Purchasing your first home is a major milestone, and it’s completely normal to feel stressed or overwhelmed. If you’re looking to purchase a home in North Carolina, there’s an upside.
North Carolina first-time homebuyers and repeat buyers have plenty of homebuyer assistance programs and educational support readily available. Here are just a few of the various programs that can provide financial help with your down payment and (sometimes) closing costs.
North Carolina homebuyer assistance programs
- City of Concord HOME program: Down payment assistance is available to first-time homebuyers in the city of Concord. First-time homebuyers can receive up to $7,500 in down payment and closing cost assistance. This program is a second mortgage in the form of a 5-year forgivable loan.
- Greensboro Homebuyer Down Payment Assistance: Housing Connect GSO’s homebuyer down payment and closing cost assistance program assists first-time homebuyers purchasing homes within Greensboro city limits. Eligible first-time homebuyers can receive up to $10,000 in down payment assistance and closing costs as a 5-year, forgivable loan at 0% interest. If you purchase a home in one of Greensboro’s redevelopment areas, an additional $5,000 is available for down payment assistance and the first-time homebuyer requirement is waived.
- House Charlotte program: The House Charlotte program is a down payment assistance program for homebuyers looking to purchase a home within the city of Charlotte or in a designated Neighborhood Profile Area (NPA). Eligible first-time homebuyers can qualify for up to $10,000 in assistance in the form of a forgivable loan.
- NCHFA Home Advantage Mortgage™: First-time homebuyers and move-up buyers can receive a fixed-rate mortgage with down payment assistance up to 5% of the loan amount.
- NCHFA NC 1st Home Advantage Down Payment: First-time homebuyers and military veterans who qualify for an NC Home Advantage Mortgage may be eligible to receive up to $8,000 in down payment assistance. This down payment assistance program comes in the form of a 0% interest deferred-payment second mortgage, which is completely forgiven after 15 years.
- NCHFA NC Home Advantage Tax Credit: Eligible first-time homebuyers and military veterans can save up to $2,000 a year on their federal taxes with a Mortgage Credit Certificate (MCC).
- NCHFA Community Partners Loan Pool: The Community Partners Loan Pool (CPLP) provides qualified homebuyers with down payment assistance up to 25% of the sales price (not to exceed $50,000) when combined with an NC HomeAdvantage Mortgage or up to 10% of the purchase price when combined with a USDA 502 Direct loan. This down payment assistance program comes in the form of a 0% interest, deferred second mortgage.
- Raleigh Homebuyer Assistance program: First-time homebuyers earning no more than 80% of the area median income can qualify for maximum assistance up to $30,000 when purchasing a single-family home within Raleigh city limits. With the Enhanced Homebuyer Assistance program, first-time homebuyers can receive up to $60,000 if purchasing a home within targeted geographic areas in Raleigh.
- The City of Winston-Salem Homebuyer Assistance program: Working in tandem with Winston-Salem’s goal of providing affordable housing to its citizens, first-time homebuyers with income less than 80% of the area median can receive maximum assistance up to $14,800 or 20% of the purchase price, whichever is lower. The financial assistance program comes in the form of a second mortgage, forgivable after 10 years.
- Within Reach program: Down payment assistance up to 6% of the note amount is available to eligible homebuyers with FHA loan types only. The home loan program comes in the form of a second, forgivable mortgage with a 0% interest rate and a 5-year term.
These are just some of the homebuyer assistance programs available to first-time homebuyers and repeat buyers in North Carolina. In addition to our selection, the U.S. Department of Housing and Urban Development (HUD) provides additional statewide, regional, and local resources that can help you achieve your homeownership dreams.
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