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Down Payment Assistance
The Salisbury CDC was awarded a grant under the “New Homes Program” for down payment assistance from the North Carolina Housing Finance Agency. This program provides deferred second mortgage loans of up to $20,000.00 per family for the purchase of a home. All program assistance is in the form of a deferred payment, subordinate mortgage at 0% interest with loan terms of 30 years. For example if a home costs $90,000.00, the second mortgage could be up to $18,000.00. This means the first mortgage would only be on $72,000.00 and nothing would be paid on the $18,000.00 for 30 years. This would reduce the house payment almost $100.00. The Salisbury CDC in partnership with several local banks is able to provide first-time homebuyers with fixed, below market rate mortgage financing. The buyer needs to have $750.00 of his/her own funds available for down payment.
The Salisbury CDC in partnership with the City of Salisbury also has funding available in the form of a deferred second mortgage loan, not to exceed $7,500.00. Nothing will be paid on the second mortgage for five years and then it is repaid at 3% interest over a period of 25 years. The buyer needs to have $500.00 of his/her own money for this program. Additionally, assistance for closing costs and pre-paids can be provided in the form of a grant that is not paid back. Total assistance can not exceed $10,000.00. This loan is available for homes in Rowan County.
Homebuyer Education Program
The Salisbury CDC also provides homeownership education and counseling to all first time homebuyers. Counseling provides a critical link between first time homeowners and an increasingly complex real estate industry, and it also helps families gain access to mortgage financing. This is a program that will help you clear up your credit and save for a down payment. Participants must be in the program at least six months.
Money Management
Building a foundation, earning money and using credit. How to check, repair, and avoid bad credit. Learn about financial institutions, how to write checks, balance a statement, and what services banks offer. Learn about insurance and taxes and how to purchase and finance a car and what to do when the car does not operate properly. Learn about predatory lending.
Homeownership
Everything you need to know about purchasing a home. Credit analysis, household budgeting, how to select a home and neighborhood and learning how to finance the home. Guide to real estate profession and understanding the sales contract. Applying for a mortgage, documentation needed, and understanding the documents closing the real estate transaction.
 Click here to view a Homeownership Program form.
Home Maintenance
Home inspections, home systems-electrical, furnace/AC, plumbing, appliances, care and maintenance of cabinets, countertops, floors, carpet, lawn care and do it yourself small maintenance repairs.
Landscaping
Planting and maintaining grass, identifying and maintaining flowers, shrubbery, and trees.
Call 704-638-2154 or email: ladki@salisburync.gov to get more information or make an appointment.
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