NC 1st Home Advantage down payment assistance program – $8,000 home buyer program
If you are in the market to purchase a home in North Carolina, there is a lot to be excited about with this payment assistance program that could give you, if you qualify, $8,000 in free money to help you pay for your down payment and/or closing cost when you purchase a home in North Carolina. This program is called the NC First Down Payment Assistance program and is offered through the NCFHA.
At Cornerstone Realty Carolinas, we have helped many home buyers take advantage of this $8,000 grant since it was launched. If you are interested in purchasing a home and need assistance with your down payment and/or closing costs, give us a call today at (704) 837-4672 to find out if you qualify for one of the home buyer programs and grant discussed on our website.
Requirements for the $8,000 home buyer program
In order to qualify for this home buyer program, you will first need to get pre-approved for a mortgage by a participating lender who is authorized to work with this down payment assistance program. As your Realtor®, we’ll make the qualification process easy for you by connecting you directly with the best, approved lenders in Charlotte. Your credit score will need to be at least a 640 in order to qualify for this program. With the NC First Down Payment Assistance Program, the maximum home purchase price is $385,000 (as of January 2023). Not all homes qualify for this program so make sure to have us help you with your home search so we can help you determine which homes would work and which ones would not. If you are interested in purchasing a home over $385,000, we have other home buyer programs available to help you with your down payment. Call us for more information at (704) 837-4672
There are income limits for this grant. It is computed using your total household gross income and family size. As long as you are at or below the income limit allowed, you can qualify for this program based on income. For the NC First Down Payment Assistance Program, the following income and family size guideline applies:
1 person household – $96,000 household income or below
2 person-household – $96,000 combined household income or below
3 or more person-household – $110,000 combined household income or below
If you earn more than shown above, we have other down payment assistance programs we could help you qualify for. Contacts us today to learn more.
The $8,000 down payment assistance program can be used with a FHA, conventional or VA loan. The funds from the $8,000 down payment assistance program are given at closing. The grant is a silent and deferred second mortgage, which is forgiven 20% per year starting at year 11 and through year 15, which at that time becomes a grant that does not have to be repaid of you sell the property. No interest and no payment is due on the assistance unless you sell or refinance before year 15 of you owning the home which in this case you will need to repay either some or all of the assistance when you close on the sale of the property.
Ready to start the process? Call us today at (704) 837-4672 or fill out the application below so we can connect. We assist home buyers in the Charlotte NC region including Mecklenburg, Union, Gaston, Stanly, Cabarrus and Iredell counties.
