Down Payment Assistance Programs for Home Buyers

For buyers looking to buy a home but don’t have enough money saved up, down payment assistance programs are a great option.

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I’m here with market expert Brandon Colberg at Element Funding. Now is a great time to buy a home, and there are plenty of great programs out there to help you buy or refinance a home. 

Today, Brandon has some information about a 5% down payment assistance program for home buyers. 

Although there are many down payment assistance programs out there, the 5% down program is one of Brandon’s staples. If you are buying a $200,000 home, you can get almost $10,000 in down payment assistance. Now is a fantastic time to buy a home, so this is a great option for buyers who want to take advantage of the current real estate market but might not have enough money saved up to do so.

This program allows you to get into a new house with zero money down. The 5% down payment acts as a forgivable second mortgage. As long as you remain in the home for a certain amount of time, the 5% loan will be completely forgiven. You don’t have to make any payments and there is no interest rate; this program essentially gives you free money. You can get as much as $14,000 in down payment assistance. 

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This 5% down program essentially gives you free money to buy a home.

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If you are interested in this program, give Brandon a call at 704-999-6646 or email him at bcolberg@elementfunding.com. Brandon will let you know about any qualifications for this program and help you get into a new home. 

If you have any other real estate questions, just give me a call or send me an email. Brandon and I look forward to hearing from you!

There Are Great Programs Available for Home Buyers Right Now

Some first-time home buyers in North Carolina are taking advantage of a down payment assistance program that essentially gifts them $15,000 that they don’t have to pay back.

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (704)996-2613  for a FREE home buying or selling consultation

It’s a great time to be a first-time home buyer right now. There are some excellent programs coming out right now via the North Carolina Housing and Finance Agency and I’ve got Brandon Colberg from Element Funding to help explain these programs in further detail. 

Starting in October, first-time buyers can get up to $15,000 in down payment assistance. This money can be used towards a down payment and/or closing costs. Many buyers will use this program to get a home for zero money down. It may sound too good to be true, but it isn’t. The only catch is you have to act quickly.

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The only catch is you have to act quickly.

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This program was around for a while last year but was limited to the first 1,500 people who were approved. In about four months, all the money was gone. This year, however, there are 3,000 spots available for this program. If you’ve been thinking about buying a home, the urgency is there to take advantage of this program if you qualify.

The program does have some stipulations. The biggest one is that it can only be used in Mecklenburg and Cabarrus Counties. These were the areas that were hit hardest by the recession, and the goal of this program is to help lift these areas back up. If you live in one of those counties, you should absolutely try and take advantage of this fantastic program. 

If you don’t live in either of those counties, don’t feel too bad. There are plenty of other down payment assistance programs out there for you to utilize.

We have had many clients take advantage of this program in the past, and we expect the trend to continue this year. This is a very rare opportunity for home buyers. You can walk into $15,000 in equity without having to put a dime in yourself. It’s quite remarkable.

If you have any questions for Brandon about these programs, give him a call at (704)-999-6646 or send him an email at bcolberg@elementfunding.com. If you have any other questions, feel free to give us a call or send us an email. We look forward to hearing from you!

How to Get a Forgivable $15,000 Down Payment Loan

I'm excited to share that the North Carolina Housing and Finance Authority is bringing back the very popular $15,000 down payment assistance loan. If you're interested, don't wait to learn more.

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (704)996-2613  for a FREE home buying or selling consultation

I received some information in regard to the North Carolina Housing and Finance Authority that I wanted to share with you.

They are bringing back the very popular $15,000 down payment assistance loan program.

This is awesome news for anyone who is potentially looking to buy a home. Why? They will give you up to $15,000 in the form of a loan that can be used for a number of things in the down payment process, and it's 100% forgivable after living in the house for five years.

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This $15,000 can be completely forgiven.

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I have some great loan officers that can explain it to you in a little more detail; there are some income requirements and you do have to have at least a 640 credit score.

If you're interested, you need to act right away. The program should come around in October and last year there were only 1,000 of these grants available. This year there will be 3,000 available.

You have to get in line because they are first come, first served.

For those of you thinking about selling your house, it's awesome news because there will be that many more people who will be qualified to buy your house. If you wait until after the holidays, you're going to be in the thick of a lot of competition because that's when the housing market heats up.

I can personally attest that this is an awesome program because I've helped several people buy a property this year with it. I've actually had people get money back at closing, which is rare.

This program is available in five counties, two of which I cover: Mecklenburg and Cabarrus.

If you're interested, give me a call or send me an email to learn more. You have to move fast, though, because more and more people are going to be interested in this program. I hope to hear from you soon!