North Carolina Down Payment Assistance Programs
Down Payment Assistance Programs
If you are a North Carolina homebuyer, you may be eligible for down payment assistance programs that could reduce your mortgage payments by up to 20%.
Down Payment Assistance Funding
The North Carolina Housing Finance Agency provides funding to local governments and nonprofit organizations to assist individuals and families with the purchase of a home. If your household income meets the program limits, you may be eligible for North Carolina home buying assistance by working with CESI, a member agency of the Community Partners Loan Pool (CPLP).
Home Buying Assitance Through CPLP
The CPLP offers a zeo-interest, deferred second mortgage that can be combined with an N.C. Home Advantage Mortgage, for a savings of up to 20% of the sale price (not to exceed $30,000). For a USDA Section 502 Loan, you may receive a savings of 10% (not to exceed $15,000).
CPLP may also be combined with additional down payment assistance programs or second mortgages.
Am I Eligible?
You may be eligible for North Carolina down payment assistance through CPLP if:
- Your household income meets eligibility requirements (80% or below of your county’s area median income)
- You qualify for an approved mortgage
- You meet credit and underwriting guidelines
- You complete 8 hours of homebuyer education through a CPLP member agency
- The home you are purchasing meets eligibility guidelines
It’s best to contact us before you sign a sales contract so you can be evaluated for homeownership readiness and develop an education and counseling plan to ensure that you meet all eligibility requirements.
If you have questions about eligibility requirements, we’re happy to assist you.
Why Do I Need Homebuyer Education to Qualify?
Homeownership is both an amazing opportunity and a financial responsibility. We want to help you become a successful homeowner.
In order to qualify for down payment assistance with CPLP funds, you must complete at least 8 hours of homebuyer education and counseling before your application can be submitted.
CESI offers homebuyer education classes monthly that include:
- Explanation of the homebuying process
- Budget analysis
- Credit education
- Information to help you determine how much home you can afford
- Overview of the advantages and disadvantages of financing options available
- How to prevent predatory lending
- Explain the down payment assistance programs you may qualify for
Down Payment Assistance With CESI
When you work with CESI to purchase your home using North Carolina down payment assistance programs, we provide full service for your home purchase including:
- Verify down payment eligibility guidelines are met
- Verify that the home meets eligibility guidelines
- Provide homeownership education and counseling
- Collect and submit all required down payment assistance documentation on your behalf
- Work with your lender to coordinate the loan closing
- Provide ongoing support and education
Let CESI’s certified housing counselors assist you in determining your eligibility for down payment assistance programs that will help you achieve your dream of homeownership. Contact us today!