NCHFA NC 1st Home Advantage Down Payment Assistance is available up to $15,000

As of April 1, 2023, the NC 1st Home Advantage Down Payment has increased from $8,000 to $15,000 for qualified home buyers.

Details on the program through NCHFA:

• You are purchasing a home in North Carolina.

• You occupy the home as your principal residence within 60 days of closing.

• Your annual income doesn’t exceed $158,000. Maximum is $132,000 for 1-2 people in household and $158,000 for 3+ in Wake County. Here is the income lookup tool.

• Sales price limit (and loan amount limit) is $525,000.

• Your credit score is 640 or higher.

• Maximum debt to income ratio is at or under 45%

• You are a legal resident of the United States.

• You are a first-time home buyer or military veteran. A first-time homebuyer is considered someone who hasn’t owned a home in the last three years.

• The 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.

• Interest rates are posted daily here

Have more questions or want to get pre-approved? Click this link to get Pre-Approved!