The NC Home Advantage Mortgage
The NC Home Advantage Mortgage™ provides eligible home buyers with down payment assistance up to 5 percent of the loan amount, competitive interest rates and up to 100 percent financing on FHA, USDA and VA loans. They also offer 3 percent down payment assistance on conventional 97 percent LTV loans.
Buyer Eligibility
To be eligible for the NC Home Advantage Mortgage™, your buyers must:
- Purchase a home in North Carolina.
- Occupy the home as their principal residence within 60 days of closing.
- Have an income not exceeding $92,000.
- Have a credit score of 640 or higher.
- Be a legal resident of the United States.
Property Eligibility
The NC Home Advantage Mortgage™ can be used to purchase:
- Single-family homes.
- Townhouses.
- Condominiums.
- Duplexes (FHA loans only).
- New manufactured homes (for buyers with 660 credit scores who use FHA, VA or USDA mortgages).
NC 1st Home Advantage Down Payment
The NC 1st Home Advantage Down Payment provides eligible first-time home buyers and military veterans with $8,000 in down payment assistance. This down payment help is a 0 percent, deferred second mortgage, which is forgiven 20 percent per year at the end of years 11-15, with complete forgiveness at the end of year 15. These loans are funded through the sale of tax-exempt mortgage revenue bonds.
Using this down payment assistance, your customers may be eligible for up to 100 percent financing on FHA, USDA, VA and conventional loans. Our mortgage products are offered through participating lenders statewide.
Buyer Eligibility
- Be a first-time buyer buyers (not have owned a home as their principal residence in the past three years) or a military veteran or be buying homes in targeted census tracts.
- Meet income and sales price limits.
- Purchase a home in North Carolina.
- Be using an NC Home Advantage Mortgage™.
- Have a credit score of 640 or higher.
- Occupy the home as their principal residence within 60 days of closing.
- Be a legal resident of the United States.
What Properties are Eligible?
- Single-family homes.
- Townhouses.
- Condominiums.
- New manufactured homes (660 credit score required).
