STATEWIDE PROGRAMS

NC Home Advantage Mortgage

Assistance Available:
The NC Home Advantage Mortgage program is administered by the North Carolina Housing Finance Agency and is available to both first time homebuyers and repeat homebuyers.

It offers competitive fixed rate mortgages that includes up to 5% of the purchase price in assistance with downpayment costs. The NC 1st Advantage Down Payment is restricted to first time homebuyers and veterans, and offers an $8000 downpayment option. This is a forgivable loan that must be repaid only if you sell, refinance,or transfer the property prior to year 15. The loan is forgiven at 20% per year at the close of years 11-15. 100% forgiveness occurs at the end of year 15.

Qualifications:
You must be a resident of North Carolina with an annual income that does not exceed $89,500. A minimum credit score of 640 is required. You must be approved for an FHA, VA, USDA, or conventional loan through a participating lender. You must be a legal resident of the United States.

Single family homes, townhomes, condominiums, and duplexes are eligible. New manufactured homes are eligible with a minimum credit score of 660.