In a catch-22 - Rent is high enough we can't get the $ for a down payment on a home - First time home buyers

Asked by Ken, Charlotte, NC Sat Nov 9, 2013

We've been in the Charlotte area now for about 5 years, 4 in the house we are renting now. With a rent of $1700 it's taking all of our cash to pay rent, utilities and bills. Looking to buy a house around $200K which should drop our housing budget around $500 from what we are paying now, but can't get the $ together for a down payment. Scores range from 612 to 675. Do we have any options? Thanks.

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Daniel Fisher, Agent, Charlotte, NC
Tue Nov 12, 2013
Good evening, Ken:
Neighborhood LIFT still has $15000 grant money. In certain areas, you may qualify for $7500 in HouseCharlotte down payment and closing cost assistance. If you don't qualify for these, there are down payment matching grants from FHLB Atlanta participating lenders. may also be a good option. Your scores are OK, but if you can improve them your options will increase. You may want to read the Trulia Real Estate Blog "Can I get a home or am I stuck renting?" If you meet that criteria, you can probably get a loan. But there is more to buying a home than coming up with financing and a down payment. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
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dave, Agent, Charlotte, NC
Mon Nov 11, 2013

I see your predicament and I went through that when I first moved to the Charlotte area eight years ago. There are numerous programs out there to help you with down payment assistance in buying a house. I highly recommend you speak to a qualified mortgage lender that is both familiar with the programs and knows the best avenue for you.

I know a lot of the programs require certain income limits and then there are some that do not. But a good lender will be able to sift through your information and tell you what they feel you will qualify for or not.

One I use that is extremely familiar with the different programs out there and ones that others have not heard of is John Norton with Georgia bank. His cell number is 704-953-3571. Give him a call. It does not cost you anything and he will give you straight answers of what he can and cannot do.

Dave diCecco
Helen Adams Realty
Cell: 704-519-7895
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Michael Will…, Agent, Charlotte, NC
Sun Nov 10, 2013

I am Michael Williams with the Allen Tate Company. 704-612-1005
My in house lending partner with Allen Tate's mortgage company has down payment assistance monies available for you. He recently assisted my buyer in securing finance at a very low rate that required less than $1500.00 from her personal funds. I am a native and have 20 years of real estate experience serving the entire Charlotte metro community with similar issues as yours. You may call me any time. I am glad to offer you my resources and assistance.
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First Choice…, , Charlotte, NC
Sat Nov 9, 2013
Hello Ken,
I am a 22 yr lending veteran with a portfolio of products that may help you. 100% programs are available but come with strict guidelines especially with credit scores. USDA is also available and the NC Bond program. Also, if you happen to be a Veteran, you can finance 100%. Lastly, there is the House Charlotte program that gives up to $7500 for down payment and or closing cost.

What I suggest you do is get pre-approved by a lender so you can shop with confidence. I could assist you if you would like. I can be reached at 704-651-5275. Best of luck!
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belinda agos…, Agent, Charlotte, NC
Sat Nov 9, 2013
I should mention that if you're paying more than $800/month on rent that you should try to see if you can purchase. Homes are selling for half of what they sold for just in 2008! Interest rates are below 5%! It's easier than you think. Call me. You may even qualify for 100% financing - I know all the programs! You do not need perfect credit nor a lot of money in the bank.

So if you're tired of throwing away your hard earned money on rent, you owe it to yourself to at least contact me today and find out more.

Belinda Agosto, Realtor, CDPE, CIAS
ERA Wilkinson & Associates Real Estate
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Ryann Marzouk, Agent, Charlotte, NC
Sat Nov 9, 2013
Hello Ken,

From what you have said I think I have a lender that should be able to help you out. Please reach out to me. I would love to help!

My cell is 704.605.9794
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Lexie Longst…, Agent, Charlotte, NC
Sat Nov 9, 2013
Yes, If you are not too picky you could purchase a House Charlotte home in certain neighborhoods and qualify for $7500 in down payment assistance. If you are making under $54,000 or $60K as a 2 person family and you move fast you could get 15,000 in down payment assistance from Wells Fargo Lift. You need to be working with a real estate agent that can help you find ways for you to get down payment assistance. Or you could purchase a house in a USDA area (South West Charlotte) and do no money down program. You just need an good agent - and to be flexible in what you are looking for!!
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John Baynes, Agent, Cornelius, NC
Sat Nov 9, 2013
the credit score is critical. at 640 (changes almost weekly) you can get a va loan ( if you area veteran) or usda loan which is 100% financing if the property you are interested in is located in a usda approved area. there are some gov't programs that do down paymt assistance but need more info to see if you qualify. there will be closing costs involved but I will negotiate most or all to be paid for you by the seller. we have a mortgage company in our office that would like to have the opportunity to help you get a mortgage, and I will find a property that fits your needs. call meand lets talk, 704-534-9166 john baynes
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