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Great Mortgage Assistance for First Time Buyers

Writer's picture: S. HoytS. Hoyt

As a first-time homebuyer in North Carolina, several mortgage programs can assist you in making homeownership more attainable:


**NC Home Advantage Mortgage™**


Offered by the North Carolina Housing Finance Agency (NCHFA), this program provides stable, fixed-rate mortgages with up to 3% down payment assistance for eligible first-time and move-up buyers.


There are many ways to make investing in your first home a reality
There are many ways to make investing in your first home a reality

**NC 1st Home Advantage Down Payment**


Specifically for first-time buyers and military veterans, this program offers $15,000 in down payment assistance. The assistance is structured as a 0%, deferred second mortgage, forgiven at 20% per year after year 11, with complete forgiveness at year 15.



**Community Home Buying Programs**


NCHFA collaborates with local nonprofits and government agencies to offer additional down payment assistance. For instance, the Community Partners Loan Pool provides up to 25% of the sales price in down payment help (maximum loan of $50,000) for eligible buyers.



**City of Raleigh Homebuyer Assistance**


For properties within Raleigh, the city's Homebuyer Assistance Programs offer zero-interest loans to help with down payment and closing costs or to bridge financing gaps. The traditional program provides up to $45,000 in assistance, while the Enhanced Homebuyer Assistance Program offers up to $60,000 for homes in targeted areas.



**Federal Programs**


National options like Fannie Mae's HomeReady and Freddie Mac's Home Possible programs offer low down payment requirements and may include additional credits toward down payments or closing costs. For example, a recent initiative provides a $2,500 credit to eligible borrowers through February 2025.


Eligibility for these programs typically depends on factors such as income limits, credit scores, and property location. Consulting with approved lenders and housing counselors can help you navigate these options and determine the best fit for your homeownership journey.

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