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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
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 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.
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) 691-9521ROCKY MOUNT
South Eastern North Carolina Community Development Corporation
1006 Aycock Street
Rocky Mount, NC 27803
Contact: Larry Russell
(252) 977-3141
Getting Started
- 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
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