A common challenge for first time home buyers is saving enough money for a down payment and closing costs. Often low and moderate income families who are first time home buyers have the income to manage monthly mortgage payments, but cannot afford the considerable up-front costs associated with obtaining a mortgage loan.

There’s Good News! There are Down Payment Assistance Programs available from both local and state agencies that can assist you with your home purchase by providing down payment assistance to qualified buyers.

Each program is unique and based on income and other compensating factors. One of my preferred lenders can help determine which program is right for you. Some buyers may even be eligible for more than one program giving you a wider variety of options to choose from that best fits your needs.


These programs criteria can change from time to time and keep in mind, there are always new programs available.

Q. Do I have to be a First Time Home buyer to qualify for any of these programs?

No, although most of them will require you to be a first time home buyer, (meaning that you can not currently be on title to a home or have owned a home within the last 3 years). There are several programs currently available even if you do not meet this requirement. Feel free to contact me for further details about those programs.

Q. Can I qualify with less than perfect credit?

Yes, many have been helped to obtain homeownership with less than perfect credit. Most programs do require a minimum credit score of 580. If your score happens to fall below 580, I have lenders in place that will go over your credit report with you even helping you to dispute inaccuracies on your credit report that is causing you to have a low credit score.

Simple mistakes are easily corrected by writing to the reporting agencies, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.

Q. Can I use more than one down payment assistance program for my home purchase?

Yes, although there are a few that can’t be combined, there are some that gives you the ability to combine multiple down payment assistance programs together giving you the maximum amount of leverage towards your home purchase.

Q. Can I use Charlotte NC Home buyer Down payment assistance to purchase a foreclosure?

Yes you can. Although there aren’t as many foreclosures on the market as previous years, it’s still possible to locate them. One thing to keep in mind, the house has to be livable and habitable in order for the lender to lend money on the home. Cosmetic repairs are ok. Major repairs such as a leaking roof, busted water pipes and damaged HVAC system etc. will require the owner to make repairs before your loan can be approved. Most owners don’t mind making necessary repairs if they are required by your lender in order for you to obtain funding.

This is where it will be VERY beneficial for you to work with a qualified Realtor® to help negotiate repairs with the seller on your behalf and to help you navigate through this process.

Q. How do I choose the best program that is right for me?

Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.

Do you expect your finances to change over the next few years?

Are you planning to live in this home for a long period of time?

Are you comfortable with the program guidelines?

Do you have a specific area of town that interests you ?

Your lender or Realtor® can help you use your answers to questions such as these to decide which loan best fits your needs.

Here is a sample list of Home buyer Programs available in the Charlotte NC area.

FHA Loan: The most Popular loan program available for First Time Home buyers. This Program can be used in conjunction with various Down Payment Assistance Programs.

VA Loan : Similar to the USDA Program, the VA loan is 100% financing with no money down and no monthly MI (mortgage insurance). The VA Loan is available only to veterans that meets VA Loan eligibility requirements.

House Charlotte Program Down Payment Assistance: This program requires the buyer to obtain a homeownership certificate by attending an 8 hour Home buyer workshop, then allows you to receive up to $10,000 (challenged communities) or $7,500 (transitioning communities) to use towards down payment and closing costs.

House Concord Program: First time home buyers wanting to purchase a home within the city limit of Concord, NC, can receive as much as $5,000 in assistance if they and the house they select qualify for the House Concord program.

NC Bond Program: Charlotte NC area down payment assistance program for qualified buyers. Currently offering $8000 to use towards down payment and closing costs.

Charlotte NC HUD $100 Down Program: This awesome program allows you to purchase a HUD Foreclosure for only $100 down! Also comes with a FREE appraisal!

Good Neighbor Next Door Program: This excellent program allows for Police Officers, Teachers, Emergency Medical Technicians and Fire Fighters to receive 50% off their home purchase on eligible properties.

USDA Loan Program: Backed by United States Department of Agriculture Rural Development, The USDA Loan is a 100% financing program with no money down program and no monthly MI (mortgage insurance).

Home Path Program: This program is for the purchase of a Fannie Mae owned foreclosed property with low down payment and no monthly mortgage insurance. Home Path Rehab Loans are also available.

The home buyer programs discussed on this website are based on each buyer’s qualifications and eligibility. Income limits, credit scoring and availability of funding for these programs all play a role in obtaining these loans. These are just a few and not the totality of down payment assistance programs available as many lenders/mortgage conpanies offer programs exclusive to their particular company.

To see if you qualify for a home loan program cost you nothing, just fill out the contact form with “down payment assistance” in the comments field.