NC Residence Advantage Mortgage. Advance Payment Assistance

First-Time and Move-Up Home Purchasers

Investing in a true house could be overwhelming and complicated. It really is our objective making it simpler by providing mortgage that is affordable and connecting you with experienced real estate partners.

Deposit Assistance

Both for first-time and move-up house purchasers, our NC Residence Advantage Mortgage™ provides qualified individuals with stable, fixed-rate mortgages and advance payment support up to 5 per cent of this loan quantity. The Agency now offers an $8,000 advance payment assistance option—the NC 1 st Residence Advantage Down Payment—just for first-time purchasers and veterans that are military meet extra eligibility requirements.

Payment of all of the of y our deposit options is necessary only when you offer, refinance or transfer your property before 15—the down payment assistance is forgiven at 20 percent per year at the end of years 11-15, with complete forgiveness at the end of year 15 year.

As an extra bonus, up to $2,000 per year on your federal taxes if you apply and are approved for a Mortgage Credit Certificate by the NC Housing Finance Agency prior to your home purchase if you are a first-time buyer or a military veteran, you may also be eligible to combine the NC Home Advantager Mortgage™ with the NC Home Advantage Tax Credit which could save you. (This is not combined with NC 1 st Residence Advantage advance payment. )

You can expect these items through participating loan providers statewide.

Would you like to discover more very very very first? View the video below on how the NC Residence Advantage Mortgage™ could be your mortgage that is perfect match. Then look at eligibility demands with this page to see in the event that you may qualify and also to learn to get going.

Recent News

Mocksville Pointe Has Secure, Low-cost Homes for Working Families

North Carolinians With Special Housing Requirements Gain More Choices

Am I Qualified?

You may qualify for an NC Residence Advantage Mortgage™ if:

  • You will be buying a true house in vermont.
  • You occupy your home as your principal residence within 60 times of closing.
  • Your income that is annual does go beyond $89,500.
  • Your credit rating is 640 or more.
  • You may be trying to get an FHA, USDA, VA or loan that is conventional a participating loan provider and meet with the product product product sales cost limitations regarding the loan type.
  • You’re a resident that is legal of united states of america.

What Characteristics meet the criteria?

  • Single-family domiciles.
  • Townhouses.
  • Condominiums.
  • Duplexes.
  • New produced domiciles (660 credit history needed).

Get Going

If you’re entitled to the NC Residence Advantage Mortgage™, install our house customer certification to simply just take to a participating loan provider!

Prepared for the step that is next? Browse our listing of participating loan providers to get one towards you!

Forms & Resources

Residence Purchasers

Current Property Owners


Home Ownership Partnership

Rental Housing Partners

New York Housing Finance Agency

Disclaimer (please scroll and read, then proceed below)

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