Down payment programs

[nmorton79]

Good evening to all...

Does anyone know of any down payment programs that are not income or credit based?  DH and I live in Raleigh, NC, and we make $1700 too much to qualify for ANY type of 1st time buyer/down payment assistance.  We will have the 3.5% down, but that takes just about all of our savings.  Although
I'm sure there is nothing else out there, I'm just looking to see if there is any help for us so we won't have to bring all that we have to the table.  Thanks in advance for the replies and advance

[Anonymous]

DP programs are pretty much always credit/income based.  Unless you qualify for VA or USDA, (which are still credit and income to some degree restriced), you need at least the 3.5 (and that may be changing to 5% have heard)

Also, most legitimate DP programs are local/county/state based so you should chack all the local govt sites.  That said, I have never senn a local/govt one that was not income based.

[CKinNC]

I don't know about your situation or where you are looking, but my sister-in-law and brother-in-law just signed on a house in Knightdale. It's a new house in the Churchill subdivision and they were able to get 100% financing (and a really great interest rate - less than 5%) with USDA financing. That's the only area that I'm aware of that falls in the USDA guidelines around here, so I thought I'd mention it.

[nmorton79]

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@CKinNC wrote:
I don't know about your situation or where you are looking, but my sister-in-law and brother-in-law just signed on a house in Knightdale. It's a new house in the Churchill subdivision and they were able to get 100% financing (and a really great interest rate - less than 5%) with USDA financing. That's the only area that I'm aware of that falls in the USDA guidelines around here, so I thought I'd mention it.

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Thanks for the info.  We currently live and are looking to buy in SE Raleigh...at  one point there were 2 or 3 USDA properties in the area, but not these days.  We just had our offer accepted on a 4 yr old home in the Tryon Place development which is litterally like 50 feet from Garner city limits.  That area is perfect for us because its super close to both of our jobs and grandma and grandpa..Knightdale is a very nice up and coming area..too bad DH wouldn't be willing to leave Raleigh city limits...

[Anonymous]

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@nmorton79 wrote:

Good evening to all...

Does anyone know of any down payment programs that are not income or credit based?  DH and I live in Raleigh, NC, and we make $1700 too much to qualify for ANY type of 1st time buyer/down payment assistance.  We will have the 3.5% down, but that takes just about all of our savings.  Although
I'm sure there is nothing else out there, I'm just looking to see if there is any help for us so we won't have to bring all that we have to the table.  Thanks in advance for the replies and advance

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If your not in a hurry, the income limits are based on hud's median income limit. They usually come out with their new year figures around march/april. Usually they go up but not every city/state does and not that high.