Get Funding For Your Down Payment
If you’re looking for down payment assistance in North Carolina, you’re in luck. The North Carolina Housing Finance Agency (NCHFA) offers aid for first time property purchasers who need help coming up with the funds for the down payment.
The NC Home Advantage Mortgage™ provides up to 5% of the purchase price to be used toward the down payment:
Purchasing a home can be overwhelming and complicated. It is our goal to make it simpler by offering affordable mortgage options and connecting you with experienced home buying partners. For both first-time and move-up home buyers, our NC Home Advantage Mortgage™ provides qualified individuals with stable, fixed-rate mortgages and down payment assistance up to 5% of the loan amount. Even better, repayment of the down payment is required only if you sell, refinance or transfer your home before year 15—the down payment assistance is forgiven at 20% per year after 10 years in the home.
There is yet more aid if you are buying a home in Cabarrus, Cumberland, Guilford, Johnston or Mecklenburg Counties. If so, the NCHFA offers $15,000 in down payment assistance:
That home purchase might be more affordable than you thought! If you meet certain criteria, you may qualify for $15,000 in down payment help in the form of a deferred, forgivable, five-year loan at zero interest. This loan is forgiven at a rate of 20% per year each year that you stay in the home, and fully forgiven after year 5. See eligibility requirements below.
The $15,000 down payment assistance for first-time home buyers is funded through the U.S. Department of the Treasury’s Hardest Hit Fund®. The five counties were selected based on a defined set of distressed housing market indicators and other criteria approved in cooperation with the U.S. Department of the Treasury.
Both of these DPA programs are forgiven over time, meaning the aid is a form of grant, provided that you live in the home for a certain period of years.
More North Carolina Down Payment Assistance
In addition to the above down payment assistance programs, you should also check to see if there are local programs offered in North Carolina that provide additional help which can be applied toward your down payment.