Charlotte Home Mortgage: Down Payment Money is Available

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Charlotte Home Mortgage:  Down Payment Money is Available!

Money for Down Payment of HouseAs many first time homebuyers are scrambling to find a house and get their home mortgage financing finalized before the $8,000 tax credit expires, many are also wondering if they can come up with the minimum 3.5% down payment required for an FHA loan.  The down payment is typically one of the most difficult requirements to accomplish for a first time home buyer.  I specialize in Charlotte home mortgage s and I am familiar with many down payment options for your Charlotte home mortgage and areas surrounding Charlotte.  What many lenders, banks and Realtors don't know is that there is down payment money available to borrowers.  Many individual cities are attempting to encourage homeownership in their area, by giving down payment money to potential homeowners.  One particular area outside Charlotte, NC that I have had success with getting down payment dollars for homebuyers is in the city of Monroe, NC.  The city of Monroe is currently offering $7,500 to eligible borrowers, for their down payment needs.  There are some basic eligibility and requirements needed to qualify, but if you can meet these requirements, there is $7,500 waiting for you for your down payment. 

The best thing about this money is that it is a $7,500 forgivable down payment.  If you live in the house for 5 years, there is no part of that down payment that you will have to ever pay back.  The money is forgiven 20% each year.  Even if you did sell your house before owning it 5 years, depending on what you sell your house for, you most likely wouldn't have to write a check out of pocket to satisfy any amount owed, it would come out of the proceeds from the sale of the home. So, even if you do sell the property after only 2 years you would only owe 60% back, 3 years 40% back, 4 years 20% back and of course 5 years none. 

Charlotte home mortgageI put this particular program under Charlotte home mortgage, because Monroe, NC is just one of many cities and areas in the greater Charlotte area that offer down payment money.  There are many different types of down payment money available in many different areas.  Each down payment program has their own set of eligibility requirements, but most are forgivable loans or zero interest, zero payment loans.  

If you are looking for a home mortgage and lack the down payment, please call me or have your Realtor call me to see if the Mortgage Smith Team can find down payment money for your purchase transaction.  The Mortgage Smith Team Call John "The Mortgage Smith" at 704-299-5507 or check out my website  You can also email me with any comments or questions at We are your Charlotte home mortgage experts!


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