Every day I hear people say "I love to own a home but I do not have the necessary down payment". When i start talking with them about the situation. They tell me that they qualify for a mortgage based on their income and credit. However; in these tough economic times they are having a difficult time saving the necessary down payment to purchase a home. They are either staying where they are at in the apartment complex or choosing to go with a lease options or rent to own on a home. Well there are choices out there for you.... I recently closed another transaction through one of these programs where a couple are now proud homeonwenrs; when they thought it was out of there reach.
One program that is exclusive for the Charlotte North Carolina market is called House Charlotte. A great program that helps people get into homes in Charlotte. There are certain restrictions that apply. Income and home purchase price requirement maximums. However; the average family can qualify for the program as long as your income is not over 110% of the median income in Charlotte (starting at $51,000 for a single person and average fo $73500 for a family of four). In addition you must choose a home from one of there 87 designated neighborhoods with a maximum purchase price of $147,000. That leaves you open to quite a few choices out there. They will provide you with up to $7500.00 toward down payment assistance and closing costs on a home. The money is in essence a gift that is forgivable over a period of time.
The other program that has gained some popularity in the last few years is USDA loan. Here the government will provide you with 100% financing of the purchase price fo the home. A lot of times due to the insurance that is required for an FHA loan the payment can come in the same or even less than if you put money down. Tthe difference with this program is you cannot live in Charlotte. They require you to be in a rural area. Generally speaking you will be about 20 to 30 minutes outside the city limits of Charlotte to find one of these homes.
With both these programs make sure you are dealing with a lender that is not only familiar with the program; but is on there vendor list. Otherwise they cannot issue you the loan. Also, make sure you are dealing with a Real Estate Agent who is proficient in locating these types of homes and negotiating deals on them.
Dave diCecco
Realtor/Agent
www.davedicecco.com
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