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Monroe-Union County Downpayment Assistance Program
Monroe-Union County CDC
704-283-8804

Program Overview


Monroe-Union County Downpayment Assistance Program is a program that provides loans to assist with downpayments and closing costs. Property must be located in the city limit of Monroe.


Who is eligible for this program?


Applicant must be a resident within the city limits of the City of Monroe for at least six months prior to applying for the program. Borrower must also be a first-time homebuyer. A borrower’s household income must not exceed 80% of the area median adjusted for family size. Funds may be used to pay closing costs, lender-required downpayments, and prepaid expenses.

Is this program for first time buyers only? Yes


Property Eligibility Requirements


Property must be located in the city limit of Monroe. Property must meet minimum house inspection requirements. Property cannot exceed North Carolina Housing Finance Agency property acquisition limits.


Benefit Details


This assistance program provides a soft second to pay closing costs or the downpayment. Counseling is required to receive assistance, and it is provided by the Monroe-Union County CDC. The maximum loan amount is $7,500 depending on the need of the borrower as identified by Monroe-Union County CDC.

Benefit: There is no interest on the loan. Loan is forgiven after five years, but must be repaid if the borrower sells, refinances, or abandons the property within five years.
Loan Term:5 years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:Borrower must commit $750 of own funds

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.



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