Purchasing a home is an exciting but intimidating investment. While this is the start of a magical chapter of your life, navigating mortgages is complicated, and steep down payment prices can make buying a home feel like a pipedream. Fortunately, down payment assistance programs in Greensboro, NC, can turn your homeownership dream into a reality.
Down payment assistance programs help first-time homebuyers by reducing the money needed for a down payment. Most programs are run at the city or county levels.
While these programs are intended for first-time home buyers, repeat home buyers who haven’t owned a home in the last three years are also eligible. These programs are often meant for low-to-moderate-income (LMI) buyers and neighborhoods, though this varies from state to state.
Intended for first-time and move-up homebuyers, this program provides qualified borrowers with fixed-rate mortgages and assistance of up to 3% of the loan amount.
This program only requires repayment if you sell, refinance, or transfer your home before year 15 of your mortgage, and they forgive this assistance at 20% per year between years 11 to 15, with total forgiveness at year 15. To be eligible, you must:
This program covers up to 20% of the home’s sales price as long as it does not exceed $30,000 when matched with an NCHFA Home Advantage Mortgage.
You can also use this program to cover up to 10% of the purchase price in conjunction with a USDA Section 502 loan. The CPLP assistance program is a zero percent interest, deferred second mortgage whose term matches the first mortgage’s term.
This loan does not require a monthly payment, and homeowners typically repay it when their home is sold, refinanced, at the end of its term, or when the borrower no longer lives in the home.
You can also use this program in conjunction with the North Carolina Home Advantage Tax Credit and other down payment assistance loans or grants.
This program is intended for people purchasing homes inside Greensboro city limits. It provides up to $10,000 in assistance and closing costs as a five-year, forgivable loan at zero interest.
You do not have to repay the loan if you reside in the home for five years. It is forgiven at 20% per year for each full year you live in it. Those purchasing a home in redevelopment areas can receive an additional $5,000. To be eligible, you must:
Understanding what down payment assistance programs in Greensboro, NC, are right for your situation requires considerable expertise and extensive experience. With so many available, we advise speaking with a loan officer to find which programs you qualify for and are ideal for your situation. At Mortgages By Jill, we boast 30 years of experience and have personally funded over 2 billion dollars in mortgage loans. Time and time again, our clients refer to us as professional, personal, and passionate, which is why they keep coming back. Schedule a free consultation today!
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