Down Payment Assistance Help

Asked by Bryant, Raleigh, NC Sun Jan 13, 2013

My fiance and myself have been pre qualified for a home loan of up to 200k thru NC Credit Union. They want 5% down payment which we are having trouble with. We went thru the credit union because they are not "credit score driven" therefore allowing both of us to use our income in the home loan calculations, instead of just my own (since my fiance's credit score is not great). My question is, are there any programs, grants, etc that can help with down payment, while still allowing us to use the credit union since they do not have any down payment programs?

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Daniel Fisher’s answer
Daniel Fisher, Agent, Charlotte, NC
Sat Jan 19, 2013
Good evening, Bryant:
I'd try I'd also try B of A mortgage division and an approved lender with If you are having difficulties because of credit score, you might want to review the Trulia Blog Ten tips for repairing your credit history, raising score (link below) If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
1 vote
Aaron Herste…, , Raleigh, NC
Mon Jan 14, 2013
Hi Bryant,

There my be some options for you. Different programs have different score requirements. Also, you can put as little as 0 down, again, depending on program. I would be more than happy to help you with all your questions and determine some additional options that more align with your current financial picture. If you want, please feel free to call me anytime today.

Aaron Herstein

Senior Mortgage Consultant
New American Mortgage
1 vote
Andy Matejka, Mortgage Broker Or Lender, Greensboro, NC
Mon Jan 14, 2013
Some good advice here and on top of this you should ask your Credit Union Representative if they will allow you to use the NCHFA program.

They have a new one rolling out in February that is going to be great.

You should also get the advice required in order to help your fiance rebuild her score if you haven't already. Most licensed loan officers will do this for you. Consult your Realtor for a referral or feel free to give me a call.

Depending on the type of problems she's had in the past; a proper credit analysis can help get her back on track in a reasonable amount of time.
1 vote
Mark Pelshak, Agent, Morrisville, NC
Sun Jan 13, 2013

I know you mentioned that you are wanting to deal with the credit union because they are not credit driven but have you considered seeing if you qualified for a USDA loan? These loans do not require you to put down anything (some lenders want to see you save something minimal i.e. $500 which is applied to the home purchase) as they are 100% financing. The limitation is that USDA loans can only be used on properties that are considered "rural". Since the maps that are used are quite old, you will be shocked to find areas in Garner, Wake Forest, Holly Springs, Knightdale, Rolesville, etc. that are still considered rural by USDA standards though quite urban by actual standards. USDA is planning to update their maps in first/second quarter of this year so if this is something that might interest you, looking into it right away will behoove you. Let me know if you want the information for a wonderful lender who understands USDA guidelines and can have you in your new home quickly.

(919) 627.8087
1 vote
Koren Underd…, Agent, Raleigh, NC
Sun Jan 13, 2013
There are definitely some down payment assistance programs available.. The most popular is through the NC Housing Finance Agency, where you can use this to help with down payment and closing costs and the property being doesn't have to be a specific area. On the other hand, you do have agencies, such as, City of Raleigh, however, not only must you qualify but also the home you are purchasing must be in city limits. There are also other financing options that you may even qualify for, such as obtaining a FHA loan which you will only need 3.5% down payment. And let's not forget that you can also negotiate for the seller to pay for some, if not all closing costs (and this does not include down payment). So there are many options out there but you need to see what is best fitted for you and your fiance. Feel free to give me a call if you have any additional questions. You may reach me directly at (919) 880-1914.

Please check out my websites:

Providing top quality service and helping with all your real estate needs.
1 vote
Hey Bryant,
It looks like you have some more questions. Please contact me directly so I can provide you more specific answers to all your questions.
Flag Mon Jan 21, 2013
The one thing is that we are trying to keep both of us on the loan application which we could do thru the Credit Union however if we went some where else for the loan she would not be able to be on the loan because of her credit score. What would you suggest for that situation?
Flag Sun Jan 13, 2013
My NC Homes…, Agent, Chapel Hill, NC
Sun Jan 13, 2013
I would suggest checking out the website: the NC Housing Finance Agency site that offers three different first time home buyer assistance programs.

Secondly you can have your buyer broker request some Seller paid assistance. Finally you should strongly consider spending less than you've been qualified for and finding something in the $150,000 - $160,000 range that you could buy so that you're not stretching yourself. IN the long run this will pay dividends as you won't need as much down payment and your monthly mortgage including taxes and insurance will be lower. If you qualify for any of the NCFHA programs you could even combine all three suggestions.

If you've not yet found a buyer broker read the link I've attached below. If I can be of any assistance, feel free to contact me directly through my profile here on Trulia.

