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HomeBank LoanNorth Carolina First-Time Homebuyer Applications

North Carolina First-Time Homebuyer Applications


Get Pre-Approved for a Mortgage and Check Rates

 

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

Eligibility

  • 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.

Eligible Properties

  • Single-family homes
  • Townhouses
  • Condominiums
  • 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

Eligibility

  • 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 LoansFHA 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 LoansConventional 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 LoansUSDA 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.

 

Helpful Resources

 

Statewide Homebuyer Programs

Local Programs

GREENSBORO
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!
(336) 691-9521

ROCKY MOUNT
South Eastern North Carolina Community Development Corporation
1006 Aycock Street
Rocky Mount, NC 27803
Contact: Larry Russell
(252) 977-3141

Getting Started

Buying a Home

Owning and Maintaining Your Home

Other North Carolina Resources

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