$15K Down Payment Assistance for NC First-Time Buyers
First Time Homebuyer Programs
Buying your first home can be a daunting task, but with the right tools and resources, it can be a dream come true. One of the most significant obstacles for first-time homebuyers is coming up with the down payment. Fortunately, there are various programs available to help make homeownership a reality.
If you’re a first-time homebuyer or military veteran and qualify for an NC Home Advantage Mortgage™, you may be eligible for $15,000 in down payment assistance with the NC 1st Home Advantage Down Payment. This program offers a 0%, deferred second mortgage that you don’t need to repay unless you sell, refinance, or move out of the home within the first 15 years. The loan is also forgiven 20% per year at the end of years 11–15, with complete forgiveness at the end of year 15. To be eligible, your income and home sales price must not exceed certain limits, and you must have a credit score of 640 or higher.
But what if you’re not a first-time homebuyer or military veteran? Don’t worry; the NC Home Advantage Mortgage™ can still give you a boost with down payment assistance up to 3% of the loan amount. This program can be structured as an FHA, VA, USDA, or conventional loan and offers down payment help in the form of a 0%, deferred second mortgage. The same forgiveness terms apply as with the NC 1st Home Advantage Down Payment.
Why Choose Alpha Mortgage?
Alpha Mortgage is the lender of choice for those looking to take advantage of these programs. As a leader in the mortgage industry, Alpha Mortgage has helped countless first-time homebuyers achieve their dreams of homeownership. With over 35 years of experience, their team of experts is dedicated to providing personalized service and finding the right financing options to fit your unique needs.
To qualify for these programs, your credit score must be 640 or higher (660 if purchasing a manufactured home), and you must be a legal resident of the United States. Additionally, you must occupy the home as your principal residence within 60 days of closing and be buying a home in North Carolina.
Other Programs For Homebuyers In North Carolina
In addition to the down payment assistance programs, the NC Home Advantage Mortgage™ also offers a tax credit that could save you up to $2,000 a year on your federal taxes with a Mortgage Credit Certificate (MCC). This benefit can be combined with the NC Home Advantage Mortgage™ but not with the NC 1st Home Advantage Down Payment.
In conclusion, buying your first home is an exciting and rewarding experience, and with the help of the NC Home Advantage Mortgage™ and Alpha Mortgage, it’s easier than ever. Whether you’re a first-time homebuyer or looking to move up to your next home, these programs can provide the boost you need to make homeownership a reality.
There are several programs available for first-time homebuyers, such as:
- FHA Loans: Insured by the Federal Housing Administration, these loans offer lower down payment requirements and more flexible credit score guidelines.
- VA Loans: Available to eligible veterans and active-duty military members, VA loans offer zero down payment requirements and competitive interest rates.
- USDA Loans: These loans are available to low-to-moderate income homebuyers in eligible rural areas and offer zero down payment options.
- Good Neighbor Next Door Program: This program provides eligible teachers, law enforcement officers, and other public servants with a 50% discount on the list price of a home in designated revitalization areas.
- State-specific programs: Many states offer their own programs for first-time homebuyers, such as down payment assistance and tax credits.
It’s important to research and compare different programs to determine which one is the best fit for your financial situation and homeownership goals.