Financing in Charlotte>Question Details

kryswithak, Home Buyer in Charlotte, NC

How can I found a 100% finance morgage?

Asked by kryswithak, Charlotte, NC Wed Oct 13, 2010

I am a first time home buyer shopping around for the best morgage. How can I find morgage companies that offer 100% financing?

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Coastal Federal Credit Union still offers these loans with good credit. To become a member go to and open an account by depositing $25 into a savings account. This will give you a member id and from there you can apply for a loan w/100% financing.
Blessings upon you...
Jan Teel
TEEL Realty
3 votes Thank Flag Link Wed Oct 13, 2010
Many banks offer 100% Financing. It depends on the purchase price of the home.

There are down payment programs by North Carolina Housing Finance Agency which offer up to $8000 towards downpayment assistance. Purchase prices up to $220,000. Most major banks offer this type of program, and as a first time homebuyer you should also ask for the MCC Tax Credit. This gives you an additional $2000 per year tax credit, but you must apply for this tax credit certificate program during your loan process. Read more on my blog:…

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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.
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Web Reference:
1 vote Thank Flag Link Wed Apr 6, 2011
You try using this website for more information scroll to the no down payment section on the site
0 votes Thank Flag Link Sun Nov 4, 2012
Congratulations on a getting a accepted offer! Good luck with the closing and I hope you are happy with your new home..

Kindest Regards,

Jeff Monfils
Director North Carolina Operations
888.807.4848 ext. 505
Bastille Real Estate
3611 Mt Holly-Huntersville RD Ste 204-310
Charlotte NC 28216
Philippians 2:3&4
0 votes Thank Flag Link Wed Oct 20, 2010
Thank you everyone for the great advice. I have found a place and have an accepted contract. RBC and the Credit Union seem to be the only place with 100% financing for conventional loans. My best bet is probably to just use one or the other.
0 votes Thank Flag Link Thu Oct 14, 2010
Hi Krystle,

Everyone has provided you with great information in regards to the USDA program. There are other great options that will assist in your down payment and with the way sellers are willing to negotiate, there are a lot of sellers that will pay ALL of your closing cost. There is also one program that will lend you up to $14,900 to purchase a foreclosed property. Those funds can be used for down payment, closing cost or to bring down the Loan amount. This loan amount is also forgiveable after 5 years. Meaning if you live in the home for 5 years you do not have to pay that money back!!!!

Give me a call and we can discuss further
0 votes Thank Flag Link Wed Oct 13, 2010
There is another program in Charlotte...House Charlotte that gives you up to $7500 in down payment assistance, with an FHA (3% down payment) loan. So you are almost financing 100% as well. Email me 980 254 4209 with any questions!
0 votes Thank Flag Link Wed Oct 13, 2010
If you're located in a relatively rural area ( and that is "rural" based on USDA guidelines), you'll be able to get a 100% loan, with no MI and closing costs that can be put on top of the loan. you can check any home's eligibility here:

In addition to making sure you pick the right home, your income cannot exceed their guidelines and that is household income. you can use that same link to check the limits.

If you call any local mortgage broker you'll be sure to get a really low rate on a USDA loan. it's really a great program! Good Luck

Andrew and Elena Ollick
Amerivest Realty
Latest Post: Foreclosure Halt creates Problems
0 votes Thank Flag Link Wed Oct 13, 2010
In addition to the other answers you might also want to check out Naca (Neighborhood Assistance Corporation of America) which works very closely with Bank of America and Citigroup, here is their website

Let me know if you'd like more information, I'm a Realtor but have BoA consultants inhouse that can talk financing, so you'd get market overview as well as financials dealt with in just one visit.

Nana Tennhardt
Keller Williams Realty
0 votes Thank Flag Link Wed Oct 13, 2010
I would agree that a USDA loan will be your best bet - unless you qualify for a VA loan. You need to be aware, though, that not all properties will qualify for USDA financing. uSDA loans were created to encourage home ownership n more rural areas. Therefore, most neighborhoods in Charlotte do not qualify. Many of the Union Co neighborhoods closest to Charlotte do not qualify either. - You can easily check to see if a property you are interested in qualifies by going to the USDA Website under the loans tab and simply type in the address. if your target area of Charlotte is not in the USDA
0 votes Thank Flag Link Wed Oct 13, 2010
My company can offer a 100% VA loan if you are active or retired military. I can do a 96.5% LTV with a 103% CLTV FHA loan if you are not military. That would be the current max available.
877-288-8303 ext 325
0 votes Thank Flag Link Wed Oct 13, 2010
I would use a USDA loan. Low interest rates, No Money Down, and you can roll your closing costs into the loan.

Scott Branning
Keller Williams
Web Reference:
0 votes Thank Flag Link Wed Oct 13, 2010
Hi Krystie. Try these 2 websites:
If the links don't work trying cutting and pasting them into your browser
Best of Luck! Call or email me if I can be of further assistance.
0 votes Thank Flag Link Wed Oct 13, 2010
Most of the answers in here are correct.....USDA by far is the best one, property eligibility search can be found on the link below. There are other programs available in the area that will loan/grant you the money needed for a down payment (Mecklenburg and Gaston) however these programs are pretty tight on income limitations.....VA loans are the other option but of course you have to have served in the military OR find a VA foreclusure that will be allowing loan assumption.

