Down Payment Assistance

If you are a first-time home buyer 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. Similar to the other down payment assistance options available with the NC Home Advantage Mortgage™, this down payment help is a 0%, deferred second mortgage, which is forgiven 20% per year at the end of years 11-15, with complete forgiveness at the end of year 15. Contact a trusted lender in your area for more information about the N.C. Home Advantage Mortgage Program, or visit our office and talk with a sales specialist about about eligible property types.

Eligibility Requirements

In order to be considered eligible for the NC Home Advantage Mortgage Program, all applicants must meet certain requirements. While there is no first-time home buyer requirement, all applicants must be legal U.S. residents. They must have an annual household income under the program' maximum limit, $87,500, and a credit score of at least 640. Home buyers must apply for an FHA, USDA, VA, or conventional loan through a participating lender and meet the sales price limits of the loan type.

Property Requirements

Applicants must occupy the home as their principal residence within 60 days of closing. Eligible property types include new and previously owned single-family homes, townhouses, condominiums, duplexes, and new manufactured homes (660 credit score required).