down payment assistance programs: cleveland county, nc

Down Payment Assistance ProgramsCleveland County, NC

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Assistance Programs for First Time HomeBuyers in Cleveland County, North Carolina

If you live in North Carolina and are interested inbuying a home in Cleveland County - there may bedown payment assistance programs available to you.

Saving enough money for a down payment is one ofthe single biggest obstacles to homeownership – butit is entirely possible that down payment assistance isavailable to you and you aren’t even aware of it.



What is Down Payment Assistance?

It is any kind of program that is designed to help peopleget into a home. That may be a very broad definition, butdown payment assistance programs are not alwaysprograms that hand out free money by giving you cash ina suitcase – they can take many different forms. Someexamples of the different types of down paymentassistance programs that may be available include:

Grants, Silent Seconds, Delayed Repayment Loans,Interest Free Loans, and Lender Specific Programs. Sincethere are so many different types of programs that maybe available – it is advised that you find the right loanofficer who is knowledgeable in programs in your area.



Down Payment Assistance Programs Available inCleveland County, North Carolina

North Carolina Housing Finance Agency-Downpayment Assistance Program: $8000 DPAssistance- Must be with their First Homemortgage. Buyer pays $1000 out of pocket andthe loan pays up to $8000 of the balance. Buyermust meet the sales guidelines as the First HomeMortgage.



The Banks Foundation - Down PaymentAssistance: The Banks Foundation is a tax-exempt organization that assists families whoare moving from welfare to work and frompublic housing to private homeownership. Overthe years, the Foundation has provided downpayment assistance to families who havequalified to purchase their first home.



Mortgage Programs Available inCleveland County, North Carolina

North Carolina Housing Finance Agency REOProperties for Sale: Our mission is to providehousing for North Carolinians not served by themarket. While achieving success with this goal, onrare occasion properties we've financed fall intoforeclosure. As a result, we have investor-ownedproperties for sale.



North Carolina Housing Finance Agency- MortgageCredit Certificate Program: If you are a first-time buyerand meet certain income and sales price limits, you maybe eligible for a Mortgage Credit Certificate (MCC) worthup to $2,000 a year in tax savings. This federal tax creditcan lower your income-tax liability, dollar-for-dollar,leaving you more money to use toward your mortgage. Ifyou qualify, you will be able to claim 30% of the interestyou pay on your mortgage if you purchase an existinghome or 50% of the interest for a new home (neveroccupied) – up to $2,000 for every year you live in yourhome – as a tax credit on your federal income taxes.



NCHFA - North Carolina Home AdvantageMortgage: Partnering with participating lenders, weoffer 30-year, fixed-rate FHA, VA, USDA andconventional mortgages at competitive interestrates. These loans are funded using taxablefinancing through the sale of government-insuredor Fannie Mae-insured mortgage-backed securities(referred to as MBS). The required down paymentfor an FHA loan is usually 3.5% of the sales price.



Additional Home Buying Resources

HUD offers some resources to those people who areinterested in learning more about the process ofbuying a home, and the information on HUD’swebsite is free. Just a few of the services that HUDoffers information about include: housing counselingagencies, predatory lending, education, assistanceprograms, HUD homes for sale, homeownershipvouchers, home repairs, avoiding foreclosure, makingyour home more energy efficient, and more.



Other Relevant Cleveland County Sites

North Carolina Association of Realtors

Cleveland County Schools

Cleveland County Sheriff

HUD Homeownership Assistance for North Carolina


http://www.ncrealtors.org/

https://sites.google.com/a/clevelandcountyschools.org/ccs/

http://www.sheriffclevelandcounty.com/

http://portal.hud.gov/hudportal/HUD?src=/states/north_carolina/homeownership/buyingprgms

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Justin McHood is Americas MortgageCommentator and has been providingMortgage commentary for over 10 years.

INFORMATION PROVIDED BY: JUSTIN MCHOOD

MORTGAGE COMMENTATOR


http://mortgagecommentator.com/

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down payment assistance programs: cleveland county, nc

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