Concord NC $5,000 Downpayment Assistance Program

By
Real Estate Agent with RE/MAX Executive Realty - The Powell Team 202938

This Down Payment Assistance Program is provided through the City of Concord's Business and Neighborhood Services Division, which receives HOME Investment Partnership Funds, allocated annually through the Department of Housing and Urban Development (HUD).

Home buyers can receive a depreciating loan of up to $5,000 to put towards their down payment, prepaids, or closing costs. Applicants of this program must be a first-time homebuyer and have annual incomes that do not exceed eighty-percent (80%) of the median income of the area. If you haven't owned a home in the past 3 years, you are considered a 1st time home buyer for the purposes of this program... displaced homemakers and single parents are also included. Applicants must attend an 8-hour homebuyer education workshop at Prosperity Unlimited, Inc prior to the closing date.  The home must be located within Concord City Limits.

The maximum assistance available is $5,000, and is in the form of a five-year depreciating loan. The loan will depreciate 20% per year for the next five years, at which time the loan will be considered paid in full. Buyer must occupy dwelling as the primary residence for at least five years, as to maintain the affordability requirements set forth by the U.S. Department of Housing and Urban Development. The sale of the property during the affordability period triggers repayment of the direct HOME subsidy that the buyer received when he/she originally purchased the home.

Contact me anytime for more information about this program and other downpayment assistance programs for buyers in Concord NC and surrounding areas. 

Cheryl Powell- Remax Executive Realty

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Topic:
Lending / Financial
Location:
North Carolina Cabarrus County Concord
Groups:
Special Mortgage Programs & Down Payment Assistance Programs
REMAX North Carolina
Cabarrus County North Carolina...The Racing Side of Charlotte
North Carolina Real Estate
Tags:
special mortgage programs
real estate information
no money down
1st time homebuyer
no down payment
down payment assistance
concord nc

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Rainmaker
134,923
Susan McLaughlin
Keller Williams Realty - East Monmouth - Red Bank, NJ
Monmouth County Real Estate

That's a great program, Cheryl, here's hoping lots of people take advantage of it.

February 20, 2011 12:30 AM #1
Rainmaker
1,757,877
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I don't know about this program.  I just had a meeting with a couple who bought a home about 14 months ago using the assistence of a program like this, and they are in foreclosure. 

I have mixed feelings on this.

February 20, 2011 09:25 AM #2
Rainmaker
839,534
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

A great program indeed.

April 07, 2011 07:13 AM #3
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Cheryl Powell

The Powell Team- Helping YOU make the right move!
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