Unlock Your Dream Home with NC 1st Home Advantage Down Payment Program

If you're a first-time homebuyer or a military veteran in North Carolina, you may be eligible for $15,000 in down payment assistance! The NC 1st Home Advantage Down Payment program is designed to help you turn your dream of homeownership into a reality. Purchasing your first home is an exciting milestone, and this program can provide the financial assistance you need to make it happen.

What is the NC 1st Home Advantage Down Payment Program?

The NC 1st Home Advantage Down Payment program is an initiative by the North Carolina Housing Finance Agency (NCHFA) aimed at making homeownership more accessible and affordable for first-time buyers. It offers a down payment assistance $15,000 on single family homes, townhouses, condominiums, duplexes or new manufactured homes.

Another great part of this program, the down payment assistance is a forgiveable loan.  It is treated as a deferred second mortgage with 0% interest.  Then at the end of years 11-15, 20% of the loan is forgiven each year with complete forgiveness at the end of year 15.

How Does It Work?

Here's a guide to how the program works:

• Eligibility Check: Ensure you meet the program's eligibility criteria
  • You are a first time homebuyer or have not owned a principal residence in the last 3 years
  • Military Veteran
  • Purchasing a home in a targeted area
  • Income and home sales price do not exceed certain limits
  • Credit score is 640 or higher
  • Purchasing a home in North Carolina
  • You will occupy the home as your principle residence within 60 days of closing
  • Legal resident of the United States
  • Apply for a FHA, VA, USDA or conventional loan and meet the sales price limit of the loan type
• Find a Participating Lender: Work with a participating lender who can guide you through the application process and help you secure a mortgage loan.
• Income Limits Vary: Depends on the county and family size
• Apply for the Grant: With your lender's assistance, apply for the NC 1st Home Advantage Down Payment grant. If approved, this grant will provide financial assistance towards your down payment.
• Close on Your Home: Once your application is approved, you can move forward with closing on your new home, with the grant applied to reduce your upfront costs.

This program is a fantastic opportunity for first-time homebuyers and veterans to overcome the initial financial hurdle of a down payment, making homeownership more accessible. As an experienced REALTOR®, I'm here to assist you every step of the way. I'll be happy to guide you in the right direction to find a lender, get qualified for the assistance, and make your dream of owning a home a reality. Don't hesitate to reach out for expert advice and support on your homeownership journey.

Let me be your trusted partner to guide you through the real estate market in the most efficient and stress-free manner possible. With careful research and guidance, you can make confident decisions and find your ideal home, land, or investment property in the Piedmont Triad Area of North Carolina. For more information and personalized assistance, please don't hesitate to contact me.

As a licensed and experienced REALTOR® in the Piedmont Triad Area of NC with both the Accredited Buyer's Representative (ABR) and Seller Representative Specialist (SRS) designations from the National Association of REALTORS®, I bring a wealth of knowledge and expertise to assist you in your home buying or selling process. Whether you are buying or selling, you can rely on my professionalism and commitment to deliver exceptional service and results. I look forward to the opportunity to work with you.

Click to Download my First Time Homebuyer's Guide

(336) 688-3100

TeresaDavisHomes@gmail.com

TeresaDavisHomes.com