A home is much more than four walls and a roof—it’s a place to put down roots, make memories, build generational wealth and much more. June is National Home Ownership Month, but with rising home costs, increasing interest rates and low inventory plaguing the housing market, many buyers may not see a home purchase in their future. Not so fast! Even though the housing market may be hotter than ever, now may still be the perfect time to buy your first home. If you’ve been dreaming about home ownership, the NC Housing Finance Agency has resources that can help make your dreams affordable.
Get Down Payment Assistance with the NC Home Advantage Mortgage™
If you are a first-time or move-up buyer looking for down payment assistance, the NC Home Advantage Mortgage™ might be right for you. To help more buyers access this product, the household income limits for the NC Home Advantage Mortgage™ have increased to $126,000. This product offers fixed-rate, 30-year mortgages along with forgivable down payment assistance up to 5% of the loan amount. That means that if you need help with all of your down payment, the NC Home Advantage Mortgage™ might be able to help you secure your dream home.
NC 1st Home Advantage Down Payment Can Provide an Even Bigger Boost
First-time home buyers and military veterans may be eligible for an even bigger boost with the NC 1st Home Advantage Down Payment, which provides $8,000 in down payment assistance for qualified buyers. If you meet the income and sales price requirements as well as certain other criteria, you may be eligible for substantial help reaching your down payment goals.
Make Tax Time Easier with the NC Home Advantage Tax Credit
If you are a first-time home buyer or a military veteran, you may be eligible for the NC Home Advantage Tax Credit. This tax credit is structured as a mortgage credit certificate, which allows buyers to save up to $2,000 per year on their federal taxes for the life of their mortgage loan. Money saved on your taxes each year can free up funds to more easily afford your mortgage, putting home ownership within reach for many North Carolinians. To get the tax savings of this product, you must be approved for a mortgage credit certificate before you close on your home. This assistance can be combined with the NC Home Advantage Mortgage™ but not the NC 1st Home Advantage Down Payment.
Buying Help Might be Right in Your Own Backyard
Some homeowners may also be eligible for home buying help through nonprofit organizations and government agencies that use our funding to help make home ownership affordable in their communities. Member organizations of the Community Partners Loan Pool offer home buyers second mortgages up to 25% of the sales price of a home when used with the NC Home Advantage Mortgage™ or a USDA Section 502 loan. Learn more and find out if you may be eligible.
Are You Ready to Get Started?
If you think you’re ready to get going on your home buying journey, the NC Housing Finance Agency has more than just a mortgage, it has the resources, know-how and home buying partner network to help you reach your dreams. To learn more about home buying and how you can achieve your goals of home ownership, check out our weekly vlogs focused on important topics like down payment, credit and more. [vlog link]
Learn more about all the ways the NC Housing Finance Agency can help make home ownership happen for you at NCHomeAdvantage.com.