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North Carolina Housing Finance Agency - Down Payment Help

Down Payment Help


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North Carolina Housing Finance Agency

3508 Bush Street
Raleigh, NC - 27609
(800) 393-0988

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About North Carolina Housing Finance Agency

Need Down Payment Help?

If you need help with the down payment and closing costs, you may qualify for interest-free, deferred, forgivable second mortgages up to 3% of the first mortgage loan amount.

Repayment is required only if you sell, refinance or transfer the home before year 15 of the loan - the down payment assistance is forgiven at 20% per year after you live in the home for 10 years, and fully forgiven at 15 years.
Am I Eligible?

„You may be eligible for an N.C. Home Advantage Mortgage (tm) if:

you are buying a new or existing home
you are a first-time or move-up buyer
you buy a home in North Carolina and occupy it within 60 days of closing
your annual income does not exceed $85,000
you are applying for a FHA, USDA, VA or conventional loan through a Participating Lender and meet the sales price limits of the loan type
you are a legal resident of the United States, and
your credit score is 640 or higher (660 score for manufactured homes).

What Properties Are Eligible?

New and previously owned single family homes
Townhouses
Condominiums*
Duplexes*
Manufactured Homes (only new, never occupied, doublewide or greater manufactured homes on permanent foundations)*

*These property types are only available for FHA, VA and USDA loans, not conventional loans.

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