NC Residence Advantage Mortgage. Advance Payment Assistance

NC Residence Advantage Mortgage. Advance Payment Assistance

First-Time and Move-Up Home Purchasers

Buying house could be overwhelming and complicated. It’s our objective to make it easier by providing mortgage that is affordable and linking you with experienced real estate partners.

Advance Payment Assistance

For both first-time and move-up house purchasers, our NC Residence Advantage Mortgage™ provides qualified individuals with stable, fixed-rate mortgages and down payment support as much as 5 % associated with the loan amount. 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 armed forces veterans whom meet extra eligibility requirements.

Payment of all of the of our advance payment options is necessary as long as 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 additional 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 may not be with the NC 1 st Residence Advantage advance payment. )

These products are offered by us through participating loan providers statewide.

Wish to discover more very first? View the video below about how precisely the NC Residence Advantage Mortgage™ can be your perfect mortgage match. Then look at eligibility needs about this web page to see in the event that you may qualify and also to discover ways 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 might be buying a true home in new york.
  • You occupy your home as the residence that is principal within days of closing.
  • Your yearly earnings does not go beyond $89,500.
  • Your credit history is 640 or maybe more.
  • You might be obtaining an FHA, USDA, VA or loan that is conventional a participating loan provider and meet up with the product product sales cost restrictions associated with loan kind.
  • You may be a resident that is legal of usa.

What Characteristics 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 simply simply take up to a participating loan provider!

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

Forms & Resources

Residence Purchasers

Current Property Owners


Home Ownership Partnership

Rental Housing Partners

Vermont Housing Finance Agency

Disclaimer (please scroll and read, then proceed below)

All information contained from the following website pages is obtained through the Agency’s publications and records, and is thought to be accurate and dependable. Guide should really be built to the formal statement and operative documents of each and every number of bonds referred to herein for complete informative data on that issue. This information is provided “as is” without warranty of any kind and no representation or warranty, expressed or implied, is made, nor should any be inferred, as to the accuracy, timeliness, or completeness of this information because of the possibility of human and mechanical error as well as other factors. Under no circumstances shall new york Housing Finance Agency have obligation to virtually any individual or entity for (a) any loss or harm in entire or component due to, resulting from, or associated with any mistake (because of neglect or elsewhere) or other situation involved with procuring, collecting, compiling, interpreting, analyzing, modifying, transcribing, transmitting, interacting or delivering these details, or (b) any direct, indirect, unique, consequential, or incidental damages whatsoever, even though vermont Housing Finance Agency is preferred prior to the alternative of these damages, caused by the employment of, or failure to use, any information that is such. These details pertains to connect problems associated with the new york Housing Finance Agency which have been sold and distributed in underwritten general general public offerings described into the related formal statements. Each audience associated with the aforementioned information acknowledges that (i) the new york Housing Finance Agency isn’t now by this document providing any bonds or any other securities, nor soliciting an offer to get any securities, (ii) these details just isn’t become construed as any description of this new york Housing Finance Agency-such offerings are merely made pursuant to your appropriate formal statements of this new york Housing Finance Agency, (iii) the information and knowledge provided speaks only at the time of the date thereof as well as the vermont Housing Finance Agency have not in any way undertaken to upgrade such information, and (iv) no representation is manufactured regarding the propriety or legality of every additional market trading associated with bonds or any other securities for the vermont Housing Finance Agency by anybody in almost any jurisdiction. The economic condition for the new york Housing Finance Agency could have changed because the date these records had been prepared.

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