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NC 1st Home Advantage Down Payment
If you are a first-time homebuyer or military veteran and qualify for an NC Home Advantage Mortgage™, you may be eligible for $8,000 in down payment assistance with the NC 1st Home Advantage Down Payment.
This down payment program uses a deferred second mortgage with a 0% interest rate forgiven 20% per year at the end of years 11-15 and complete forgiveness at the end of year 15. Read more
- Are a first-time homebuyer (Haven’t owned a home as your principal residence in the past three years) OR a military veteran OR are buying in a targeted census tract.
- Meet the income and sales price limits.
- Purchasing a home in North Carolina.
- Occupy the home as your principal residence within 60 days of closing.
- Have a 640 credit score (660 if purchasing a manufactured home)
- Are a legal resident of the United States.
- Single-family homes
- Duplexes (FHA loans only)
NC Home Advantage Mortgage
Eligible homebuyers can receive up to 5% of the loan amount (up to $8,000) in down payment and closing cost assistance from The NC Home Advantage Mortgage Program and up to 100% financing on FHA, USDA, and VA loans. 3% down payment assistance is available on conventional 97% LTV loans. Read more
- Purchase a home in North Carolina
- Occupy the home as their principal residence
- Income cannot exceed $99,000
- 640 credit score
National First-Time Homebuyer Loan Programs
- FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
- Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
- USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
- VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
- HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.
Statewide Homebuyer Programs
The Greensboro Housing Coalition
More Than Just A Mortgage Program
Will Help you to Realize the Dream of Homeownership
Call today to reserve your space!
South Eastern North Carolina Community Development Corporation
1006 Aycock Street
Rocky Mount, NC 27803
Contact: Larry Russell
- Housing counseling agencies – free or low-cost counseling services for buying, renting, defaults, foreclosures, credit issues and reverse mortgages
- Predatory lending – beware – whether you’re buying or refinancing your home, don’t become a victim of unfair lending practices
Buying a Home
Owning and Maintaining Your Home
Other North Carolina Resources