$15,000 Home Down Payment Assistance Charlotte NC

The North Carolina Housing Finance Agency’s NC Home Advantage Mortgage Program now offers a new NC Bond loan option that provides $15,000 North Carolina down payment assistance to eligible Charlotte area first time home buyers.  This down payment assistance grant can be used for down payment assistance as well as closing costs for home purchases in Mecklenburg and Cabarrus counties, and can be used with FHA, USDA, VA and Conventional loans in the Charlotte area.  Note that only purchase of existing resale homes are eligible.  New construction and homebuilder homes and condos in the Charlotte NC area do not qualify.

Charlotte area first time home buyers are eligible for this program.  However, there is a provision for those who have previously owned a home, but do not currently own a home.  If you previously have owned a home, but not during the most recent 36 months, you are eligible for this NC Home Advantage Mortgage Bond down payment program.

To be considered for this outstanding NC Home Advantage Mortgage through the North Carolina Housing Finance Agency for the Charlotte NC areas of Mecklenburg and Cabarrus counties, the following eligibility requirements must be met:

• Minimum credit score must be 640 or higher

• Maximum annual household income of $67,000 for a 1 or 2 person household or $77,000 for households of 3 or more

• Home purchase price cannot exceed $245,000

• Debt-to-income ratios cannot exceed 45%

• As previously stated above, the home must be resale (not new construction) and must be located in the metro Charlotte counties of Mecklenburg or Cabarrus county

$15,000 Down Payment Assistance Charlotte NC

In addition to the NC Home Advantage Mortgage that provides $15,000 in down payment assistance exclusively to Charlotte first time home buyers, the North Carolina Housing Finance Agency also offers the NC Bond program which is a more flexible Charlotte NC down payment assistance program option open to ALL home buyers in North Carolina, including move-up buyers in Charlotte NC.  This North Carolina down payment assistance program is open to all home buyers in NC and provides up to 5% of the loan amount towards down payment and closing costs for purchase anywhere in metro Charlotte and North Carolina, and allows an individual applicant (as opposed to all household members which many other programs are subject to) to earn up to a maximum annual income of $87,000 to qualify.  Indeed, this is a great program for both first-time buyers and move up buyers in Charlotte and the state of North Carolina.