Down Payment Assistance
New Down Payment Grants Available in NC
There are new down payment grants available in NC to help first time home buyers buy a house! The program is not available through all lenders, and it is one that we are really excited to offer. These $15,000 down payment grants are only available in Mecklenburg, Cabarrus, Guilford, Cumberland and Johnston County.
The program is being offered as part of the US Treasury Department effort to help counties affected by high foreclosures during the recession. There are no monthly payments, and it can be used with most mortgage loan programs!
There are already two down payment grants available through the State of NC. One program offers a 3% grant, and one offers a 5% grant. The new $15,000 down payment grant works much like the programs already established. These programs can pay the closing costs, down payment, mortgage insurance – pretty much anything associated with buying a house… except repairs.
The newest $15,000 Grant program has no re-payment and no interest as long as you live in the home for 5 years. Each year you live in the home, 20% of the $15,000 is automatically forgiven.
The $15,000 down payment grant AND the current 3% and 5% down payment grant programs are available to anyone who has not owned a primary residence in the past 3 years. There are income caps for the programs based upon the area you are buying in, and with the new $15,000 grant, there’s a sales price limit of $245,000.
Contact me immediately to secure your $15,000 NC Housing Grant Today!