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Grant Loans from Fairway NC – $0 Down!

November 18th, 2014 Listed Under: Mortgage Loans, Real Estate

moneyFairway Independent Mortgage is offering a new grant program that once again makes zero down financing possible for almost everyone! There have always been zero down home loans available in the market, but since the banking crisis in 2008, the options dramatically shrank and typically had restrictions for the neighborhood you could live in. Veterans could obtain a zero down home loan and USDA Rural Housing loans offered a zero down option for homes in rural areas, but what if you wanted to buy a home in Charlotte?

Fairway’s new 5% Grant program allows home buyers to purchase anywhere in North Carolina with no home price limitations or neighborhood restrictions! The program is done in conjunction with an FHA home loan and all normal FHA guidelines must be met. The interest rate is slightly higher than what a typical FHA loan might offer, but that slight increase in cost can easily be justified when you consider the 3.5% down payment you are being given through the grant.

The grant can be as high as 5% of the total loan amount, so it covers 100% of the minimum required down payment for an FHA loan and some additional costs associated with the program. So after the 5% grant is applied, you are left the normal closing costs for an FHA (which the seller can cover) and zero down payment. Assuming the seller agrees to cover the closing costs, you can actually purchase a home with almost zero money out of pocket (still likely have to pay a DD and EMD fee)!  Long story short? If you have decent credit, and 1 month of rent saved up, we can get you into a home of your own!

There are income limits of about $73,000 for Mecklenburg county, and other requirements that must be met so if you are interested in this program you should call Olan Carder with Fairway at 980-721-7478 for a free pre-qualification. Olan has great software tools that shows you all the details of this program and many other options in a way that makes the advantages and disadvantages of each program clear.

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Olan Carder

Olan Carder

Sr. Mortgage Planner at Fairway Mortgage
I enjoy being a Charlotte loan officer because of the tremendous opportunity I have to offer life changing advice to my clients. My success is built on giving my clients more relevant information about the loan programs available so they can make a more informed decision. Specialties:Charlotte loan officer, FHA, VA, Conventional, Jumbo, USDA, FHA 203K Streamline
Olan Carder
Olan Carder

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