Some first-time home buyers in North Carolina are taking advantage of a down payment assistance program that essentially gifts them $15,000 that they don't have to pay back.

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It's a great time to be a first-time home buyer right now. There are some excellent programs coming out right now via the North Carolina Housing and Finance Agency and I've got Brandon Colberg from Element Funding to help explain these programs in further detail.

Starting in October, first-time buyers can get up to $15,000 in down payment assistance. This money can be used towards a down payment and/or closing costs. Many buyers will use this program to get a home for zero money down. It may sound too good to be true, but it isn't. The only catch is you have to act quickly.

The only catch is you have to act quickly.

This program was around for a while last year but was limited to the first 1,500 people who were approved. In about four months, all the money was gone. This year, however, there are 3,000 spots available for this program. If you've been thinking about buying a home, the urgency is there to take advantage of this program if you qualify.

The program does have some stipulations. The biggest one is that it can only be used in Mecklenburg and Cabarrus Counties. These were the areas that were hit hardest by the recession, and the goal of this program is to help lift these areas back up. If you live in one of those counties, you should absolutely try and take advantage of this fantastic program.

If you don't live in either of those counties, don't feel too bad. There are plenty of other down payment assistance programs out there for you to utilize.

We have had many clients take advantage of this program in the past, and we expect the trend to continue this year. This is a very rare opportunity for home buyers. You can walk into $15,000 in equity without having to put a dime in yourself. It's quite remarkable.

If you have any questions for Brandon about these programs, give him a call at (704)-999-6646 or send him an email at bcolberg@elementfunding.com. If you have any other questions, feel free to give us a call or send us an email. We look forward to hearing from you!