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The $10,000 down payment incentive applies across the board for Charlotte Mecklenburg police officer down payment assistance when using the House Charlotte Program to buy a home in Charlotte NC. Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property. 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.
MORTGAGECALCULATORS
The City of Charlotte partners with several area nonprofits to help residents with affordable housing. The nonprofit is developing homes for first-time homebuyers who make less than 80% of the median area income (AMI). The city offers a down payment assistance program through House Charlotte, which is administered by DreamKey Partners. Many people who can afford the monthly mortgage payments and have reasonable credit will qualify. This program provides stable, fixed-rate mortgage and down payment assistance of up to 5 percent of the loan amount.
NC Home Advantage Mortgage Program
Your inquiry will be answered by a Realtor® licensed to practice real estate. 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. For further information about the income requirements guidelines to qualify for the House Charlotte program, visit our House Charlotte income guideline.
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To buy a home through DreamKey, you must complete homeownership and financial literacy education courses. How to Apply for House Charlotte down payment assistanceOnce qualified, we’ll have one of our House Charlotte approved lenders request House Charlotte funds on your behalf. The FHA Loan is the type of mortgage most commonly used by first-time homebuyers and there's plenty of good reasons why. It's important to note, those who are approved have to go through home buying and financial education before the house purchase is made. “They can have a loan but if there are no properties in the price range, and corporate landlords buy up cash, these properties, then people are stuck renting," Moreno said.
House Charlotte First Time Home Buyer Program
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The program's goal is to help more people become homeowners, as housing prices have dramatically increased in Charlotte over the last few years. 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. All images and text shared on this site are the property of At Charlotte’s House unless stated otherwise… and I’m SO thrilled that you’re here visiting. I’m delighted for you to Pin or Stumble or Share or Tweet to your hearts delight providing all links are directly to “At Charlotte’s House” (not “source” or “photo credit”, etc.). If you are a blog or an individual and would like to mention a post of mine please only use a SINGLE image and link back to my original post. I invite brands to contact me directly for image-use terms.
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The down payment assistance programs discussed in this website are based on a 30-year fixed loan. The House Charlotte First Time Home Buyer Program is a wonderful home ownership down payment assistance program in Charlotte. In addition to receiving down payment assistance, the program provides first time home buyer education classes in Charlotte to prepare home buyers for the road to home ownership. Buyers can expect to receive down payment from $5,000 to $7,500 and in certain cases, as much as $10,000 depending on household income.
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Repayment of the down payment is not required, unless the property is sold, refinanced, or transferred within 15 years. Your loan officer or real estate agent will be in contact with the representatives of House Charlotte, on your behalf. In an effort to expedite the House Charlotte file processing, we encourage buyers to direct any questions or requests for status updates to their loan officer. To qualify, a homebuyer's income must be 80% of the area's median income or less. We will put you in touch with an approved House Charlotte lender.
House Charlotte Program
Housing cost increases have outpaced growth in wages, so many people who are working struggle to find an affordable place to live. Wood now has a three-bedroom home for her two daughters. She was able to buy the home with the assistance program.
And the last step is the City of Charlotte's Housing Trust Fund, or HTF. Established in 2001, the trust fund uses voter approved housing bonds to support affordable housing and shelter options throughout the city. In the last 20 years, HTF has provided more than $230 million to fund local development, organizations and more. And that has resulted in the creation and preservation of nearly 11,000 affordable housing units in the city. Centra Square is the perfect example of the HTF working in action with multiple local partners.
Shawn Health, the director of housing and neighborhood services in Charlotte, said the Housing Trust Fund is the primary vehicle supporting developers building affordable housing. The home you select must appraise for at least the purchase price. Your interest rate cannot exceed 2% of the current market rate for 30 year fixed rate mortgages. The standard used for determining the current market rate is Adjustable rate mortgages are not permitted. If your combined household income is between 80% and 110% of the AMI, the home you want to purchase must be located in a designated Neighborhood Profile Areas (NPAs). This story is part of ‘I Can’t Afford to Live Here,’ a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte.
A House Charlotte inspection is required at no charge to the buyer which we will set up on behalf of the buyer. No inspection is required for new construction homes less than 6 months old. Or contact us to request a customized House Charlotte MLS home search of new and resale homes in House Charlotte eligible neighborhoods.
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