Programs available to help Charlotte-area residents become homeowners

CHARLOTTE, N.C. – For many renters preparing to buy their first home in Charlotte, there are opportunities to get some financial help that many may not be aware of. Assistance programs in the Charlotte area can help with down payments, eliminate down payments, or find cheaper, foreclosed homes.

House Charlotte

Prospective homebuyers could be eligible for up to $30,000 toward a down payment through House Charlotte. To qualify, the home must be within the city of Charlotte with a maximum purchase price of $315,000 for new builds and $300,000 for existing properties. Buyers must also have a combined household income of 110% of the Area Median Income or below. Through House Charlotte, potential new homeowners can get a zero percent loan for a down payment, closing costs, or interest rate buy down.

U.S. Department of Agriculture (USDA) assistance

For potential buyers willing to purchase outside city limits, they could qualify for help from the U.S. Department of Agriculture. The loan program allows buyers to purchase homes with no down payment, instead allowing for 100% financing. There is no purchase price limit.

HUD $100 Down program

Buyers looking at foreclosed properties can purchase through the HUD $100 Down program, which allows properties owned by the Department of Housing and Urban Development (HUD) to be bought with only a $100 down payment using FHA financing. HUD can also contribute up to three percent of the sales price toward closing costs. To qualify, buyers must have a credit score of at least 580. HUD homes range from $10,000 to $275,000 in the Charlotte area.

Related: Buying a new home becomes even more expensive for borrowers

Watch continuous news coverage here:

Copyright 2024 HERE News Network. All rights reserved.