Conventional Mortgage Down Payments: For conventional mortgages, lenders typically require a down payment ranging from 5% to 20% of the home's purchase price. For example, for a $150,000 home, the down payment could be as much as $30,000.

Government-Backed Mortgage Down Payments: These types of loans are insured by government agencies such as the Federal Housing Administration (FHA) or the United States Department of Agriculture (USDA), and they often require lower down payments. For instance, an FHA loan might only require a 3.5% down payment, and USDA loans can sometimes require no down payment at all.

The implication of the down payment size varies:

Smaller Down Payments: These can make home ownership more accessible, especially for first-time home buyers or those with less savings. However, they often result in higher monthly mortgage payments and may require private mortgage insurance (PMI) until a certain amount of equity is reached in the property.

Larger Down Payments: These can lead to lower monthly mortgage payments and often lower interest rates, as they reduce the lender's risk. They also help build equity in your home faster.

There are several options available for down payment assistance in Charlotte, North Carolina. Here are some of the most notable programs:

House Charlotte Program - Administered by DreamKey Partners on behalf of the City of Charlotte, the House Charlotte Program addresses the community's need for homeownership by offering down payment assistance for households with incomes up to 110% of the area median income. House Charlotte provides 0% deferred loans that can be used for down payment, closing costs, and/or interest rate buy-down. The home must be within the City of Charlotte limits and should serve as a primary residence. The maximum purchase price is $315,000 for new constructions and $300,000 for existing properties. Before availing of this program, participants need to complete pre-purchase homeowner education and counseling through a HUD-approved agency. There are two variations of the House Charlotte program:

• House Charlotte (1A): For families at or below 80% of median income, providing up to $30,000 in assistance with a 30-year term, forgivable at year 31. The maximum total sales price is $300,000 for existing properties and $315,000 for new construction.

• House Charlotte (1B): For families at 80.01%-110% of median income, providing up to $10,000 in assistance with a 15-year term, forgivable at year 16. The maximum total sales price is the same as House Charlotte (1A).

  NC Home Advantage Mortgage™ - This program by the North Carolina Housing Finance Agency provides down payment assistance up to 3% of the loan amount, helping both first-time and move-up buyers afford a new home. For first-time buyers or military veterans, the NC 1st Home Advantage Down Payment offers $15,000 in down payment help. Buyers may also qualify for the NC Home Advantage Tax Credit, which can save up to $2,000 in federal taxes each year ].

  Community Home Buying Programs - Also from the North Carolina Housing Finance Agency, these programs provide down payment assistance for buyers with income below 80% of the county's median income. Eligible buyers may get up to 25% of the sales price in down payment help (maximum loan of $50,000) through the Community Partners Loan Pool. Additionally, the Self Help Loan Pool offers zero-interest, shared mortgage financing for eligible low- and moderate-income buyers .

Keep in mind, all these programs typically have eligibility criteria that you need to meet, and it would be beneficial to reach out to the respective organizations or your mortgage consultant to get specific details and guidance.