North Carolina Down Payment Assistance Programs

Buying a home is a dream for many, but for first-time buyers, scraping together enough for a down payment can feel like scaling a mountain. If you’re hoping to buy a home in North Carolina, there’s good news—there are several down payment assistance programs designed to help you unlock the door to homeownership.

Why Down Payment Assistance Matters

Let’s face it: saving up thousands of dollars while juggling rent, bills, and daily expenses isn’t easy. Down payment assistance programs can bridge the gap, making homeownership possible sooner than you might think. These programs are especially valuable for first-time buyers, but some options are open to repeat buyers as well.

Popular North Carolina Down Payment Assistance Programs

• NC Home Advantage Mortgage™: This program offers up to 3% of the loan amount as down payment assistance, which can be paired with a 30-year fixed-rate mortgage. It’s available to both first-time and move-up buyers who meet income and credit requirements.
• NC 1st Home Advantage Down Payment: Tailored for first-time buyers (or those who haven’t owned a home in the past three years), this program provides up to $15,000 in down payment help. It can be a game-changer for buyers with modest savings.
• Community Partners Loan Pool (CPLP): This program works alongside the NC Home Advantage Mortgage, offering up to $50,000 in down payment assistance for eligible buyers, particularly those with lower incomes or in targeted areas.
• Local Programs: Many cities and counties—like Charlotte, Raleigh, and Durham—offer their own assistance programs. These can include grants, deferred loans, or forgivable loans, so it’s worth checking with your local housing authority.

Who Qualifies?

Eligibility varies by program, but most require:

• A minimum credit score (often around 640)
• Meeting income limits based on household size and location
• Completion of a homebuyer education course
• Using the home as your primary residence

How to Get Started

Ready to explore your options? Here are the steps to take:

• Research programs that fit your needs and location
• Connect with a participating lender or housing counselor
• Gather your financial documents
• Complete any required education or counseling

Final Thoughts

Don’t let the down payment hurdle stop you from becoming a homeowner. With the right assistance, your North Carolina dream home may be closer than you think. Explore your options, ask questions, and take that first step toward unlocking your front door!