We understand that purchasing a home can be a daunting process, especially when it comes to the financial aspects. Prospective homebuyers often grapple with questions such as, "Can I truly afford a home? Where should I begin? Which lender is the right fit for me? Do I qualify for downpayment assistance?" The list of uncertainties can seem endless.
Let Essence Realty be your guiding light, eliminating the guesswork from your home buying equation. Below, you'll discover a selection of financing options and available downpayment assistance programs to simplify your path to homeownership.
FHA (Federal Housing Administration) loans have been helping people purchase homes since 1934. Offering downpayments as low as 3.5% on one to four bedroom properties. A FHA loan might be perfect for you. FHA (a part of HUD) will insure your loan, thus resulting in a low down payment, low closing costs, and easy credit qualifications.
For more information, please visit the HUD.gov website.
DreamKey Partners administers House Charlotte down payment assistance on behalf of the City of Charlotte. Together, we're addressing an important need in our community by helping households with incomes up to 110% of the area median income achieve economic opportunity through homeownership.
House Charlotte offers deferred down payment assistance options for eligible homebuyers purchasing within the City of Charlotte limits.
These 0% loans can be used for a down payment, closing costs and/or interest rate buy-down
The home must be a primary residence located within the City of Charlotte limits
Maximum purchase price is $315,000 for new construction properties and $300,000 for existing properties
Participants must complete pre-purchase homebuyer education and counseling through a HUD-approved financial education and counseling agency
Community Partners Loan Pool
The Community Partners Loan Pool (CPLP) provides qualified home buyers with down payment assistance. CPLP assistance is structured as a 0% interest, deferred, second mortgage financing option for individuals requiring up to 25% of the purchase price of the home or up to $50,000 in down payment assistance (whichever is less).
A borrower's total household income must be 80% or below the county median income
You qualify for an approved mortgage and meet minimum credit and underwriting guidelines
You participate in 8 hours of homebuyer education through the CPLP member of an approved housing partner. Existing (less than 10 years old) home below the sales price limit for your county.
HUD $100 Down Program
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.