Blessings upon you...
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: http://www.trulia.com/blog/natewolf/
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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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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
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
Latest Post: Foreclosure Halt creates Problems http://www.andrewollick.com/realestateblog
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.
Keller Williams Realty
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Best of Luck! Call or email me if I can be of further assistance.
Feel free to contact me with any questions!
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.
Wilkinson and Associates
Licensed in NC and SC
http://www.rodshomes.com " Charlottes #1 Real Estate Blog"
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.
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. http://www.hud.gov/buying/localbuying.cfm In your area there may be some programs.
Give me a call or email me if you want to know more. Thanks!
Allyson Ward, Broker/Realtor
704 622 9506
Get in touch if you want more info!
Owner of Group 15 Real Estate
Coldwell Banker United, REALTORS
704 351 1537
House to Home Realty, LLC