How Much Do You Really Need to Buy a Home in Cabarrus County? A Complete Cost Breakdown for Concord, Harrisburg, Kannapolis & Huntersville Buyers
Buying a home in Cabarrus County is more achievable than many people realize. With so much misinformation online—especially around down payments—it’s common for buyers to assume they need 20% down or tens of thousands saved. In reality, the majority of buyers in our area purchase with significantly less due to flexible loan programs, negotiated credits, and local assistance options.
Below is a full breakdown of ALL the major costs a buyer might encounter in Cabarrus County, along with realistic numbers based on today’s North Charlotte regional market conditions.
1. Down Payment Requirements in Cabarrus County
Conventional Loans (Most Common): 3–5% Down
Most buyers in Concord, Harrisburg, Kannapolis, and Huntersville use conventional loans with small down payments.
3% down for first-time buyers
5% down for repeat buyers
Example:
On a $420,000 home (average for many Concord/Charlotte commuters):
3% down = $12,600
5% down = $21,000
You do NOT need 20% unless you want to eliminate PMI.
2. FHA Loans: 3.5% Down
Great for buyers with lower credit or higher debt-to-income ratios.
Common in Kannapolis + parts of Concord.
Example:
$350,000 home → 3.5% = $12,250 down.
3. VA Loans: $0 Down
For eligible military buyers, VA loans cover the entire purchase price.
These loans are common around Huntersville and North Charlotte due to the strong veteran community.
4. Closing Costs in Cabarrus County (Realistic Local Numbers)
Typical range: 2–4% of the purchase price.
For a $400,000 home, expect $8,000–$16,000.
What’s included?
Appraisal
Home inspection(s)
Attorney/title fees (required in NC)
Lender fees
Prepaid taxes
Prepaid insurance
HOA transfer fees (if applicable)
5. Negotiated Seller Credits (VERY common again)
In shifting market conditions, especially in areas like Kannapolis and Harrisburg, buyers are once again securing seller-paid concessions.
These can help cover:
Closing costs
Rate buy-downs
Prepaids
Some buyers walk into a house with only their down payment due at closing.
6. Down Payment Assistance & Grants (Underused!)
Several programs frequently apply to Cabarrus County buyers:
NC Housing Finance Agency programs
Local first-time buyer grants
Community lending programs used in Concord and Kannapolis
These can help with:
Down payment
Closing costs
Rate reduction
7. Additional Optional Costs Buyers Should Consider
While not required, these can appear during the process:
Due diligence money
Survey
Radon test
Termite inspection
Moving costs
Utility deposits
THE BOTTOM LINE
Most Cabarrus County buyers can purchase a home with far less money than expected. With the right loan, potential credits, and knowledgeable guidance, buying in Concord, Harrisburg, Kannapolis, or Huntersville can be financially realistic—even sooner than you think.
