If you meet certain income requirements, you may be eligible for down payment assistance. Most down payment assistance is structured as a second “loan” that has no interest rate and no required payments.
TYPES OF DOWN PAYMENT ASSISTANCE AVAILABLE IN AND AROUND CHARLOTTE AND THE LAKE NORMAN AREA:
NC HOUSING FINANCE AGENCY | HOME ADVANTAGE PROGRAM
The North Carolina Housing Finance Agency offers down payment assistance to all NC Home Buyers within certain parameters. The down payment assistance is 3% of the loan amount and is structured as a 15-year second mortgage with no interest and no payment. If the borrower keeps the loan for 15 years, the loan is fully forgiven.
Income Limit: $85,000/year for borrower(s) on the loan application.
House Charlotte offers down payment assistance to first time homebuyers buying properties in designated “House Charlotte Neighborhoods.” The down payment assistance is structured as a 2nd mortgage with no interest and no payments. The down payment assistance will be forgiven if the home is kept for 10 years.
• 1 Person- $52,800
• 2 People- $60,300
• 3 People- $67,850
• 4 People- $75,350
Maximum Purchase Price: $155,000
FHA loan limits are determined by county. Here is a list of FHA loan limits in and around Charlotte, NC.