Qualifying to own financial help from House Charlotte system
Our house Charlotte system was a down payment direction program you to definitely brings financial assistance in order to accredited very first time homebuyers who are in need of to order a property into the Charlotte restrictions or in an effective designated Area Character Components (NPAs). Paid and applied by Charlotte-Mecklenburg Housing Partnership and City of Charlotte, this choice is designed to render owning a home chances to individuals and you will family and increase the production away from affordable construction from inside the Charlotte. This method may be used along side an effective FHA, Va or 31-seasons fixed speed old-fashioned loan. FHA 203K fund aren’t allowed.
The funds provided with our home Charlotte system are accustomed to buy the fresh new initial costs associated with the acquisition out of a beneficial household the latest down payment and you can/otherwise settlement costs. The money may also be used to possess attract buy-down.
For instance, for individuals who funds the acquisition away from a house with an excellent FHA financing, the financial institution requires on how to shell out a step 3.5% down payment (3.5% of cost) from your funds.