How to Qualify for a Loan as a First-Time Home Buyer

Couple holding up their house keys making a heart shape with their fingers

June is National Home Ownership Month, which means we’re here to promote our ongoing commitment to helping North Carolinians obtain affordable access to home ownership. Fun fact: We have helped 133,420 North Carolina citizens purchase a home with our financing options! Learn today how you can qualify for a loan as a first-time home buyer, so you can be a part of that number in 2023. 

Check Your Credit Score
Our NC Home Advantage Mortgage™ offers down payment assistance up to 3% of the loan amount and requires a credit score of 640 or higher to qualify. Credit scores are determined by formulas that show how you repay debt over time, which helps lenders determine your eligibility for loans. To learn more about credit scores, check out our 101 blog.

Meet Income and Sales Price Limits
First-time home buyers and military veterans may be eligible for $15,000 in down payment assistance through our NC 1st Home Advantage Down Payment by meeting certain income and sales price limits. Select your county on our Income Limits webpage to see what those limits are. For example, in Durham County the sales price limit is $385,000 and the income limit is $95,000. 

Talk to a Lender
Only an Agency participating lender can determine if you qualify for our financing options. They will talk you through the process, help you decide how much home you can afford and discuss what interest rate is available to you. Find a participating lender near you to start the first step in your home buying process. 

If you are interested in buying a home but your income is below 80% of your county’s area median income then you may be eligible to receive home buyer assistance from our Community Partners Loan Pool (CPLP) or Self-Help Loan Pool (SHLP) programs. Check out our Community Home Buying Programs webpage to learn more about these programs and to reach out to a CPLP or SHLP member to see if you qualify.

We are dedicated to helping North Carolinians become homeowners all year round. We hope this Home Ownership Month sparks the light inside you to start your home buying journey. After all, it’s more than just a home, it’s your home.