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Need Help with Down Payment in North Carolina?

August 10th, 2014 10:48 AM by Robbie Sharrett

If you are going to be a full time owner occupant on next your home purchase in North Carolina it is possible to get a 99% loan in North Carolina which includes a 2% down payment assistance loan that is fully forgiven over time if you stay in your house 15 years!

At Year 10 the loan will be forgiven at a rate of 20% per year through Year 15.

The 2% down payment is loaned at zero per cent interest to qualified buyers!

That means you only have to come up with 1% of the purchase price PLUS closing costs to get a loan on your home. 

Currently the income cap to qualify for this loan is $85,000 PER APPLICANT! There are other stipulations which the buyers must meet. 

This is a fantastic program which is available through a local lender in the Banner Elk, Boone and Blowing Rock North Carolina mountain real estate market. 

Contact me, Robbie Sharrett, High Country MLS real estate broker with Lyons Realty, for more information about this loan program.

There are also other loans which offer 97.5% loan(FHA) and 100% loans(VA and USDA) and $100 down HUD loans. Each of these carry requirements about the property and the borrowers. High loan to value loans like these charge more money up front to the borrowers than loans which have 10% or 20% down payments. Some of these lenders allow the seller to pay part of the closing costs up to a certain percentage(3% seller paid closing costs, for example) and if it is a foreclosed property, sometimes the bank which owns the property will pay a certain percentage of the closing costs. 

If you are looking for real estate in the mountains of North Carolina I would welcome the opportunity to advise you during your property search and offer process based on my 30 years of experience writing offers for properties listed for sale in High Country MLS, based in Boone NC. 
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Posted by Robbie Sharrett on August 10th, 2014 10:48 AM


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