NC 1st Home Advantage Down Payment

The NC 1st Home Advantage Down Payment provides eligible first-time home buyers and military veterans with $15,000 in down payment help. Similar to the other down payment assistance options available with the NC Home Advantage Mortgage™, this down payment help is a 0%, deferred second mortgage, which is forgiven 20% 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% financing on FHA, USDA, VA and conventional loans, reducing the amount of money your buyer has to bring to the table. Our mortgage products are offered through participating lenders statewide.

Buyer Eligibility

To be eligible for the NC 1st Home Advantage Down Payment, your buyer must:

  • Be a first-time buyer (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).

Get started

    1. If you’d like to provide your clients with more information on the NC Home Advantage Mortgage™ and its down payment assistance options, including the NC 1st Home Advantage Down Payment, we have materials to help explain it.

      Download Program Guide

    2. Want to be a Preferred Real Estate Agent with our Agency? Attend a training class on our mortgage products, earn CE toward your license and get listed on our website.

      Find a Training Class

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North Carolina Housing Finance Agency / 3508 Bush Street / Raleigh, NC 27609 / 919-877-5700

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