First Time Home Buyers May Qualify for $15,000 in Assistance. Many first time home buyers stay on the fence about purchasing their first home due to the high cost associated with home buying like closing costs and required down payments. These expenses can add up to thousands of dollars and make a first time home buyer give up on the American dream of owning a home with the thoughts of this goal is financially unattainable. There is great news for qualified first time home buyers with a new program that offers up to $15,000 in financial assistance to cover closing costs and down payment. This program offers up to a $15000 down payment assistance NCHFA-DAP15 will benefit many first time home buyers who thought that they could not afford to purchase a home.
Mecklenburg County is one of the participating counties in the $15,000 down payment program which offers $15,000 in down payment assistance in the form of a five-year deferred loan at zero interest. Even better, stay in your home for five years and there’s no need to repay the down payment loan – it’s forgiven at 20% per year for each full year you live in the home.
Down payment loans are offered by the N.C. Housing Finance agency to be used in combination with the Agency’s 30-year fixed rate N.C. Home Advantage Mortgage. Some of the qualifications that you must have in order to participate in the program include: First time home purchase (or have not owned a home in 3 years), home purchase price below $245,000, credit score of 640 or higher, as well as income limitations. To find out more about this program please contact me as I will put you in touch with a participating lender.
Susan Wright Broker/Realtor Savvy + Company Real Estate, firstname.lastname@example.org