Paige Shearin loves coming home to her two story townhouse in a nice, quiet neighborhood in Charlotte. She also likes building equity and having a place all her own. Her homeownership dream came true with the help of Savvy + Co. Real Estate agent Lexie Longstreet and a $15,000 downpayment assistance program. “It went towards the appraisal, inspection, etc. – typical costs and fees when initially purchasing a home,” says Paige. “I didn’t have to fork out any extra at closing. I actually had almost $2,000 left from that $15,000 that went towards the principal on my mortgage.”
At the time of publication, there were a little over 400 of these programs still available (in other words, you should get moving – $15K is HUGE). One requirement is finding a home for $245,000 or less. We’ve helped you take the first step by including a few awesome homes in that price range below. Want to know what else is required? Read on future homeowner.
Where you live
This downpayment assistance program is available to first time homebuyers looking to make a purchase in Cabarrus, Cumberland, Guilford, Johnston or Mecklenburg counties. The home must be previously occupied (no new construction) with a sales price at or below $245,000.
How much you make
You might qualify for this program if you are making $67,000 per year or less for two people or three people making $77,000 or less. You must also have a credit score of 640 or higher.
Show me the money
The $15,000 of downpayment assistance can go towards the purchase price, closing costs and other fees typical to the homebuying process. You will also need to complete an online or in-person homebuyer education course to qualify. So let’s look at the numbers. This loan is forgiven at a rate of 20 percent per year ($3K), each year you stay in the home. If you stay in the home for five years, the loan is fully forgiven and you pay nothing back. If you decide to sell you sell within four years you’d just pay back $12,000 or at a payback rate of $3,000 per year. See, easy peasy.
If your idea of a good time is adding “homeowner” to your list of accomplishments, call an agent with Savvy + Co. Real Estate to see if you qualify for this program. There could be $15,000 out there with your name on it.