{"id":2201,"date":"2015-09-05T12:41:23","date_gmt":"2015-09-05T12:41:23","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=2201"},"modified":"2020-07-13T22:34:21","modified_gmt":"2020-07-13T22:34:21","slug":"15000-down-payment-assistance","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/15000-down-payment-assistance\/","title":{"rendered":"Buying Your First Home? Starting 10\/17\/16 we have $15,000 in Down Payment Assistance Available!"},"content":{"rendered":"<h2>15000 Down Payment Assistance (DPA) &#8211; Wow! Close to FREE Money!<\/h2>\n<p>First time buyers in <strong>Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties<\/strong> have a great opportunity.\u00a0\u00a0These\u00a0buyers\u00a0may be eligible for the\u00a015000\u00a0down payment assistance program ($15,000 DPA funds).\u00a0\u00a0In addition, this program offers 0% interest\u00a0and\u00a0has\u00a0no required payments.\u00a0\u00a0But guess what???\u00a0 It is FULLY FORGIVEN AFTER 5 ONLY YEARS!<\/p>\n<p>Most of the time\u00a0something like this is too good to be true.\u00a0 In this case, it is True!\u00a0 Last year this program was available to the first 1,000 loans.\u00a0\u00a0But, this time the\u00a0$15,000 DPA\u00a0will be available to the first 3,000 loans.\u00a0 So see the details below and take advantage.\u00a0 This program started on 10\/17\/2016 and recently there were about 1400 remaining.<\/p>\n<h2>Why is the 15,000 DPA only in 5 counties?<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-2203 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/09\/Interior-picture-of-house-300x118.jpg\" alt=\"15000 Down Payment Assistance DPA in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties\" width=\"300\" height=\"118\" \/><\/h2>\n<p>The special $15,000 down payment assistance is funded through the U.S. Department of the Treasury&#8217;s Hardest Hit Fund.\u00a0 The five counties were chosen to support homeownership in areas that experienced especially high rates of foreclosures during the recent recession.<\/p>\n<h2>How can I use the 15000 down payment assistance\u00a0funds?<\/h2>\n<p>First of all, we offer this program through the NC Housing Finance Agency.\u00a0 The down payment assistance product can be used towards several areas.\u00a0\u00a0Therefore, DPA funds\u00a0are available\u00a0for down payment, closing costs, and\/or PMI.\u00a0\u00a0Additionally, down payment assistance\u00a0is coupled with a <a href=\"http:\/\/teammovemortgage.com\/usda\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>USDA<\/strong><\/span><\/a>, <a href=\"http:\/\/teammovemortgage.com\/va-loan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>VA<\/strong><\/span><\/a>, <a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>FHA<\/strong><\/span><\/a>, or conventional mortgage loan.\u00a0\u00a0So, one can see this is a\u00a0great way for a first time buyer to get quick equity in their new home.<\/p>\n<h2>MCC Tax Credit\u00a0is not Allowed With the 15000 Down Payment Assistance<\/h2>\n<p>First time buyers can take advantage of an MCC Tax Credit up to $2000 per year, but not on this program\u00a0 So,\u00a0learn more about\u00a0how an<a href=\"http:\/\/teammovemortgage.com\/1st-time-buyer-mcc-tax-credit-nc\/\"><span style=\"text-decoration: underline;\"><strong> MCC Tax Credit<\/strong><\/span><\/a>\u00a0can work for you. Also,\u00a0see the <span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2016\/06\/NEW-MCC-INCOME-LIMITS-06012016.pdf\">Household Income Limits<\/a> <\/strong><\/span>the MCC Tax Credit.\u00a0 Our expert loan officers can help you determine which program is best for you.<\/p>\n<h3>Details for the $15,000 DPA -Down Payment Assistance<\/h3>\n<ol>\n<li>640 minimum credit score<\/li>\n<li>60 day locks<\/li>\n<li>Buyers cannot combine with MCC tax credits (other DPA allows though)<\/li>\n<li>Existing homes only (new homes not eligible)<\/li>\n<li>Maximum sales price is $245,000<\/li>\n<li>1st time buyers only which means not owned a home in last 3 years<\/li>\n<li>Household income limits:\u00a0 Vary depending on # of household members<\/li>\n<\/ol>\n<h3>Down Payment Assistance Terms:<\/h3>\n<ol>\n<li>5 year term, 0% interest rate, no required payments<\/li>\n<li>Forgiven 20% per year in years 1 &#8211; 5.\u00a0 Totally forgiven after 5 years!