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There are several programs specifically designed for first-time homebuyers in North Carolina. Let’s take a closer look at three of these programs — and how to qualify.
The NC Home Advantage Mortgage program provides eligible applicants with $8,000 in down payment assistance through the NC 1st Home Advantage Down Payment.
This assistance is provided as a 0% deferred second mortgage. Once you reach years 11 to 15 of the second mortgage, 20% will be forgiven at the end of each year each year.
Eligible applicants include:
Eligible applicants must:
Both first-time and “move-up” (those selling their home and looking to buy another) homebuyers can qualify for the NC Home Advantage Mortgage program, which provides fixed-rate mortgages and down payment assistance of up to 5%.
Borrowers do not have to repay this down payment assistance unless they sell, refinance or transfer their home before owning the home for 15 years. As with the NC 1st Home Advantage Down Payment, 20% of the down payment is forgiven each year between years 11 and 15.
First-time and move-up homebuyers purchasing a home in North Carolina must:
The NC Home Advantage Tax Credit aids first-time buyers who haven’t owned a home as their principal residence in the past three years and military veterans.
The program allows eligible participants to save up to $2,000 a year in federal taxes through a Mortgage Credit Certificate (MCC). Those who qualify can claim a federal tax credit for 30% to 50% (for newly built homes) of the interest they pay on an existing home.
Eligible applicants include first-time homebuyers purchasing a home in North Carolina who haven’t owned a home as their principal residence in the past three years and military veterans who are buying in a targeted census tract.
Eligible applicants must:
The North Carolina Housing Finance Agency will review your application before closing.
If you’re a homeowner hoping to get more favorable mortgage rates in North Carolina, refinancing your mortgage could be appealing.
When someone refinances a mortgage, they replace their current mortgage with a new loan. Ideally, you’ll only consider this if you can replace your mortgage with a new loan with more favorable terms, such as a lower interest rate or monthly payment amount.
The goal and outcome of refinancing can vary and may include:
Identifying your refinancing goals before you start shopping for a new mortgage is key to helping you compare offers more effectively.
You can shop around for a mortgage refinance lender on a national or local level. Which lender you choose will depend on your unique situation and the offered terms.
If you want to keep things local, some lenders specialize in refinancing mortgages in North Carolina, including AlphaMortgage.