Uwharrie Bank is committed to helping customers in our community achieve successful homeownership. We have many programs designed to provide solutions to first time homebuyers, including many affordable housing options. We take great pride in helping you buy a home. So even if you think you may not be able to buy a home now, our expert Affordable Housing Specialists can help educate you and put you on a path to buy your own home. We have options and programs designed to achieve your dream of successful homeownership:
Down payment and closing cost assistance programs. Many local and state housing agencies, as well as nonprofits are designed to provide down payment and closing cost assistance for qualified borrowers in their area. Our mortgage loan experts have access to programs that could benefit you when you’re trying to figure out how to afford your down payment and closing costs.
Homebuyer education. Education is key to your successful homeownership. Many of the programs we offer require homebuyer education to help you understand your range of affordability based on your income and expenses. This education also helps you understand the home buying process from your initial application to loan closing. This education will help you and your family manage your money and your credit in a way that helps keep your family safe and secure. These classes usually include money management, managing credit, preparing for homeownership and foreclosure prevention. All borrowers can benefit from homebuyer education.
Employer-assisted housing programs. Some employers offer down payment and closing cost assistance for their employees. These funds are sometimes given as a grant to the employee without any payback requirements. Some employers do require the borrower to pay back these funds over specified terms. Employer-assisted housing programs are designed and administered by your employer.
Mortgage Credit Certificates (MCC). We offer some agency housing programs that issue mortgage credit certificates to homebuyers in their area. The certificates are issued directly by the agency to the borrower. This mortgage credit certificate allows eligible borrowers to reduce their withholding tax. This means you may pay less tax, which frees up more funds to qualify.
Affordable Housing Mortgage Solutions:
This fixed-rate loan for moderate income borrowers offers a competitive rate and a down payment as low as 3% to help make buying a home more affordable. Learn more about our Affordable Housing Mortgage Solutions by contacting a Uwharrie Bank Mortgage Affordable Housing Specialist.
In addition to our low down payment mortgage options, there may be down payment assistance and closing cost savings available to you. Be sure and ask one of our Affordable Housing Specialists to learn more.
$0 Bank Fees and No Lender Origination Fee for Most Programs
Uwharrie Bank Mortgage does not charge bank fees and does not charge an origination fee on Fannie Mae, Freddie Mac, VA, FHA and USDA programs to further assist with making your mortgage affordable. Please note that on NCHFA and SCHFA Bond programs there is an origination fee for these two programs.
Up to 5% in Down Payment Assistance in North and South Carolina
Both first time and move-up home buyers may qualify for our programs that provide fixed rate mortgages and down payment assistance of up to 5 percent of the loan amount.
Up to $10,000 Down Payment Assistance in Mecklenburg County
Qualified homebuyers in Mecklenburg County may receive up to $10,000 down payment assistance that can cover the down payment and closing costs.
Up to $2,000 a year in additional Tax Savings for First Time Homebuyers
The MCC tax credit enables eligible first-time buyers (those who haven't owned a home as their principal residence in the past three years) and military veterans to save up to $2,000 a year on their federal taxes with a Mortgage Credit Certificate (MCC).
Buying a home is a big investment in your family's future. Uwharrie Bank Mortgage is here to make it the best experience possible. Whether you're purchasing new property, refinancing, buying an investment or vacation home, Uwharrie has a financing plan that will get it done.
A traditional loan with an interest rate that stays the same for the entire term of the loan.
This loan offers a lower introductory interest rate that adjusts after the initial period.
This funds a renovation or construction project and converts to a permanent mortgage later.
A jumbo mortgage is a home loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.
This is an affordable government-backed loan with a low down payment and flexible credit requirements.
Insured by the Department of Veteran Affairs, this program is for qualified veterans and military families.
A loan offered by the U.S. Department of Agriculture, featuring 100 percent financing for qualified homebuyers.