Feel free to contact me with any questions!

Joshua Hedspeth
Mortgage Banker
0 votes Thank Flag Link Wed Oct 13, 2010
Hello Krystle,

As a realtor and long-time real estate investor, I have some a few proven techniques that would work for you. Please feel free to call me to discuss them.

Rod Potter
Wilkinson and Associates
Licensed in NC and SC " Charlottes #1 Real Estate Blog"
Web Reference:
0 votes Thank Flag Link Wed Oct 13, 2010

You really have few options in regards to that. One program which everyone seems to be mentioning is USDA. they offer 100% financing in select rural areas. In Charlotte you are very secluded and mostly on the outer portions of 485. If you go to any of the surrounding counties you have a pretty good chance of finding an area that qill qualify for USDA financing.

Another option is if you are a veteran of the military. The VA offers 100% financing for it's veterans and there are no restrictions on where you can buy a home at.

There are also some down payment assistance programs availble out there that will allow you to buy a home with no money down. However; those are restricted to certain areas as well in Charlotte.

You do have choices and if you woudl like to discuss them or need some hlep please feel free to give me a call or e-mail me.
Web Reference:
0 votes Thank Flag Link Wed Oct 13, 2010
You can find eligibility information on USDA loans on their website.

There may be an option to get gifted funds on an FHA Loan and close for as little as 1% down. I KNOW THIS DOES NOT SOUND TRUE TO THE OTHER REALTORS! There is still one program offered by a Company in Phoenix called the Lending Company. 480-621-4239 Through a grant program they are able to get gifted funds. (This is not a Nehemiah Loan as those are long gone.) I understand the same program is available in other states, but not all and not all states where it is available have a lender working the program.

HUD has some resources to help in individual areas. In your area there may be some programs.
0 votes Thank Flag Link Wed Oct 13, 2010
There are programs to do this out there using an FHA mortgage and having someone else pay the down payment and closing costs. There are strings attached. You must be prequalified with a participating lender first.

Give me a call or email me if you want to know more. Thanks!
Allyson Ward, Broker/Realtor
704 622 9506
0 votes Thank Flag Link Wed Oct 13, 2010
I have had dozens of clients use a fantastic 100% loan product that is not USDA or geographic dependent. You need a 660 credit score and need to make less than $51k per year. The best part is NO PMI!!! I have one client using it right now to buy a $130k house and her total monthly house payment will only be $750/mo.

Get in touch if you want more info!

Matthew Tringali
Owner of Group 15 Real Estate
0 votes Thank Flag Link Wed Oct 13, 2010
There are a few options right now. BB&T has a Chip program but the qualifications are not that of your typical first time Homebuyer. There are also USDA loans available but the property will have to qualify USDA. There arent many USDA areas in Mecklenburg but if you are looking to live in a surrounding county you will have more options. Feel free to call me to discuss further or if you want to apply you can visit my website below.
0 votes Thank Flag Link Wed Oct 13, 2010
There are only two ways to get 100% financing in today's market. One is if you qualify for a VA loan. The other is a USDA loan. USDA requires a higher credit score and properties have to be in outside of Mecklenburg County, in a little more rural areas. My husband and I have closed two USDA loans in the past year. One in Cabarrus County and one in Gaston County in Belmont. The one in Belmont closed last month. If I can help you with anything else, please let me know.

April Crowder
Coldwell Banker United, REALTORS
0 votes Thank Flag Link Wed Oct 13, 2010
We have down payment assistance here in charlotte that we can use. A few of the down payment asst programs are not subdivision or area driven. Please give me a call at 980-229-7371, I will give you some information on the different programs we have and the quailifications.
0 votes Thank Flag Link Wed Oct 13, 2010
Hi Krystle, the only 100% financing anymore is a USDA loan. The buyer and the property both have to qualify for this loan. I know of some great neighborhoods that do qualify. If you are interested let me know. I would love to help you out.

Kelly Sniatecki
704 351 1537
0 votes Thank Flag Link Wed Oct 13, 2010
We can find you a property that is USDA Eligible. Based on your qualification, you may be able to get 100% financing. Give me a call or e-mail me if you would like to discuss this option.
Tammy Manning
House to Home Realty, LLC
0 votes Thank Flag Link Wed Oct 13, 2010
Hi Krystle. It is tough in today's, more cautious, lending environment. Probably the best approach is an FHA mortgage with 3.5% down payment and up to 6% closing help from the Seller. The Seller help will pay for your closing costs, so your out-of-pocket expenses will be nothing. Also you may have a local bond issue in your township or county that assists first time home buyers. In Delaware we have a Second Mortgage Assistance Loan of up to $10,000 that can piggy-back with FHA financing.
0 votes Thank Flag Link Wed Oct 13, 2010
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