Affordable Housing Programs in Charlotte:
What Buyers Need to Know
Charlotte offers affordable housing programs to assist first-time buyers and low-income families achieve homeownership. Understanding these options can significantly impact your journey to owning a home.
Local Programs
City of Charlotte Homeownership Program: This initiative provides up to $10,000 in down payment assistance for eligible first-time homebuyers. The funds can be used toward closing costs or down payments, making homeownership more accessible.
Charlotte Housing Authority (CHA): CHA offers a Homeownership Voucher Program that assists low-income families in purchasing homes. Participants can use their housing choice vouchers to help cover mortgage payments.
Federal Programs
Federal Housing Administration (FHA) Loans: These loans allow first-time buyers to secure a mortgage with a lower down payment, often as low as 3.5%. FHA loans are particularly beneficial for those with less-than-perfect credit.
USDA Rural Development: For buyers in eligible rural areas surrounding Charlotte, USDA loans provide 100% financing, making it easier for low-income families to buy homes without a down payment.
Navigating the affordable housing landscape in Charlotte is crucial for first-time buyers and low-income families. By exploring these local and federal programs, you can take significant steps toward making homeownership a reality.