Down Payment Assistance Over State Lines
Down payment assistance comes in many stripes: Whether it’s a low-interest loan, second mortgage or a grant gifted directly from the government, there’re plenty of ways to get the help you need in securing that very first payment toward your dream home.
Working with local agencies on either side of the Carolina border, our loan officers have grown familiar with just about every one of them—in particular, the regional options available for soon-to-be homeowners considering a hop across the border.
Up In North Carolina
We’re proud to provide our Tarheels (sorry, State fans… you know what we mean) with something called the NC Home Advantage Mortgage™.
The gist is simple: first-time and move-up buyers (aka those looking for a larger or more desirable property) are eligible to receive down payment assistance of up to 5% of the property’s total loan amount. That’s true across a number of loan types: conventional, FHA, VA or USDA.
Provided you stay within the $152,000 household income limit and can meet credit requirements, assistance takes the form of a second mortgage: effectively, a zero-interest loan that’s forgiven after 15 years. If the home is sold or refinanced before then, you’re still on the hook for repayment.
Down In South Carolina
The SC Housing Homebuyer Program assesses county-specific household incomes alongside local sale prices to offer a set amount of assistance at closing. This, too, will take on the form of a second mortgage. However, South Carolina’s program will carry an extremely competitive fixed interest rate, allowing for years of lower payments than you’d find elsewhere.
Largely targeted at first-time buyers who have not purchased within the last three years, the SC Housing Homebuyer Program can offer steady assistance over the course of a home’s lifetime.
At The Day’s End
While move-up buyers may have better odds at finding assistance in North Carolina, South Carolina’s first time buyers have access to a strong set of fixed repayment terms over a longer period of time. Whichever side of the border you’re on, it’s our pleasure to help connect you to the programs that make the most sense for you, your family and your purchase.
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