If you’re in the market for a home in North Carolina, you’ll be glad to know that the state offers a range of homebuyer assistance programs tailored to first-time homebuyers and repeat buyers. Here are some of the top local and national programs that can provide financial support toward your down payment and closing costs.
North Carolina homebuyer assistance programs
There are numerous homebuyer assistance programs available to both first-time homebuyers and repeat buyers in North Carolina.
City of Concord HOME program
First-time homebuyers in Concord, NC can access up to $7,500 in down payment and closing cost assistance through the CDBG & HOME Programs. This program offers a unique opportunity in the form of a 5-year forgivable loan.
Greensboro’s Homebuyer Down Payment Assistance
Eligible first-time homebuyers in Greensboro, NC can receive up to $10,000 in down payment assistance and closing costs through a 5-year forgivable loan. If you invest in one of Greensboro’s redevelopment areas, an extra $5,000 is available, and the first-time homebuyer requirement is waived.
House Charlotte Program
The House Charlotte program is a down payment assistance program for homebuyers within the city of Charlotte or a designated Neighborhood Profile Area (NPA). First-time homebuyers can qualify for up to $10,000 in assistance through this forgivable loan program.
NCHFA Home Advantage Mortgage
First-time homebuyers and move-up buyers in North Carolina can receive a fixed-rate mortgage with down payment assistance of up to 5% of the loan amount with the NC Home Advantage Mortgage.
NCHFA NC 1st Home Advantage down payment
Veterans and first-time homebuyers eligible for an NC Home Advantage Mortgage have the opportunity to receive up to $8,000 in down payment assistance. This assistance program comes in the form of a 0% interest deferred-payment second mortgage, completely forgiven after 15 years.
NCHFA NC home advantage tax credit
First-time homebuyers and military veterans can unlock annual savings of up to $2,000 on their federal taxes through the Mortgage Credit Certificate (MCC) offered by the NCHFA.
NCHFA community partners loan pool
The Community Partners Loan Pool (CPLP) provides down payment assistance of up to 25% of the sales price (not exceeding $50,000) when combined with an NC Home Advantage Mortgage. If you opt for a USDA 502 Direct loan, you can still receive up to 10% of the purchase price. This assistance comes as a 0% interest, deferred second mortgage.
NCHFA self-help loan pool
Through the Self-Help Loan Pool (SHLP) program, eligible borrowers can receive up to $50,000 in shared mortgage financing to purchase a home built or rehabilitated by a participating Habitat for Humanity affiliate.
Raleigh homebuyer assistance program
First-time homebuyers with incomes not exceeding 80% of the area median income can secure maximum assistance of up to $30,000 when purchasing a single-family home within Raleigh city limits. The Enhanced Homebuyer Assistance program goes even further, offering up to $60,000 in support for those buying homes within targeted areas in Raleigh.
The City of Winston-Salem Homebuyer Assistance Program
First-time homebuyers in Winston-Salem, NC with incomes less than 80% of the area median can receive assistance of up to $14,800 or 20% of the purchase price, whichever is lower. This financial assistance program takes the form of a second mortgage, forgivable after 10 years.
within reach program
The Within Reach program offers down payment assistance of up to 6% of the note amount to eligible FHA homebuyers. This home loan program provides a second, forgivable mortgage with a 0% interest rate and a 5-year term.
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National first-time home buyer programs
In addition to down payment and closing costs assistance programs, there are also various national programs that offer low down payment options for first-time homebuyers and repeat buyers across the country.
VA loans are a top choice for active-duty service members, veterans, and eligible surviving spouses, offering 100% financing, no down payment requirement, no private mortgage insurance requirement, low interest rates, and minimal closing costs.
USDA loans provide 100% financing for low-income buyers in rural areas, with no down payment required. To qualify, your income must be equal to or below 115% of the local median income.
conventional 97 loans
Conventional 97 loans are available to first-time homebuyers and require only a 3% down payment and a credit score of 620. They offer flexible underwriting, higher loan limits, and reduced mortgage insurance costs compared to FHA loans.
HomeReady and Home Possible Mortgages
HomeReady and Home Possible mortgages, designed for lower-income borrowers, feature a 3% down payment requirement. They provide access to low-down-payment mortgages with the benefits of conventional loans, including cancelable mortgage insurance.
FHA loans are popular for their lenient credit score requirements and accessibility to buyers with various income levels. They offer a 3.5% down payment option for those with a credit score of 580 or higher. Borrowers with a score between 500 and 579 can still qualify with a 10% down payment.
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