Down Payment Assistance Program for Cleveland County Homebuyers
For many prospective homebuyers, the biggest challenge is not necessarily qualifying for a monthly mortgage payment. It is having enough money available for the down payment and closing costs. A newly funded program from the Cleveland County Home Loan Authority may help address that challenge while also offering a highly competitive interest rate. The Cleveland County Home Loan Authority First Home Program currently combines a 6.06% fixed mortgage rate with down payment assistance equal to 3.5% of the loan amount. Most importantly, the assistance is provided as a grant. It does not create a second lien and does not have to be repaid. What the program currently offers: • 6.06% fixed interest rate • 3.5% down payment assistance • Grant assistance with no repayment required • No second mortgage or second lien • FHA, VA and USDA financing options • 30-year fixed-rate financing • 620 minimum credit score On a $400,000 loan, 3.5% would equal $14,000 in down payment assistance. HOW DOES...