NC 1st Home Advantage Down Payment
Funding status: Active
How much assistance
$15,000 (Forgivable Loan)
0% interest deferred second mortgage. Forgiven at 20% per year at end of years 11-15. Fully forgiven after year 15. Repayment of unforgiven balance required if sold, refinanced, or transferred before year 15.
Eligibility
- Income limits: $152,000 annual household income (must be used with NC Home Advantage Mortgage)
- Purchase price limit: $495,000
- First-time buyer required: Yes — Have not owned a home as principal residence in the past 3 years. Military veterans and buyers in targeted census tracts also eligible regardless of ownership history.
- Credit score minimum: 640
- Geographic restrictions: Must purchase in North Carolina; must use NC Home Advantage Mortgage; must occupy as principal residence within 60 days
- Homebuyer education required: No
Notes
Must be combined with NC Home Advantage Mortgage. Can be layered with Community Partners Loan Pool (CPLP). Cannot be combined with NC Home Advantage Tax Credit (now terminated). 660 credit score for manufactured homes. Eligible loan types: FHA, VA, USDA, Conventional through NC Home Advantage Mortgage.