I wish you the best of luck, and a healthy and exciting 2013.
1 vote

The home we are looking at is at 150k. I am interested in the seller paid assistance. Do you have any info on that?
Flag Sun Jan 13, 2013
The Best Rea…, Agent, Tamarac, FL
Thu May 28, 2015
There is a program that I use that provides 10,000 towards your down payment and closing costs. It is a zero interest and zero payment loan that is only due when/if you sell the home. I have closed using this program several times and would be happy to assist you. Also I use a 2,000 tax credit program, which enables you to receive a 2,000 tax credit for the life of your loan.

1-Must not have owned a home in 3 years.
2-Must have been in the same line of work for 2 years
3-Must make more than 25k but less than 80k
4-Must have 1,000 to put into the deal.
5-640 minimum credit score.

Contact Andrew 954-394-7185 Text first Please!!!!!!!
0 votes
jacob.wiggins, Both Buyer And Seller, Garner, NC
Tue Mar 19, 2013
Hey my name is Jacob, and I am an investor and I may can help if you buy one of my homes. I will give you the down payment. Let me know if this interest you at all. I currently have 30 Plus homes at which some I am selling for other homeowners because I deal a lot with families in foreclosure and help them sell their homes thru short sales and can usually create equity for the buyers, so let me know if I can help at all.

Thanks, Jacob Wiggins
0 votes
Nila Maceda…, Agent, Raleigh, NC
Sat Jan 26, 2013
You may need to connect with a realtor who can recommend you to a loan officer/broker.who are familiar of different loan programs that will fit to your needs. Most banks including Credit Unions cater only to their in-house loan program and their loan officers do not have the capability of finding you another loan programs outside their territory/institution.
Is your credit score in the 620? If so, you can have an FHA loan requiring only 3.5% downpayment. If your score is higher you may qualify for the NC Housing Finance Agency down payment assistance. In our website, you can find the link for the NC Housing Finance Agency. You may want to check it out. Also, Are you a veteran? If so, you may qualify for a VA loan. You can have a VA loan without downpayment just a small amount of funding fee. Or, is it Ok for you to live outside the citylimits? Then, maybe a USDA loan fits to your needs. The loan officer will find a way to find something so that you can own a home. Just cooperate with the process. . She/He will do it to get your business.
But the first think you need to do is to be connected with a good, hard working loan/mortgage broker. Oftntimes, it does not cost you to talk with them over the phone for a pre approval. Don't despair, your dream home is in the horizon. Good luck
0 votes
Lisa Stanley, Agent, Raleigh, NC
Wed Jan 23, 2013
Congratulations on being qualified. You will be able to find a great home and I would certainly love to be a part of that.
There used to be quiet a few programs out there although unfortunately alot of those programs have gone away.
My best advice to you is to try to find a home in a USDA approved area. This too will be changing in that alot of the areas that used to be USDA approved are changing.

Please call me or contact me thru this web site and I will be more then happy to guide you to an area that is USDA approved. I have worked wit the State Credit Union many , many times and feel very confident I can make your dream of home ownership come true.

Best of luck to you.

Lisa Stanley
0 votes
Krista Abshu…, Agent, Fuquay Varina, NC
Mon Jan 21, 2013
Hi Bryant-

I wanted to check in and see how things are progressing for you. I agree with most of the comments about seeing if you can find some of the NC housing funds for assistance. They have a couple of great programs and the interest rates associated with them are pretty competitive.

I am curious to know if you spoke with other lenders or just wen to NC Credit Union. I ask this because it is important to know if you assumed your numbers were too low to qualify for a more traditional loan or if you also found out what you could qualify for if you did not count your fiance's income. Another thought would be to reach out to a Credit Counseling Service to see what they recommend doing to help your fiance's numbers increase and give you better loan options.

Michelle and Jeff Harris at Revital Credit are amazing and honest! Which I am sure you know is a hard combination to find. Please feel free to reach out to me and I can put you incontact with them and also answer any additional questions that you may have.

Have a great night!

0 votes
Erin Bohner, Agent, Raleigh, NC
Sun Jan 13, 2013
Hi Bryant,

Great question. My wife Erin and I are Realtors and we want to help you. We have used an outstanding mortgage specialist, Steve Thorne who is very knowledgeable about situations such as yours. Please give us a call at (919) 624-6726 and we will give you his contact information. He is terrific!


Ed Williams
0 votes
, ,
Sun Jan 13, 2013
I have a listed property that can be purchased for no money down and seller assistance with closing costs is possible. The home has great potential and is located just 15 minutes from downtown Raleigh in a desirable subdivision. Please follow this link to see if you like 106 Salamander and call me for details. 919-619-9494
0 votes
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