If you are in the market to purchase a home in Mecklenburg, Cabarrus, Cumberland, Guilford or Johnston County in North Carolina, there is a lot to be excited about with the launch of a new down payment assistance program starting October 2016 that could give you up to $15,000 in free money to help you with your down payment, closing costs, and interest rate buy down when you purchase a home.
This is program is called the $15,000 down payment assistance program or the $15,000 grant program. If you want to purchase a home in one of the qualifying counties listed, you should consider taking advantage of this program – it’s free money after all!
The $15,000 grant is being offered for a limited time only. There is only a limited amount of funds and number of loans that can be granted so this down payment is on a first come first serve basis. Once the funds are exhausted, the program will go away. In case you have missed the deadline for this program, we have other down payment assistance programs available year-round to help you purchase a home. As their Realtor®, we have helped many home buyers take advantage of the $15,000 grant program, as well as other down payment assistance programs. Call us today to find out if you qualify for a grant or down payment assistance program.
$15,000 down payment assistance program – details and exceptions
In order to qualify for this program, you will need to get pre-approved for a mortgage by a participating lender (as your Realtor®, we can connect you with participating lenders in the Charlotte area). Your credit score needs to be at least a 640 in order to qualify. The maximum home purchase price with this program is $245,000 and while it can be used towards most homes, there are some exceptions (call us for details). If you want to purchase a home at a higher price point, we have other programs that could provide you with the assistance you need.
There a maximum income limit, based on family size and total household income, to qualify for this program. As long as your at, or under the income limit allowed, you can qualify for this program based on income. Call us today to find out about income limits.
The $15,000 down payment assistance program can be used with a FHA, conventional or VA loan. The funds from the $15,000 down payment assistance program are given at closing and are forgiven at a rate of 20% per year starting on year 1. So if you stay in the home you purchase with this program for 5 years, you won’t have to repay any of that money!
If you need a Realtor® and are wanting to qualify for the purchase of a home with the $15,000 assistance in Mecklenburg or Cabarrus county, call our office today so we can help you.