You have gotten some good answers. All of the first time home buyer program have income limits. Some have limitations on where the house can be located. Others are limited by one's credit score. It is best to work with an experienced hard working mortgage banker or broker to find out all of the financial options available to a client.
Both the USDA or VA loans do not require a down payment- 100% financing. If the first time homebuyer purchases a HUD house and uses the preferred lender of Homesteps, then 3% or 3.5% of the buyer's closing costs are paid for. If a buyer chooses a new home, then almost all of the production builders in Charlotte will pay for some if not all of the buyer's closing costs.
In addition, if the buyer is a policeman, nurse, firefighter, medic, then there are specific loan programs available to them. If the buyer is employed by a large bank, then there are buyer incentives for getting a loan with that bank. The only challenge is finding the dream house for the price and condition that the first time home buyer wants. Our housing inventory has been decreasing in the Charlotte area as buyers have realized what a great opportunity they have now.
Wishing you success,
Robin Faison, broker
Keller Williams Realty
The NC Housing Finance Agency has programs at http://www.nchfa.com. There are also down payment matching grants and several local housing agencies have down payment and closing cost assistance to help income qualified first time buyers. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
there are different programs out there for first time home buyers. depending on where they are buying a house at they may qualify for House Charlotte program which will give them up to $7500 towards down payment and closing costs.
There is also the NC bond program which will provide up to $8000 in down payment assisitance.
A rare program with a bank i use that will match the down payment four to one. meanign every dollar you put down they will give you four dollars. Max you can put in is $1000 and they will match up to $4000.
Coldwell Banker United