As a North Carolina first time home buyer, it’s important to know that there are several programs available to assist with the financial aspects of purchasing a home. These programs offer affordable mortgage options, down payment assistance, and tax credits to eligible individuals.

One such program is the NC Home Advantage Mortgage™. This program provides competitive, fixed-rate mortgages with down payment assistance up to 5% of the loan amount. It’s available to both first-time and move-up buyers who meet certain income and purchase price limits. Additionally, the program offers a Mortgage Credit Certificate (MCC), which allows borrowers to claim a federal tax credit of up to 30% of the interest paid on their mortgage each year.

For North Carolina first-time home buyers who may not have a large down payment or a high credit score, FHA loans are a popular option. These loans, offered by the Federal Housing Administration, have lower down payment requirements and more flexible credit standards than conventional loans. FHA loans require a minimum down payment of 3.5% and are available to borrowers with a credit score of at least 580.

VA loans are another option for North Carolina first-time home buyers who are eligible veterans, active-duty service members, or surviving spouses. These loans offer no down payment and no mortgage insurance, as well as more flexible credit requirements and lower interest rates than conventional loans.

Lastly, the United States Department of Agriculture offers loans with no down payment to eligible low- and moderate-income borrowers in rural areas through the USDA Loan program. These loans have more flexible credit requirements and competitive interest rates.

In summary, North Carolina first time home buyers have several programs available to them that offer affordable mortgage options, down payment assistance, and tax credits. If you’re considering buying a home in North Carolina, explore these programs to see if you qualify and take advantage of the resources available to you.

 

As a North Carolina first-time home buyer, it’s important to know that there are several programs available to assist with the financial aspects of purchasing a home. These programs offer affordable mortgage options, down payment assistance, and tax credits to eligible individuals.

 

Another program available to North Carolina first-time home buyers is the NC 1st Home Advantage Down Payment. This program provides $8,000 in down payment assistance to eligible first-time homebuyers in the form of a 0% interest, deferred second mortgage, which is forgiven after 15 years of occupancy. To qualify for this program, borrowers must meet income and purchase price limits and complete a homebuyer education course.

The NC Home Advantage Tax Credit is another program that eligible first-time homebuyers in North Carolina can take advantage of. This program allows borrowers to claim a tax credit of up to $2,000 per year for the life of their mortgage. The credit can be used to offset federal income taxes, and any unused credit can be carried forward for up to three years. To qualify, borrowers must have a qualifying income and purchase price, and the home must be their primary residence.

For North Carolina first-time home buyers who may not have a large down payment or a high credit score, FHA loans are a popular option. These loans, offered by the Federal Housing Administration, have lower down payment requirements and more flexible credit standards than conventional loans. FHA loans require a minimum down payment of 3.5% and are available to borrowers with a credit score of at least 580.

VA loans are another option for North Carolina first-time home buyers who are eligible veterans, active-duty service members, or surviving spouses. These loans offer no down payment and no mortgage insurance, as well as more flexible credit requirements and lower interest rates than conventional loans.

Lastly, the United States Department of Agriculture offers loans with no down payment to eligible low- and moderate-income borrowers in rural areas through the USDA Loan program. These loans have more flexible credit requirements and competitive interest rates.

In summary, North Carolina first-time home buyers have several programs available to them that offer affordable mortgage options, down payment assistance, and tax credits. If you’re considering buying a home in North Carolina, explore these programs to see if you qualify and take advantage of the resources available to you.