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Browse through our frequent homebuyer questions to learn the ins and outs of this government backed loan program. Some residents can now get up to $80,000 in assistance to buy a home in parts of west, north and east Charlotte through an expansion of the city’s House Charlotte program. The pilot program, called House Charlotte Plus, is only available in certain areas surrounding the city’s designated Corridors of Opportunity, six lower-income areas where Charlotte is focusing development spending. They’re receiving $109 million in public and private funding. Depending on your income and the Charlotte eligible neighborhood where you would like to purchase a home, you can qualify for up to $10,000 in assistance. House Charlotte homeownership program will now offer up to $80,000 in assistance for eligible residents purchasing a home within the Corridors of Opportunity.
Housing Rehabilitation
The House Charlotte program requires home buyers seeking the down payment assistance, to take 8 hours of home buyer education classes. Several programs and resources are available to help residents who want to buy a home, from homeownership education to down payment assistance. House Charlotte offers deferred down payment assistance options for eligible homebuyers purchasing within the City of Charlotte limits. The House Charlotte program does not require any down payment from the borrower and concurs with the lending institution regarding their down payment requirements.
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The City of Charlotte recently launched the Acquisition, Rehabilitate, and Resell program to preserve affordable housing in our community. Homes are purchased, rehabilitated, and then resold at affordable prices to qualified homeowners in the House Charlotte program and/or those working with our nonprofit partners. As Charlotte’s booming real estate market continues to thrive, providing access to homeownership continues to be an important and growing part of the city’s affordable housing strategy. Through the fund, the city has supported the planned development or preservation of over 6,500 units of affordable housing. They have also invested over $150 million, including the production of 66 units dedicated to homeownership.
Acquisition, Rehab and Resell Program
All the properties displayed on this website are generated automatically from the Carolina MLS and are updated daily. Another method to find out if a home is located in one of House Charlotte program eligible neighborhoods is to search properties using our House Charlotte interactive map. As the city’s primary tool for creating and preserving affordable housing, the Housing Trust Fund provides gap financing to developers to cover the cost of building affordable developments. This gap financing helps build, restore, and repair affordable housing to ensure that Charlotteans have safe, quality, affordable places to live. Since 2018, voters have approved $150 million in affordable housing general obligation bonds to increase affordable housing production.
FHA Loan Programs for 2024
“In the last few cycles, voters have overwhelmingly endorsed a $50 million housing bond," Heath said. "We then have that money available to support the housing trust fund for a two-year period." If you qualify, the city will offer an additional $50,000 as a 0% interest deferred loan. That’s on top of the $30,000 the city already offers—so that’s $80,000. First, your income must be 80% of the area median income or less.
House Charlotte First Time Home Buyer Program
Condominiums are eligible for purchase as long as the condominium has a financially stable condominium association. This would also include duplexes that have been established as a condominium. The condominium community must be over 50% occupied by owners in order to be eligible. Located within the Griffith Lakes master plan, Griffith Lakes – Waterstone Collection will include 52 new luxury homes, including two-story home designs with home sites facing Griffith Lake.
Not all homes in designated NPAs will qualify for down payment assistance, so contact us today for expert guidance on how to make the most out of the House Charlotte program. You can download this House Charlotte neighborhoods map to see where the neighborhoods are located. The city of Charlotte and some nonprofits hope to make homeownership more accessible through various programs, including expanding the availability of affordable housing. This Charlotte real estate website provides search tools, information and market news for home buyers and sellers.
— More help is now available for people looking to become first-time homeowners in Charlotte. Would you like to find out if you qualify for the purchase of a home? Are you interested in having Cornerstone Realty help you to sell your home? Call us today or fill out the form below and we will contact you as soon as possible.
It is very important to account for all sources of income for your household in determining whether or not you qualify for this program. Child support, social security, and disability count as income. Furthermore, for married couples, even though only one spouse can be on a loan for the purchase of a home, both spouses’ incomes will be taken in consideration by the House Charlotte program to determine eligibility.
New homebuyers, with incomes up to 110% of the area median income, can get up to $30,000 toward a down payment. This would be eligible on properties upwards of $315,000 for new construction. FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation.
Home buyers will be able to choose from three exquisite home designs ranging from 2,600 to 3,895 square feet, each built with the outstanding quality, craftsmanship, and value for which Toll Brothers is known. Homes in the Waterstone Collection will be priced from the upper $600,000s. See the affordable housing gap dashboard to explore the latest numbers on the need for affordable rental housing by income level. “If we want to keep people who work here, living here, then we have to be creative and more aggressive about maintaining and creating affordable housing,” Porter explained. During this last fiscal year, House Charlotte provided assistance to 114 households.
DreamKey Partners administers House Charlotte down payment assistance on behalf of the City of Charlotte. Together, we’re addressing an important need in our community by helping households with incomes up to 110% of the area median income achieve economic opportunity through homeownership. Builders do not use the same neighborhood names as the NSA listings. A Realtor should be able to easily identify if a home you are interested is located in one of House Charlotte program eligible neighborhoods. There are a total of 103 House Charlotte eligible neighborhoods. Echo Hills is an example of a NSA that qualifies for the House Charlotte program.
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It is up to the consumer to contact these entities and find out the specifics of each program. The funds from the House Charlotte program can be used to pay for the down payment, closing costs and to buy points to lower your interest rate. The funds may also be used to pay for outstanding medical bills and to cover the cost of credit repairs. You may check the NSA name and eligible neighborhoods or refer to our House Charlotte program interactive neighborhood map on our site.
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