First Time Homebuyers and Non First Time Homebuyers can now receive $15,000 for a home purchase through the NeighborhoodLift Down Payment Assistance Program in Charlotte, NC. This program is for a limited time only for the purchase of a primary, owner occupied residence within the Charlotte City limits. Neighborhood Lift Program is a collaborative program of Wells Fargo Bank and NeighborhoodWorks America (a Non Profit Organization) and it's affiliates.
Neighborhood Lift Funds Overview
The NeighborhoodLift down payment assistance is a 0% interest rate 2nd loan that is forgivable 20% each year for five years. This means that if you stay in the home for 5 years, the $15,000 is totally forgivable, but if you sell, refinance, rent, or default on your mortgage in years 1-5, you will have to pay back a prorated amount of the $15,000 down payment NeighborhoodLift funds.
The property you purchase must be located within the Charlotte, NC City limits. NeighborhoodLift down payment program can be used to purchase a single family home, 2-4units, Condos and PUDs. No manufactured homes can be purchased with these funds.
Who Can Qualify?
To qualify for NeighborhoodLift Program, you must first be approved for a first mortgage and income can not exceed 120% of the area median income limit. Although you don't have to be a First Time Homebuyer to qualify for NeighborhoodLift funds you must sell your home if you currently own. You can not own a home or be on title to a home at time of purchase. There is a homebuyer education class you must attend prior to closing.
If you would like more information about the NeighborhoodLift Down Payment Assistance Program or to see if you qualify, fill out the form below and someone will contact you immediately. You can also Apply Online for a faster response or call us directly at 704-965-3319.