1st Time Buyers
Down Payment Assistance Programs for First-Time Home Buyers
NorthGroup is one of the leading expert in first-time homebuyer programs and down payment assistance programs in the Charlotte, NC and the surrounding areas. We offer information on Down Payment Assistance Programs as well as new homebuyer programs such as 100% “zero down” home loans to qualified buyers. Some of the programs may allow you to purchase a home with no down payment or PMI, which can save you hundreds of dollars each month. NOTE: All of the following programs are subject to minimum credit scores. Please see each loan or program for applicable credit score requirement.
100% No Money Down Home Purchase Loan
Our most popular option for qualified buyers, our no-money down purchase loan may be better for you than a down payment assistance program would be. In fact, many buyers feel that it’s even better than the no down payment USDA home loan program. This true zero down payment program is special because of the flexibility it offers that other loans and programs don’t offer. (Learn more here.)
North Carolina Housing Finance Agency $15,000 NC Bond Loan
The NCHFA Bond program is a down payment assistance program that assists home buyers in Charlotte and around the state by providing up to $15,000 in down payment assistance. (Learn more here.)
House Charlotte Down Payment Assistance Program
One of the most popular of Charlotte down payment assistance programs is the House Charlotte Down Payment Assistance Program. Depending on household income, buyers can receive a $5,000, $7,500 or $10,000 down payment assistance grant toward a home purchase in eligible neighborhoods. Charlotte-Mecklenburg Police officers qualify for $10,000 by purchasing in any eligible neighborhood. We have compiled a list of over 367 House Charlotte communities that qualify for this assistance. (Learn more here.)
USDA No Down Payment Program
The USDA Guaranteed Housing Program applies to eligible USDA properties for sale in Charlotte and the surrounding areas. Home sellers located in these USDA areas have a competitive leg up on other homes for sale, as well. Buyer demand for USDA homes for sale continues to grow. USDA home communities are located in some of the most desirable suburban areas around the city, and we can help you find homes that meet your needs. (Learn more here.)
$100 Down Charlotte HUD Homes
The HUD 100 down payment program offers special terms and financing for the purchase of HUD homes for sale in Charlotte and surrounding areas.
The typical 3.5% down payment is waived in favor of a flat down payment of just $100 under the HUD 100 program. If you’re interested in the 100 Down HUD program, let us know so we can create a custom search just for you. (Learn more here.)
Good Neighbor Next Door Program
This program provides special assistance to allow teachers, police, fire and medical personnel to purchase homes at a 50% discount. (Learn more here.)
City of Gastonia Affordable Housing Program
The Gastonia down payment assistance program can be used by first-time buyers purchasing homes within designated areas of Gaston County. Assistance ranges from $5,000 to $10,000.
4-1 Matching Savings Program
This is a great program for buyers who are able to save a small amount toward a down payment. The fund matches each dollar saved at a 4-to-1 ratio. You can quickly save up to $5,000 with a maximum savings investment of just $1,000 of your own funds. This 4-to-1 matching savings program is an ideal way to accumulate funds for a home down payment. If you would like to be considered for any Charlotte down payment assistance programs or first-time buyer programs we offer, please complete our online application by clicking the button below.
Frequently Asked Questions From Charlotte First Time Home Buyers
The path to homeownership for first time homebuyers can be very exciting and rewarding. However, it can also be confusing – so we’ve put together a list of the most common questions and their answers to help you understand the process of qualifying for Charlotte Down Payment Assistance Programs.
How do I begin?
The first step you must take to purchase a home is to get qualified for a mortgage loan. There are several types of mortgage loans and terms available, many requiring as little as 3.5% down, and even some with no money down.
Who can help?
The best place to start is by contacting a knowledgeable Realtor® who can help you review your options. Your Realtor can save you—or cost you—thousands of dollars, so it’s very important to have a knowledgeable real estate professional in your corner.
How do I qualify for a home loan?
You must show steady employment with verifiable income. Just as importantly, you must have decent (but not perfect!) credit. Most lenders want to see at least a 640 credit score. However, we have lenders who can qualify buyers with scores as low as 600.
How much house can I afford?
This will depend on the amount of your monthly gross income and the amount of revolving debt you have. We can help you determine all of these factors when you complete our short online application.
How much money do I need to purchase a home in Charlotte?
Not as much as you may think! Based on whether you qualify for one of our Charlotte down payment assistance programs, you may need as little as $1,500 to $2,000 up front for expenses such as contract deposits, home inspections and appraisal fees.
How do I find down payment assistance?
We offer several loans, grants and programs to assist first time home buyers in the Charlotte area. Please feel free to explore all the resources that we use to help our home-buying clients every day.