This program provides stable, fixed-rate mortgage and down payment assistance of up to 5 percent of the loan amount. Repayment of the down payment is not required, unless the property is sold, refinanced, or transferred within 15 years.

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July 27, 2017
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NC Home Advantage Mortgage Program

Financial Assistance for Homebuyers in North Carolina

North Carolina’s Housing Finance Agency offers both, first-time and move-up home buyers, the NC Home Advantage Mortgage Program. This program helps qualified homebuyers with stable, fixed-rate mortgages, as well as down payment assistance of up to 5 percent of the loan amount. Borrowers are not expected to repay the down payment, unless the property is to be sold, refinanced, or transferred within 15 years. The down payment assistance is forgiven at 20 percent per year after 10 years in the home.

Applicants who are a first-time buyers or military veterans may be eligible to combine the NC Home Advantage Mortgage Program with a Mortgage Credit Certificate (MCC) to increase their savings.


Eligibility Requirements for the NC Home Advantage Mortgage:
  • Homebuyers must purchase a new or existing home in North Carolina.
  • Homebuyers must occupy the home as their principal residence within 60 days of closing.
  • The borrower’s annual income must not exceed $87,500.
  • The borrower’s credit score must be 640 or higher.
  • Homebuyers must apply for an FHA, USDA, VA, or conventional loan through a participating lender and meet the sales price limits of the loan type.
  • All borrowers must be legal resident of the United States.

Additional Restrictions on Eligible Property Types:
 
  • New and previously owned single-family homes
  • Townhouses
  • Condominiums
  • Duplexes
  • New manufactured homes (660 credit score required)

Down Payment Grants in North Carolina

This program provides stable, fixed-rate mortgage and down payment assistance of up to 5 percent of the loan amount. Repayment of the down payment is not required, unless the property is sold, refinanced, or transferred within 15 years.