North Carolina NC Home Advantage Mortgage™ down payment assistance
North Carolina Housing Finance Agency offers the NC Home Advantage Mortgage™ down payment assistance to home buyers in North Carolina: as much as 3% of the loan amount, as a forgivable loan.
- Amount
- As much as 3% of the loan amount
- Type of assistance
- A loan that can be forgiven
- Only first-time buyers
- No
- Your credit score
- At least 640
How do you pay back the down payment help from the North Carolina NC Home Advantage Mortgage™?
You repay this forgivable loan only if you sell the home, refinance it or give it to someone else before year 15. Each year from year 11 through year 15, 20% of the loan is forgiven.
Keep the home and the first mortgage on it for the years the program sets, and your forgivable loan is written off.
Who can get down payment assistance with a North Carolina NC Home Advantage Mortgage™?
- You must earn $158,000 or less per year.
- Being a first-time buyer isn't required.
- Your credit score must be at least 640.
- A participating lender gives it with an NC Home Advantage Mortgage, whether that's FHA, USDA, VA or conventional.
Most of these limits depend on your county and how big your household is. Use our HUD income limit tool to see the median income for your area and how your household compares.
Applying for down payment assistance through the North Carolina NC Home Advantage Mortgage™
- The North Carolina Housing Finance Agency sends this help through approved lenders, so apply with one of them when you get your home loan.
- Your lender compares your income, credit and the property with the program's rules and then sets the money aside on your behalf.
- It's paid toward your down payment and your closing costs when you close.
Want the full rules or to know if it's accepting applications? See North Carolina Housing Finance Agency's page for the NC Home Advantage Mortgage™ down payment assistance or select a lender from the agency's participating lenders.
Ask a lender about down payment help through the North Carolina NC Home Advantage Mortgage™
Tell us where you're buying and a lender that works with North Carolina's programs can tell you whether North Carolina NC Home Advantage Mortgage™ down payment assistance fits you, and what you could combine with it.
Don't feel like calling? Share your information and the lender will get in touch.
North Carolina's other first-time buyer programs
- North Carolina NC 1st Home Advantage Down Payment:
Forgivable loan of up to $15,000.
- North Carolina Community Partners Loan Pool (CPLP):
Deferred loan worth up to 25% of the price and no more than $50,000.
All first-time home buyer programs in North Carolina · Down payment help in each state