Charlotte NC Home Buyers--Don’t Let Limited Funds Keep You from Your Dream Home
Are you a frustrated Charlotte NC home buyer? You would like to purchase that cute little cottage down the street. But your bank account isn’t overflowing with extra cash. You may be feeling that you are shut out of your homeownership dreams.
Take heart. There may be a way for you to become a happy homeowner despite your lack of funds.
I work with many Charlotte NC home buyers who have limited funds. They may have enough money for a down payment but not enough to pay their loan closing costs. Or both the down payment and the closing costs are out of their reach.
This series of posts will offer some ideas to help you solve the problem of limited funds and achieve your dreams.
Problem: Lack of Funds for a Down Payment
Find a loan program that doesn’t require a down payment. This was easy to do until the financial collapse. Now 100% financing programs are not so common but there are still some left.
- If you are a veteran, you may be eligible for 100% financing through a VA loan.
- A USDA loan with 100% financing may work for you if you are purchasing a home in a rural area. Learn more about USDA loans here.
- If you are a first time home buyer, the North Carolina bond program with its down payment assistance may be a fit for you.
Get gift funds from a relative.
- FHA financing allows a borrower to receive gift funds from a close relative. The down payment requirement for FHA is 3.5% of the contract sales price. You can get gift funds for all of your down payment.
- Conventional loans also allow gift funds but only with documentation that the borrower’s account has 5% of the purchase price in the borrower’s own money.
Want to know more about 100% financing in Charlotte NC? Click here to contact me about your eligibility for one of these loans.
Copyright 2011. Carol Fox. Allen Tate Realtors. *Charlotte NC Home Buyers—Don’t Let Limited Funds Keep You From Your Dream Home*
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