<\/li>\n<li>DPA may be used towards down payment, closing costs, &amp; PMI<\/li>\n<li>Remember, DPA is repayable if the following happens within 5 years:\n<ol>\n<li>No longer occupies the property<\/li>\n<li>Refinances the first mortgage<\/li>\n<li>Sells the property<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>[av_button_big label=&#8217;Choose Your Loan Officer and Apply Online&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/our-team\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nTake the first step to &#8220;Get from Here to Home&#8221;<br \/>\n[\/av_button_big]<\/p>\n<h2><strong><em>Team Move\u00a0offers this\u00a0$15000 DPA in the following\u00a0cities:<\/em><\/strong><\/h2>\n<p>Cumberland County:\u00a0 Fayetteville, Spring Lake, Hope Mills, Vander, Falcon, Wade, Stedman<\/p>\n<p>Cabarrus County:\u00a0 Concord, Kannapolis, Harrisburg<\/p>\n<p>Mecklenburg County:\u00a0 Charlotte, Cornelius, Pineville, Matthews, Mint Hill, Huntersville<\/p>\n<p>Johnston County:\u00a0 Smithfield, Clayton, Selma, Micro, Pine Level, Wilson Mills<\/p>\n<p>Guilford County:\u00a0 Greensboro, High Point, Oak Ridge, Whitsett, Forest Oaks, Jamestown, Mcleansville, Sedalia<\/p>\n","protected":false},"excerpt":{"rendered":"<p>15000 Down Payment Assistance (DPA) &#8211; Wow! Close to FREE Money! First time buyers in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties have a great opportunity.\u00a0\u00a0These\u00a0buyers\u00a0may be eligible for the\u00a015000\u00a0down payment assistance program ($15,000 DPA funds).\u00a0\u00a0In addition, this program offers 0% interest\u00a0and\u00a0has\u00a0no required payments.\u00a0\u00a0But guess what???\u00a0 It is FULLY FORGIVEN AFTER 5 ONLY YEARS! Most [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,60,17,40],"tags":[6,7,25,26,27,28,29,30,31,9,10,11,12,13,98,16,310,18,311,20,42,43,44,45,46,47],"class_list":["post-2201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-local-resources-best-places-to-live-in-nc-and-sc-including-subdivisions-schools-things-to-do","category-products","category-tips","tag-down-payment-assistance","tag-down-payment-source","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-calculator","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-first-time-buyers","tag-homebuyers","tag-low-down-payment","tag-lumberton-board-of-realtors","tag-mortgage-faqs","tag-nc-purchase-contract","tag-north-carolina","tag-pinehurst-southern-pines-association-of-realtors","tag-realtors","tag-sanford-area-association-of-realtors","tag-team-move","tag-usda","tag-usda-home-loan-updates","tag-usda-home-loans","tag-usda-rural-development","tag-usda-rural-development-guidelines","tag-va-home-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>15000 Down Payment Assistance for 1st Time Buyers<\/title>\n<meta name=\"description\" content=\"15000 Down Payment Assistance is a LIMITED TIME ONLY program for first time buyers in Cumberland, Johnston, Cabarrus, Guilford, or Mecklenburg counties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/teammovemortgage.com\/blog\/15000-down-payment-assistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"15000 Down Payment Assistance for 1st Time Buyers\" \/>\n<meta property=\"og:description\" content=\"15000 Down Payment Assistance is a LIMITED TIME ONLY program for first time buyers in Cumberland, Johnston, Cabarrus, Guilford, or Mecklenburg counties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/teammovemortgage.com\/blog\/15000-down-payment-assistance\/\" \/>\n<meta property=\"og:site_name\" content=\"Team Move Mortgage Blog\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-05T12:41:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-13T22:34:21+00:00\" \/>\n<meta name=\"author\" content=\"Russell Smith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Russell Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/teammovemortgage.com\/blog\/15000-down-payment-assistance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/teammovemortgage.com\/blog\/15000-down-payment-assistance\/\"},\"author\":{\"name\":\"Russell Smith\",\"@id\":\"https:\/\/teammovemortgage.com\/blog\/#\/schema\/person\/fbcb9952207d77d752ba9074b82fad37\"},\"headline\":\"Buying Your First Home? 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