The NC 1^st Home Advantage Down Payment provides eligible first-time home buyers and military veterans with $8,000 in downpayment help. Similar to the other downpayment assistance options available with the NC Home Advantage Mortgage™, this 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. These loans are funded through the sale of tax-exempt mortgage revenue bonds.

Using this downpayment assistance, we can offer our customers up to 100% financing on FHA, USDA, VA and conventional loans, reducing the amount of money you have to bring to the table. NCHFA mortgage products are offered through participating lenders statewide.

Buyer Eligibility:

To be eligible for the NC 1^st Home Advantage Down Payment, you must:

• Be a first-time buyer (not have owned a home as their principal residence in the past three years) or a military veteran or be buying homes in targeted census tracts
• Meet income and sales price limits
• Purchase a home in North Carolina
• Be using an NC Home Advantage Mortgage™
• Have a credit score of 640 or higher
• Occupy the home as their principal residence within 60 days of closing
• Be a permanent legal resident of the United States

What Properties are Eligible?

• Single-family homes
• Townhouses
• Condominiums
• New manufactured homes (660 credit score required)