Resurgence in Return to Common Sense Mortgage Loans
During the height of the last real estate boom cycle many realtors, loan officers, and lender avoided these loans due to the extra processing time required. However with fewer home buyers in the market and an excess of real estate inventory these programs are making a comeback in a very big way! Little Known Down payment assistance programs are still available in North Carolina for residents who are moderate and low to moderate income families.
For example; if you are a typical Raleigh family who lives in Wake County and is a first time home buyer with two children and a household income that is less than $62,500 you could qualify for assistance Down Payment Grant from the State of North Carolina of up to $8,000 to be used towards the purchase of a new home priced up to $220,000 or an existing home up to $210,000!
Down Payment Matching Grants for First Time Home Buyers
Another little known down payment grant is available from the Federal Home Loan Savings Bank of Atlanta that will actually give you a five to one (4:1) matching program towards your down payment, points and closing costs! This program is for First Time Home Buyers in North Carolina who can otherwise qualify for a mortgage but cannot save for a down payment and whose household income is 80% or less of the HUD’s Median Income for their household or $62,160. If you qualify our $500 down payment could become $3,000, $750 becomes $4,500 and so on all the way to $1,500 becomes $9,000!
If you are a First Time Home Buyer and would like to know how you can use one of these little known low down payment loan options to buy your first home in Raleigh and the surrounding counties in North Carolina, send me an email with your name, and best time and phone number to call you at and we can begin the exciting process of making your dreams of owning your first home a reality!
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