North Carolina NC 1st Home Advantage Down Payment
North Carolina Housing Finance Agency offers the NC 1st Home Advantage Down Payment to first-time buyers in North Carolina: up to $15,000, as a forgivable loan.
- Amount
- Up to $15,000
- Kind of help
- Forgivable loan
- First-time buyers only
- Yes, with exceptions
- Credit score
- 640 or higher
How is North Carolina NC 1st Home Advantage Down Payment paid back?
Forgivable loan: 0% loan with no payments. From year 11 to year 15, 20% is forgiven each year, so after year 15 you owe nothing.
A forgivable loan is written off once you have kept the home and its first mortgage for the years the program sets.
Who qualifies for North Carolina NC 1st Home Advantage Down Payment?
- Your income and the home's sales price must meet program limits.
- First-time buyers only: yes, with exceptions.
- A credit score of 640 or higher.
- It comes with an NC Home Advantage Mortgage (FHA, USDA, VA or conventional).
- Price limit: must be within program sales price limits.
Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.
How to apply for North Carolina NC 1st Home Advantage Down Payment
- North Carolina Housing Finance Agency pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- The help is paid at closing, toward your down payment and closing costs.
Read the full rules and whether it is taking applications on North Carolina Housing Finance Agency's page for the NC 1st Home Advantage Down Payment, or pick a lender from the agency's list of participating lenders.
Ask a lender about North Carolina NC 1st Home Advantage Down Payment
Tell us where you're buying and a lender that works with North Carolina's programs can tell you whether North Carolina NC 1st Home Advantage Down Payment fits you, and what you could combine with it.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in North Carolina
- North Carolina NC Home Advantage Mortgage™ down payment assistance: up to 3% of the home loan, forgivable loan.
- North Carolina Community Partners Loan Pool (CPLP): up to 25% of the price, at most $50,000, deferred loan.
All North Carolina first-time home buyer programs · Down payment assistance in every state