Too many people think they’re stuck renting, but help is out there. Some programs specifically exist to help renters with low to moderate income achieve home ownership.
Mortgage Credit Certificate (MCC)
The NC Housing Finance Agency lets qualifying home owners claim a tax credit up to $2,000 every year they live in the home. The Mortgage Credit Certificate (MCC) can significantly reduce your federal income liability and leave you with more money to put toward mortgage payments. Typically, it would leave you with what amounts to around $165 bucks per month in money you don’t have to pay towards federal taxes for as long as you own and live in your home. If you want to get an MCC, you have to get one during the purchasing process! You can’t do it later.
You also have to use a lender that participates in this program. If a lender doesn’t participate, they probably won’t even let you know that this program exists. Here’s a list of MCC participating lenders and here’s more info on the program. There are income limits, but they are very reasonable. In some counties in North Carolina, a family of three can make nearly $90,000 annually and still qualify. Essentially, this is the perfect way for renters to become homeowners.
NC Home Advantage Mortgage™
You can use your MCC in conjunction with the N.C. Home Advantage Mortgage. This mortgage offers genuine down payment assistance. It will pay up to 5% of the loan in the form of a down payment if you qualify. This doesn’t get paid back. This is to help more people get into homes.
Plus, there’s also the NC 1st Home Advantage Down Payment. This can provide $8,000 in down payment assistance to new buyers. This might be a better option, but a lender approved to work with the NC Housing Finance Agency will help figure out the best option for you. So, even if you’ve been told by another lender that you’re not getting into a home any time soon, doesn’t mean that’s true. Make sure to check with lenders who are able to offer these programs and you might be packing up to move into your first home in a Charlotte suburb this fall!
Are You Looking for a New Home in the Charlotte Area?
If you’re moving to Charlotte, we can help you find the perfect home, no matter what you’re looking for. Looking for a home with green amenities like solar panels or geothermal systems? Let us know! Our dedicated real estate team can keep an eye out for homes featuring things not usually listed in data bases and keep you informed, if you contact us and let us know what to look out for. Give us a call at 704-608-2794 or get in touch with us online to let us know what you’re looking for. We’ll help you find it!
Feel free to use our online tool to search for Charlotte real estate listings set to your specifications. If you need down payment assistance in North Carolina, we can help you find resources! If you’d like access to our exclusive real estate reports and worksheets for FREE, just fill out our simple, online, information request form.
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