While a transformed world might have put your possibilities on hold, home has never been more important. It's okay to keep dreaming of the possibilities a home can afford you. The NC Housing Finance Agency offers many resources to help you get ready for when the time is right.
NC Home Advantage Mortgage™
The NC Home Advantage Mortgage™ offers stable, fixed-rate, 30-year mortgages with down payment assistance of up to 5% of the loan amount. This affordable mortgage product is available for first-time and move-up buyers who earn up to $89,500 statewide. Down payment assistance is forgiven at a rate of 20% per year starting at the end of year 11 and considered fully forgiven at the end of 15 years.
NC 1st Home Advantage Down Payment
To help first-time buyers and military veterans in North Carolina purchase homes they can afford, the NC 1st Home Advantage Down Payment provides $8,000 in down payment assistance. First-time buyers are buyers who have not owned a home in the past three years. The NC 1st Home Advantage Down Payment is also a forgivable loan that is fully forgiven after year 15. To qualify, you must be eligible for the NC Home Advantage Mortgage™.
NC Home Advantage Tax Credit
First-time home buyers and military veterans are also eligible for the NC Home Advantage Tax Credit, a Mortgage Credit Certificate administered by the NC Housing Finance Agency that can save buyers up to $2,000 per year on federal taxes when approved before closing on the home with a purchase price less than $275,000 By reducing a buyer’s taxable income for the life of the loan, the NC Home Advantage Tax Credit frees up more money for buyers to put toward their mortgage.
When You’re Ready, We’ll Be Here for You
While now might not be the right time for you to buy a home, when you’re ready the NC Housing Finance Agency is here to support you. The Agency has lenders, real estate agents, local governments and nonprofit organizations across the state to make home ownership attainable. Our statewide home buying partners are trained in the ins and outs of Agency products and can guide you through the process. To get connected to a lender in your area, call our office at 1-800-393-0988 and ask to speak to someone in the Home Ownership department.