Buying Your First Home? Get $15,000 Down Payment Assistance

If you are a first time buyer purchasing a home in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties NC, you may be eligible for $15,000 in down payment assistance with 0% interest, no required payments, and it is forgiven after just 5 years!

Most of the time when you hear something like this, it is too good to be true.  In this case, it is True!  There is a limited availability to the first 1,000 loans so see the details below and take advantage now.

The special $15,000 down payment assistance is funded through the U.S. Department of the Treasury’s Hardest Hit Fund.  The five counties were chosen to support homeownership in areas that experienced especially high rates of foreclosures during the recent recession.

This down payment assistance product, which we offer through NC Housing Finance Agency, can be used towards down payment, closing costs, or PMI.  The down payment assistance can be coupled with a USDA, VA, FHA, or conventional mortgage loan and is a great way for a first time buyer to get quick equity in their new home.

If you are a first time buyer purchasing a home in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties, you may be eligible for $15,000 in down payment assistance with 0% interest, no required payments, and it is forgiven after just 5 years!

Most of the time when you hear something like this, it is too good to be true.  In this case, it is True!  There is a limited availability to the first 1,000 loans so see the details below and take advantage.

The special $15,000 down payment assistance is funded through the U.S. Department of the Treasury’s Hardest Hit Fund.  The five counties were chosen to support homeownership in areas that experienced especially high rates of foreclosures during the recent recession.

This down payment assistance product, which we offer through NC Housing Finance Agency, can be used towards down payment, closing costs, or PMI.  The down payment assistance can be coupled with a USDA, VA, FHA, or conventional mortgage loan through the NC Home Advantage products and is a great way for a first time buyer to get quick equity in their new home.

In addition this this great down payment option, first time buyers can take advantage of an MCC Tax Credit of up to $2000 per year!  Learn more about how an MCC Tax Credit can work for you here.

Details for the $15,000 Down Payment Assistance

1. 640 minimum credit score required
2. 60 day locks
3. Buyers can combine with MCC tax credits
4. Existing homes only (new homes not eligible)
5. Maximum sales price is $245,000
6. 1st time buyers only (not owned a home in last 3 years)
7. Household income limits:
   1. 1 – 2 person households $62,000
   2. 3+ person households $71,000

Down Payment Assistance Terms:

1. 5 year term, 0% interest rate, no required payments
2. Forgiven 20% per year in years 1 – 5.  Totally forgiven after 5 years!
3. DPA may be used towards down payment, closing costs, & PMI
4. DPA is repayable if the following happens within 5 years:
   1. No longer occupies the property
   2. Refinances the first mortgage
   3. Sells the property

Contact one of our first time buyer expert loan officers with Team Move here

We hope that you find this article and product helpful.