1/31/2010 Update – There’s still no Downpayment Assistance Program Available in NC.
The House Bill 6694, that was suppose to re-confirm Downpayment Assistance (it’s gone as of 10/1/2008) has made little progress since the summer, and is still sitting in the House Finance Committee. My personal opinion is that this is a “dead end option.” But there might be some other alternatives!
Have you heard of Social Lending? It’s unsecured money of up to $25,000. You need a credit score of 640 – but if you have other family members or friends who are willing to help you out… your payments could be NOTHING. For more information on this interesting new idea, click here.
We do not currently have companies that will allow you to borrow your downpayment. So the initial loan from Zopa (for instance) might need to be to “payoff high interest rate credit cards” or to buy “furniture”… this way, you could pay off credit cards and save the money for your downpayment! If you are getting a gift before applying for a mortgage, all money needs to be seasoned for 60 days before you apply for a mortgage loan.
If you have questions about buying your first home, call Steve and Eleanor Thorne, Connect With Us on Facebook 919-649-5058