NC 1st Home Advantage Down Payment
If you are a first-time home buyer or military veteran and qualify for an NC Home Advantage Mortgage™, you may be eligible for $15,000 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.
Am I Eligible?
- You are a first-time home buyer (you 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
- You meet the income and sales price limits
- You are purchasing a home in North Carolina
- You occupy the home as your principal residence within 60 days of closing
- Your credit score is 640 or higher
- You are a permanent legal resident of the United States
Income Limits
The NC Home Advantage Mortgage™ offers competitive rates and down payment assistance for qualified first-time and move-up buyers. The qualifying income limit is based solely on the income of the borrower(s), as verified by your lender.
First-time home buyers (those who have not owned a home as their principal residence in the past three years) and military veterans may be eligible for additional assistance through either the NC 1st Home Advantage Down Payment or the NC Home Advantage Tax Credit (Mortgage Credit Certificate). Both mortgage products are based on household income and vary by county and family size.
Buyers who are buying in certain census tracts may also be eligible for mortgage products for first-time buyers. Visit the County Census Tract page to identify if the potential sale property address falls within that targeted census tract.
NCHFA Home Ownership Group
NC Home Advantage Mortgage™ with 3% Down Payment Help NC Home Advantage Mortgage™ with NC 1ˢᵗ Home Advantage Down Payment Help NC Home Advantage Tax Credit (Mortgage Credit Certificate)
1 person $140,000.00 $106,000.00 $106,000.00
2 Persons $140,000.00 $106,000.00 $106,000.00
3+ Persons $140,000.00 $124,000.00 $124,000.00
Sales price limit
Sales price limit (and loan amount limit) for the NC 1st Home Advantage Down Payment and NC Home Advantage Tax Credit is: $490,000. NC Home Advantage Mortgage™ program does not have a sales price limit (follow industry guidelines).