Local Realtors®
At YOUR SERVICE

( Hablamos Español )

Follow Us

Buying or Selling? Call us today for expert assistance!

Mom, Dad…Can You Buy Me A House?

Mom, Dad…Can You Buy Me A House?

High unemployment and a weakened economy have eroded consumer confidence when it comes to buying a home. However, putting aside emotions and looking at the numbers – purchasing a home makes more sense now than ever before. Low home prices and record interest rates combined are creating unprecedented opportunities for wise home buyers. Owning a home has always been part of the American dream and it is now more affordable than ever to make that dream a reality.

Baby boomers have seen and experienced up and down cycles with real estate and know that now is a great time. According to a Survey by Better Homes and Gardens Real Estate, 20% of  parents have helped their kids with the purchase of their first home. They either bought a home for their kids, contributed to the down payment or co-signed for a home loan. This phenomenon has gained momentum and popularity since the start of the housing crisis.

If real estate is so affordable, why help your kids?

In order to purchase a home, you need cash to pay for the upfront costs of home ownership – down payment and closing costs. Even though many young adults have good jobs, have decent credit scores and can afford a mortgage payment, the upfront costs of home ownership is often a road block. 20% down to get the best interest rate is a large chunk of change – a $130,000 home would require a whooping $26,000 cash down payment plus an additional $6,500 for closing costs if you are looking to buy a home in the Charlotte NC region. Even with FHA financing, which only requires 3.5% down, it is still a lot of money for many first time home buyers and could take years to save up and with interest rates at record low, there is no time to waist waiting on the sideline.

What if you can’t get help from family?

No everybody can turn to their parents for help for the purchase of a home. Fortunately, there are programs available in the Charlotte area to help first time home buyers with the upfront costs of home ownership. Those programs are called down payment assistance programs and can provide as much as $10,000 in financial assistance to cover the upfront costs of home ownership. Those programs are based on a 30-year fixed rate loan using competitive interest rates. We specialize in those programs, so if you are serious about owning a home,  contact us today and we will help you take advantage of those programs.

 

 

Sorry, comments are closed for this post.

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.

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