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Financing

We know that buying a home can be overwhelming, especially when it comes to the financing portion.  Potential homebuyers often ask questions like, "Can I really afford to buy a home? Where do I start? What lender should I chose?  Do I qualify for downpayment assistance?" and the list goes on and on.  With that said, let Essence Realty take all of the guesswork of your homebuying equation.  Below you will find just a few examples of the various financing options and downpayment assistance currently available.  

FHA 
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FHA (Federal Housing Administration) loans have been helping people since 1934.  With downpayments as low as 3.5% on 1-4 bedroom properties, an FHA loan might be perfect for you. FHA (a part of HUD) will insure your loan, thus resulting in low down payment, low closing costs, and easy credit qualifying. 

 

For more information, please visit the HUD.gov website by clicking here. 

HouseCharlotte
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The HouseCharlotte program provides 10-year, deferred, forgivable loans to qualified applicant’s . Funds can be used to cover downpayment, closing costs, and interest rate buy down.

 

  • Funding up to $5,000 for families with income above 80% AMI, up to 110% Area Median Income (AMI)

  • Funding up to $7,500 for families with income at or below 80% (AMI)

  • Funding up to $10,000 for families with income at or below 60% AMI in select HouseCharlotte areas.  See Program Overview for detalis

  • Funding up to $10,000 for buyers who are employed as sworn CMPD police officers.  This is a 5-year deferred, forgivable loan.  
     

For more information, please visit the HouseCharlotte program website by clicking here.

HUD $100 Down Program
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HUD is offering several new sales incentives on HUD homes that will make these homes more affordable for homebuyers. The incentives vary from state to state, but may include the following:

 

  • $100 down payments on HUD Homes financed with FHA-insured financing.

  • Sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount.

 

Available in North Carolina and South Carolina. For more information, please visit the HUD Sales Incentives website by clicking here. 

 

Community Partners Loan Pool
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The Community Partners Loan Pool (CPLP) provides qualified home buyers with down payment assistance:

  • Up to 20% of the purchase price when combined with a N.C. Home Advantage Mortgage™ 

  • Up to 10% of the purchase price when combined with a USDA’s Section 502 loan

CPLP assistance is structured as a 0% interest, deferred, second mortgage. The term of the CPLP loan matches the term of the first mortgage.

Borrowers may combine a CPLP loan with a Mortgage Credit Certificate as well as with other down payment assistance loans or grants. 

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