The NC 1st Home Advantage Down Payment provides eligible first-time home buyers and military veterans with $8,000 in down payment assistance. Similar to the other down payment assistance options available with the NC Home Advantage Mortgage™, 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, you can offer your customers up to 100 percent financing on FHA, USDA, VA and conventional loans. If your borrower qualifies, the NC 1st Home Advantage Down Payment will appear as an option when you make the NC Home Advantage Mortgage™ reservation through our Online Lender Services (OLS) system.