Homebuyers

Affordable Housing Programs in Charlotte, NC

Finding affordable housing in Charlotte, North Carolina may be easier than you think. Charlotte has several housing programs offered by the government and non-profit organizations. Several home loan types may also be available to residents of Charlotte to help them afford the home of their dreams more easily.

Qualifications usually vary depending on local housing agencies as well as by the specific loan type and lender. Research the range of housing opportunities and necessary qualifications to reach your housing goals. With the proper guidance, you could find the ideal place to buy a house in Charlotte.

How Affordable Housing in Charlotte Works

Charlotte has affordable housing opportunities for buyers with incomes below the median for the area. The City of Charlotte partners with nonprofits to provide emergency assistance, tools for future homebuyers, and help for current homeowners and renters. The city has resources designed to address affordable housing needs ranging from homelessness to homeownership.

How to Qualify for Affordable Housing

To qualify, you must meet the requirements stated by the local housing agency. You may be able to qualify for affordable housing if your income is lower than 50% of the median income within the area. 

Home Assistance Programs in Charlotte

Select programs and loans in Charlotte aim to lift some of the weight from your shoulders by providing financial and educational assistance. Available opportunities range from non-profit organizations to private companies such as New American Funding. Before selecting a program or loan, understand your specific needs and research the tools available to you.

Keep in mind the mentioned programs are potential options and acceptance into the programs does not guarantee loan approval with New American Funding. Applicants are not promised acceptance into the programs. Ideally, down payment assistance programs and loan programs provide useful resources that may be able to make obtaining affordable housing more attainable. 

House Charlotte

House Charlotte has forgivable and deferred loans for low-income buyers. Forgivable loans do not need to be repaid while deferred loans need to be repaid later. The program provides down payment assistance for a down payment, closing costs, and interest rate buy-down. Oversight for the House Charlotte Program comes from DreamKey Partners and the City of Charlotte. To check qualifications, review the income eligibility chart. The house must be a primary residence within Charlotte. 

Here’s how it works. You find a house, then you ask your lender to apply at House Charlotte. Review key details such as the history of the building and the number of bedrooms. All parties listed on the loan attend at least eight hours of homebuyer education and counseling provided by House Charlotte. Once completed, a certificate of completion is issued that’s valid for 365 days. Keep in mind that just because you apply and attend the training does not guarantee you will receive funds.

HUD Home Program

The U.S. Department of Housing and Urban Development (HUD) provides a range of tools to assist renters and homeowners. Available tools are intended to improve accessibility to both houses and apartments. Its website lists homes for sale in the U.S. In addition to providing homes for sale, HUD may be able to help you with rental assistance, applying for public housing, and using a Section 8 voucher to cover some or all of your rent. 

Section 8 functions as a housing voucher that aids low-income adults, families, individuals with disabilities and seniors obtain housing. To qualify, you must make less than 50% of the median income in the area. To apply, reach out to your local housing agency — keep in mind the wait lists will likely be long.

Housing Rehabilitation

Charlotte has many programs such as SafeHome Rehabilitation programs, LeadSafe Charlotte, and Emergency Repair that provide housing rehabilitation. For example, LeadSafe Charlotte aims to test for lead-based paint in homes built before 1978.

The North Carolina Department of Health and Human Services (NCDHHS) offers a program for eligible people above 60 years of age to assist with small repairs. Renters must have written permission from a landlord to proceed with housing repairs. The services are rendered by local providers and funded by the Home and Community Care Block Grant. Reach out to a housing and home improvement program consultant to proceed to the next steps. 

Non-Profit Organizations

Charlotte also works with non-profit organizations to offer key services such as emergency assistance and housing rehabilitation. Non-profits such as Habitat for Humanity provide affordable housing to improve quality of life. You must be below the median income to receive affordable housing assistance. Reach out directly to reputable non-profits in the area to learn more about what they offer and manage the next steps. 

Loan Types Offered by New American Funding

Private companies like New American Funding offer resources and products that help you afford a home. We offer a few programs that are designed to help individuals more easily afford housing. Some of these programs include:

Federal Housing Administration (FHA) loans: The FHA helps lenders provide loans with minimal closing costs, low down payments, and relaxed credit guidelines to help a wider range of individuals like first-time homebuyers obtain funding. One benefit of FHA loans is that they are provided by private lenders but supported and insured by the government.

USDA loans: The U.S. Department of Agriculture (USDA) offers USDA loans to low- and moderate-income households. New American Funding provides USDA home loans to assist rural home buyers interested in financing their primary residence. Eligibility requirements stipulate the houses must be used as primary residences and that you meet income requirements.

To apply, select a loan that works best with your situation.

In addition to USDA and FHA loans, New American Funding has a down payment assistance program that assists eligible individuals with their down payment. You may also be able to receive down payment assistance from various state and local programs. Down payment assistance programs are typically local and have individual requirements.

New American Funding has a vast selection of tools that empower and educate borrowers, including housing market news, informative blog posts, and a useful North Carolina mortgage calculator. For more information, reach out to one of our Loan Officers before the application process to locate program requirements and qualifications.

The Goal: Getting Affordable Housing in Charlotte

Charlotte implements a combination of resources to lighten the financial burden of finding housing. It’s possible to use programs such as the HUD program or private companies to potentially access favorable loans. Favorable loans and programs may be able to provide tools to improve housing affordability.

Before signing a contract, research the possible benefits related to using a private lender like New American Funding. Private lenders offer tools that may be able to make the goal of affordable housing easier to reach. With the right team, achieving the goal of affordable housing in Charlotte and strolling down Queens Road could be right around the corner.

FAQs

What is Considered Affordable Housing in Charlotte?

In Charlotte, affordable housing is usually when less than 30% of your income is spent on housing. Housing costs include rent payments, utilities, and mortgage expenses. Pay close attention to communications and documents provided by each program to understand where you stand.

How to Get Help With Housing in Charlotte?

Explore available home assistance programs ranging from the HUD program to beneficial loan programs from companies like New American Funding.

Is it Cheaper to Rent or Buy in Charlotte?

The answer depends on where you want to live. It can be more affordable to buy because month-to-month fees when renting can be more expensive than buying.