NC Residence Advantage Mortgage. Advance Payment Assistance

First-Time and Move-Up Home Buyers

Buying house could be overwhelming and complicated. It’s our objective making it simpler by providing affordable home loan choices and linking 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 % of this loan quantity. The Agency 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 most of our advance payment options is necessary only when you sell, 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 additional bonus, if you’re a first-time customer or even a military veteran, you might also meet the requirements to mix the NC Residence Advantager Mortgage™ utilizing the NC Residence Advantage Tax Credit which may conserve you as much as $2,000 each year on your own federal fees in the event that you apply as they are authorized for the Mortgage Credit certification by the NC Housing Finance Agency ahead of your house purchase. (This may not be combined with NC 1 st Residence Advantage advance payment. )

You can expect the products through participating loan providers statewide.

Would you like to find out more first? Watch the video below about how exactly the NC Residence Advantage Mortgage™ could be your mortgage that is perfect match. Then start to see the eligibility needs with this web page to see in the event that you might qualify and also to discover ways to get going.

Recent News

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Am I Qualified?

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

  • You might be purchasing a true house in vermont.
  • You occupy your home as your major residence within 60 times of closing.
  • Your income that is annual does go beyond $89,500.
  • Your credit rating is 640 or more.
  • You’re obtaining an FHA, USDA, VA or loan that is conventional a participating lender and meet up with the product product sales cost limitations regarding the loan kind.
  • You might be a appropriate resident of this united states of america.

What Qualities meet the criteria?

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

Get Going

If you should be qualified to receive the NC Residence Advantage Mortgage™, install our house customer certification to just just take to a participating loan provider!

Prepared when it comes to next thing? Browse our selection of participating loan providers discover one towards you!

Forms & Resources

Residence funds joy loans fees Purchasers

Current Property Owners


Home Ownership Partnership

Rental Housing Partners

Vermont Housing Finance Agency

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