FHA

FHA financing which allows for easier qualification, lower down payment and reduced mortgage insurance.

Available for 1 to 4 unit properties, as well as condominiums and manufactured homes

Max loan limit for Charlotte MSA is $303,750 for a single family home
Fixed rates and ARMs available

Down payments can be as low as 3.5%
Less stringent qualifying requirements

Gifts for down payments and closing costs are allowed

Will allow a home purchase two years after a bankruptcy and three years after a foreclosure

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USDA

USDA loans to help low-income individuals or households purchase homes in rural areas.

100% Financing with no Mortgage Insurance

No Loan Limit

Property and borrower's income must meet program guidelines

May be used for new or existing properties

Areas in and around the Charlotte MSA are eligible

NC Housing's FirstHome Mortgage

North Carolina Housing Finance Agency offers the FirstHome Mortgage program to help qualified First-Time Homebuyers obtain an interest rate that are below or competitive with market rates.?

Must meet income requirements, sales price, and first-time home buyer guidelines

FirstHome Mortgage can be used with 30-year, fixed-rate FHA, VA, USDA, and conventional mortgage programs

A 1% decrease in the interest rate could increase the purchasing power by approximately $15,000

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NC Housing's Down Payment Assistance

Cunningham & Company through NCHFA's DPA program offers up to $8,000 in down payment assistance to qualified homebuyers in the form of interest-free, deferred second mortgages.

Must meet income requirements, sales price, and first-time home buyer guidelines

Borrower pays $1,000 from his/her own funds, and the loan pays up to $8000 towards the loan or closing costs

Homes built before January 1, 1978 and homes that are tenant-occupied are not eligible

For homebuyers who have higher incomes than the maximum limits required under the $8,000 DPA program, there is a $4,000 DPA program

NC Housing's Assistance for Foreclosed Properties

Cunningham & Company along with NCHFA offers up to $14,900 in down payment/closing cost assistance for borrowers purchasing an eligible foreclosed property.

Must meet income requirements, sales price, and first-time home buyer guidelines

The 5-year, 0% interest deferred loans may be forgiven for 20% per year for each full year the borrower owns and lives in the property. At the end of 60 months, the borrower must be current on the mortgage to qualify for forgiveness of the loan

To be used in conjunction with NCHFA's FirstHome Mortgage program

Borrower must complete 8 hours of classroom or in-person home buyer counseling

Homes must be foreclosed and for sale by a bank, bank holding company, government agency, or authorized REO designated entity

Eligible properties include single family residences, condominiums, and townhomes

Properties must not have structural damage or deferred maintenance issues, per the home inspection, and all repairs must be made prior to loan closing

Sales price cannot exceed $210,000 and all properties must be purchase at least 1% below the appraised value (appraisal dated within 60 days of sales contract)

Property must be located in one of the 23 counties included in this program

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NC Housing's Mortgage Credit Certificate

NCHFA offers the Mortgage Credit Certificate program to help qualified homebuyers obtain a federal tax credit.

Must meet income requirements, sales price, and first-time home buyer guidelines

MCC can be used with almost any type of mortgage, including adjustable rate mortgages. However, it cannot be used with the Agency's FirstHome Mortgage.

Eligible buyers can claim 20% of their mortgage interest (up to $2000)

House Charlotte

Participation in the House Charlotte program provides assistance of up to $10,000 in challenged neighborhoods and up to $7,500 in transitioning and selected stable neighborhoods

Borrower must complete 6-8 hours of pre-purchase homebuyer education program

Families must have 85% or less of the local median income

Must not exceed maximum sales price of $147,000

Must be a family's primary residence, located in any of 87 designated neighborhoods

Employed police officers who purchase homes in designated neighborhoods are eligible for assistance up to $15,000

Funds are provided through at 10 year deferred and forgivable loan

Funds can be used for one or any combination of the following: down payment assistance, closing costs, credit repair or counseling, interest rate buy down, up to $3,000 of the funds can be used to pay medical bills on credit report