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With a FHA loan, you will be able to borrow up to 96.5% of the purchase price of a home. The funds for the down payment using a FHA loan can originate from your own personal funds, gift money from your friends and family, or a down payment assistance program like the House Charlotte program. The developer, Laurel Street worked with them to make the property a reality.
FHA Down Payments
Housing cost increases have outpaced growth in wages, so many people who are working struggle to find an affordable place to live. Wood now has a three-bedroom home for her two daughters. She was able to buy the home with the assistance program.
House Charlotte program eligible neighborhoods
The city offers several housing education programs for potential homebuyers, including financial literacy, pre-homeownership counseling, and foreclosure prevention. Topics covered in these classes include budgeting, credit repair, mortgage loan approval, assisting in locating a home and assisting in negotiating mortgage loan terms and the purchase price, and mortgage loan closing process. This program can be used in conjunction with a FHA, VA or 30-year fixed rate conventional loan. Whatever type of loan you choose to obtain, when purchasing a home, there will be some closing costs. Closing usually added up to about 3.5% to 5% of the purchase price. So if you were planning to purchase a home for $130,000, the funds you would need to have would be around $9,000.
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Affordable Housing
The committee reviews and recommends policies to implement a comprehensive mobility network and advances strategies to create a livable and connected City. Major highways including Interstates 77, 85, and 485 offer homeowners convenient access to NoDa, Uptown Charlotte, and the University area. Griffith Lakes brings lakefront living to an intown location with ample open space and trails throughout the community, as well as future connectivity to Charlotte’s greenway system of outdoor parks and trails. Homeowners will experience nature in its purest form with scenic views and a temperate climate, combined with proximity to an abundance of shopping and dining options. Cathy describes the House Charlotte homebuying process. In this case, the major partners, Laurel Street, we're the developer, St. Paul Baptist church brought the land to the table in a great neighborhood.
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The City of Charlotte partners with several area nonprofits to help residents with affordable housing. The nonprofit is developing homes for first-time homebuyers who make less than 80% of the median area income (AMI). The city offers a down payment assistance program through House Charlotte, which is administered by DreamKey Partners. Many people who can afford the monthly mortgage payments and have reasonable credit will qualify. This program provides stable, fixed-rate mortgage and down payment assistance of up to 5 percent of the loan amount.
Do not alter, crop, edit or add/ remove watermarks from my images. For more information, see my full disclosure and privacy policy. The city of course, providing tax credits and funds to make that a work in reality, we could not have done this without them. Of course, we know that Bank of America, the developers putting up some funds, we put up the land, but we couldn't have done it without the city. And I would say that it was really providential and how well that came together.
Additional House Charlotte Program Links
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The $10,000 down payment incentive applies across the board for Charlotte Mecklenburg police officer down payment assistance when using the House Charlotte Program to buy a home in Charlotte NC. Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property. As an example, if you finance the purchase of a home with a FHA loan, the lender will require for you to pay a 3.5% down payment (3.5% of the purchase price) from your own funds. Almost all mortgage loans require a down payment from the borrowers except an USDA loan which requires no down payment.
Now if you want more information on Centra Square check out their website at this link, where you can find out more about the Housing Trust Fund at Charlottenc.gov. Check out Housing Trust Fund-supported developments that have units available. 2022 marked the 20th anniversary of the first Housing Trust Fund investment. In the last two decades, the HTF has contributed $231.2M to support 11,000+ affordable housing units and 888 shelter beds for those experiencing homelessness.
Homeownership
For a family of four, that would be about $67,350 a year. This new pilot program will offer up to $80,000 in assistance if homeowners buy a home in one of those areas. (WBTV) - Home interest rates remain high, which can be a significant barrier to homeownership. But the city of Charlotte wants to help overcome that barrier. "What once was affordable, is no longer affordable or in folks' price range,” said Jessica Moreno, a community organizer with Action NC. Charlotte Real Estate website – We provide Real Estate services to home buyers and home sellers in Mecklenburg, Union, Gaston, Cabarrus and Stanly Counties.
The down payment assistance programs discussed in this website are based on a 30-year fixed loan. The House Charlotte First Time Home Buyer Program is a wonderful home ownership down payment assistance program in Charlotte. In addition to receiving down payment assistance, the program provides first time home buyer education classes in Charlotte to prepare home buyers for the road to home ownership. Buyers can expect to receive down payment from $5,000 to $7,500 and in certain cases, as much as $10,000 depending on household income.
A House Charlotte inspection is required at no charge to the buyer which we will set up on behalf of the buyer. No inspection is required for new construction homes less than 6 months old. Or contact us to request a customized House Charlotte MLS home search of new and resale homes in House Charlotte eligible neighborhoods.
The House Charlotte program has specific requirements in regards to the borrower(s) and the property being purchased. Charlotte had a housing deficit of close to 30,000 units, which is just astounding. So our 112 units, it's just really a drop in the bucket. But I think that our capacity to be able to give up our land, which was a sacrifice, to provide housing for at least 112 families is so worth it.
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