One of the biggest obstacles I hear potential buyers tell me is that they do not have enough money saved for a down payment. Therefore they need to continue to pay more to rent a home rather than buy one. there are programs out there that can help those people who qualify for a mortgage and do nto have enough moeny saved up for their entire down payment. One such program is the North Carolina bond Program.
Most peopel are unaware of this great program offered by the state of North Carolina. You are required to come up with a minimum of $1,000 of your own down payment. You then may qualify for up to $8000.00 from the state of North Carolina in assistance to help you realize the dream of home ownership. No, the money is not 100% free....but as close as you can get to it.
The way the program works in it's simpliest form is:
•That you must be purchasing a home in North Carolina as a first time home buyer planning on using the home as your primary residence.
• Your income must not exceed the requirements set forth by the state. In Mecklenburg county that is $54,250 for a family of four. Other variations apply depending on the size of the family.
•The home cannot exceed the maximum sale price of $210,000.
•You must qualify for a mortgage with appropiate debt to income ratios.
If you can meet those requirements the state of North Carolina will give you the money as a second mortgage. Now do not worry about the payment being to high. The second mortgage is not due until 30 years later. So, when you have paid off your original mortgage then the second mortgage will be payable. If you sell the house earlier then you are resposnible for paying it off then.
I just worked with a young professional who is using the program to purchase her first house...Looking to buy your first home but do not feel you have enough money for a down payment...consider the NC Bond program. If you want more details on the program you can click here.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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