Charlotte Homebuyer FAQ

5 Myths That Might Be Holding You Back

Buying a home in Charlotte? Get clear answers to common questions about down payments, student loans, closing costs, and first-time buyer programs.

Buying your first home can feel overwhelming, especially with so much misinformation online. Let’s clear up five of the most common myths I hear from Charlotte buyers every week.

1️⃣ “I Need 20% Down to Buy a Home.”

Not true. Many Charlotte-area buyers purchase homes with as little as 3–5% down. Some local programs even offer down payment assistance for qualifying buyers. Based on 2025 sales, in the greater Charlotte area, the average down payment is 14%.

2️⃣ “I Can’t Buy Because I Have Student Loans.”

Lenders look at your debt-to-income (DTI) ratio, not just the loan amount. Many buyers with student debt still qualify comfortably.

3️⃣ “There Are No First-Time Buyer Programs.”

North Carolina offers several, including NC Home Advantage and community-specific incentives that can help with down payment or closing costs. Doctors, teachers, first responders all have first time buyer programs as well!

4️⃣ “Closing Costs Are a Mystery.”

Expect 2–4% of your purchase price. This includes lender fees, title insurance, and taxes. Plan and save for that, however, in this market, most buyers are getting a portion, if not all, of their closing costs paid by the seller.

5️⃣ “I Should Wait for Rates to Drop.”

Rates may fluctuate, but Charlotte’s home prices have continued rising. Waiting could cost more in the long run.

💡 Pro Tip: Focus on buying when you’re ready, not when the market says so. Refinancing later is always an option.

Curious what your buying power looks like in today’s market? Let’s run the numbers together, it might surprise you.

Jonathan, The Carolinas Property Hawk

Email me @ hawkinspropertiesnc@gmail.com