House Charlotte Program

House Charlotte Program - For most would-be first time home buyers, the challenge in buying their first place is often not employment history, income or credit scores, but the ability to come up with the upfront costs associated with the purchase of a home, i.e., down payment and closing costs. Even when using a FHA insured loan to finance the purchase, the combined upfront costs can be as much as 8.5% of the purchase price. Thankfully for home buyers wanting to purchase a home in Charlotte, NC, there is a great city-sponsored down payment assistance program called the House Charlotte Program which helps qualified home buyers with those costs. The House Charlotte Program provides financial assistance up to $10,000 in the form of a 10-year forgivable loan. An applicant using this program won't have to repay the loan if s/he owns the property for at least 10 years. So basically, it's free money.

The House Charlotte Program is available in 103 eligible neighborhoods for the purchase of a residential property priced at $147,000 and below. Home buyers can use this program to purchase brand new or previously owned homes, foreclosures or REOs (that qualify for FHA financing).

There are few requirements a home buyer will need to meet in order to benefit from the House Charlotte Program:

• Cannot currently own a home
  
• Must be able to qualify for a FHA loan through an approved lender
• The property must be located in an eligible neighborhood
• Combined income for the home buyer's household cannot exceed 110% of the median income for the area
• The residence selected has to pass the House Charlotte Program's code inspection
• Two home buyer education classes (cost: $60) must be taken

We have used the House Charlotte Program to help many people become homeowners in Charlotte, NC. Click on the following link to learn more about the House Charlotte Program.