NC 1st Home Advantage Down Payment
If you are a first-time home buyer or military veteran and qualify for an NC Home Advantage Mortgage™, you may be eligible for $8,000 in down payment assistance with the NC 1st Home Advantage Down Payment.
Similar to the other down payment assistance options available with the NC Home Advantage Mortgage™, this down payment help is a 0 percent, deferred second mortgage, which is forgiven 20 percent per year at the end of years 11-15, with complete forgiveness at the end of year 15
The HouseCharlotte program provides 5, 10, or 15-year, deferred, forgivable loans to qualified applicant’s . Funds can be used to cover downpayment, closing cost, and interest rate buy down.
- Funding up to $10,000 for families with household income at or below 80% Area Median Income (AMI) purchasing within Charlotte City limits.
- Funding up to $10,000 for Public Service Employees with household income at or below 80% AMI purchasing within Charlotte City limits.
- Funding up to $5,000 for families with household income above 80% AMI, up to 110% AMI purchasing within Charlotte City limits.
- PILOT PROGRAM – Up to $17,000 for families with household income at or below 80% AMI purchasing in select High Cost City of Charlotte NPA’s.
NeighborhoodLIFT Program Information
- Provides eligible homebuyers with $15,000 in down payment assistance on qualified properties ($17,500 for veterans and service members, teachers, paraprofessionals, law enforcement officers, firefighters and emergency medical technicians).
- Provides homebuyer education that will prepare you for finding and financing a home and for managing the financial responsibilities of homeownership.
- Assistance is not limited to first-time buyers.
- Borrowers’ annual income in combination with household size must be at or below the income limits set for the program in the Charlotte region. Income limits are higher for military service members, veterans, law enforcement officers, Pre-K-12th grade teachers, firefighters and emergency medical technicians. View Income Limits. View First Responder, Military & Teacher Benefit Information.
- Properties qualified for the program must be:
1. Located in Mecklenburg, Gaston, Rowan, Cabarrus or Union County. View eligibility map.
2. The primary, owner-occupied home of the buyer(s).
3. A single-family home (attached or detached), 2-4 unit home, condominium, townhome, PUD, co-op, land trust or qualified manufactured home.
What does this program do?
This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.
Who may apply for this program?
- Meet income-eligibility
- Agree to personally occupy the dwelling as their primary residence
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
- Have the legal capacity to incur the loan obligation
- Have not been suspended or debarred from participation in federal programs
- Demonstrate the willingness to meet credit obligations in a timely manner
- Purchase a property that meets all program criteria
What is an eligible area?
Check eligible addresses for the loan guarantees.
GOOD NEIGHBOR NEXT DOOR PROGRAM
ARE YOU A GOOD NEIGHBOR?
The Good Neighbor Next Door (GNND) program is sponsored by the US Department of Housing and Urban Development (HUD ). With this program, full-time law enforcement officers, pre Kindergarten through 12th grade teachers and firefighters, emergency medical technicians can contribute to community revitalization and stabilization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. Only certain homes qualify for the GNND program. Those homes are owned by HUD (REOs). The number of properties available is limited, but new properties become available weekly. View current properties available.
Properties are available for purchase through the program only for five days so you must be ready to make an offer quickly in order to take advantage of this program. GNND and other special sales program properties are available for five days before they are for sale to the public. Eligible buyers are selected by lottery from those who indicate a willingness to buy and who meet all the other requirements and restrictions. They do not bid, but rather offer “full price” and get the appropriate discount (10% to 50% off the listed price) at the time of settlement and closing. All buyers, including those who qualify for GNND participation, must be represented by a HUD registered broker with a NAID number.
In making an offer on a qualifying property, a home buyer must agree to the list price. For example, if a home is listed for $140,000, a qualified applicant would make an offer for $140,000, but the actual purchase price would be $70,000 (loan amount). All properties through the GNND program are sold “as is” (HUD will not make repairs). This great offer can be combined with HUD’s sale incentive which allows a home buyers to purchase a home with only $100 down if the home buyer finances the property using a FHA loan.
Buyers who wish to participate in the GNND program submit their bid with a registered broker. The amount of the discount (50% of the sale price) becomes a silent second on the property. The home buyer does not need to make any payments on this note nor is any interest accrued as long as the 36 month occupancy requirement is met. The second lien is reduced to zero at the end of the three-year period. Earlier move out may incur substantial penalties. The home buyer must not have owned any other real estate for one year prior to participating in the GNND program.
Full Guide to Home Buying Assistance