial assistance through the House Charlotte program

In order to qualify for the House Charlotte program, several factors are taken into consideration including household income, credit score, sales price and location. Home buyers who want to qualify to receive funds from the House Charlotte program cannot have a combined household income in excess of 110% of the median income for the Charlotte area. In general:

  • Individuals / families with combined household income of 80% of the Area Median Income (AMI) or below for their household size could qualify for up to $8,500 in assistance if they purchase a home within the Charlotte city limits.
  • Individuals / families with combined household income of 80% of the AMI for their household size and work as a Public Service Employee could qualify for up to $10,000 in assistance. Qualifying employers include: the City of Charlotte, Charlotte-Mecklenburg Schools, Mecklenburg County Sheriff Department, Mecklenburg County Medical and CATS (Charlotte Transit System).
  • Individuals / families with combined household income between 80% and 110% of the AMI for their household size could qualify for $5,000 in assistance when buying a home in a designated Neighborhoods Profile Areas (NPAs).

For further information about the income requirements guidelines to qualify for the House Charlotte program, visit our House Charlotte income guideline.

The assistance comes in the form of 5, 10 or 15-year deferred forgivable loan. For applicants at or below 80% AMI, the assistance will be forgiven after 10 years and pro-rated by 20% per year starting at year 5. For applicants at or below 80% AMI and work as a public service employee, the assistance will be fully forgiven after 5 years and pro-rated by 33% per year starting at year 3. And finally, for applicants between 80% to 110% AMI, the assistance will be fully forgiven after 1o years and pro-rated by 20% starting at year 5.

How to qualify

The first step is to contact us. We will put you in touch with an approved House Charlotte lender. The lender will apply for the program on your behalf. The House Charlotte program requires home buyers seeking the  down payment assistance, to take 8 hours of home buyer education classes. Some of those classes can be taken online.

We offer expert knowledge and guidance to home buyers who want to take advantage of the House Charlotte down payment assistance program. If you are interested in qualifying for this program, call us today at (704) 837-4672.

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

LET'S CONNECT

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.

Contact Form

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.

GET PRE-APPROVED TO OWN A HOME

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

Charlotte Real Estate website – We provide Real Estate services to home buyers and home sellers in Mecklenburg, Union, Gaston, Cabarrus and Stanly Counties.

Website Design & SEO by Marketing Elements Inc