Financing is available through local banks or your own lender:
American Security Mortgage: Contact Ben Ingle @ 704.482.4957
Sentry Mortgage: Contact Nelson Thompson @ 704.867.0208
BB&T: Contact Pat Melton @ 704.866.6500
City of Gastonia Down Payment Assistance Program (up to $5000)
The program’s objective is to provide funds for modest income families for downpayment and closing cost to purchase a home by working with local lenders with CRA, FHA, and USDA loan products.
ELIGIBILITY:
Applicant must be a resident of Gaston County but not within the city limits of High Shoals or Spencer Mountain or be a resident of the city limits of Kings Mountain, Cleveland County. If client is currently a resident within the city limits of Kings Mountain, Cleveland County but are moving to Gaston County, income will be based on the county where they currently reside.
Must be a first time homebuyer, displaced homebuyer or not have owned a home within the last three years.
Applicant’s income cannot exceed 80% of area’s median income per family size. The income guidelines are subject to change annually:
Gaston
1 person $37,250
2 persons $42,550
3 persons $47,900
4 persons $53,200
5 persons $57,450
6 persons $61,700
7 persons $65,950
8 persons $70,200
Base/regular income along with child support, bonus, overtime and/or commission income will be used to determine qualifying income. Written verification of all household members over the age of 18 will be used to determine total family income.
Applicant’s assets cannot exceed $20,000
For more information, please visit the following link:http://www.nchfa.com/Homebuyers/HBwhatweoffer.aspx
North Carolina Housing Finance Agency
FirstHome Mortgage: 30 year fixed rate (Conv, FHA, VA or USDA) at below market interest rate currently at 4.95%.
-Must be a first time home buyer and have not owed a principal residence in the past 3 years
-Cannot exceed annual household income
-Sales price does not exceed $220,000 for new construction or $210,000 for existing
MCC (Mortgage Credit Certificate): The MCC is a 20& tax credit that can reduce the federal tax owned by the homeowner each and every year they occupy the home as their primary residence.
-Cannot exceed annual household income
-MCC must be used with a 30 year fixed loan (Conv, FHA, VA or USDA)
Down Payment Assistance of $8000 or $4000
$8000 DP Assistance- Must be with their First Home mortgage. Buyer pays $1000 out of pocket and the loan pays up to $8000 of the balance. Buyer must meet the sales guidelines as the First Home Mortgage.
$4000 DP Assistance- This is for buyer that their income is higher than the household income required for the $8000 DP. Buyer has to have $1000 out of pocket and the loan pays up to $4000 that can be used for down payment or closing costs.
