The North Carolina Housing Finance Agency (NCHFA) loan program offers grants and options that can often help first-time and low-income borrowers purchase a home. Only approved lenders and loan officers may offer this option. Options offered through the NCHFA loan program include the NC Home Advantage Mortgage which provides down payment assistance up to 5 percent for qualified borrowers. The NC Home Advantage Tax Credit is available to increase the federal tax credit that a borrower can receive with a first-time home purchase. These loan programs are excellent options for buyers who need help with down payment and/or closing cost assistance.
First-time buyers (those who have not owned a home as their principal residence in the past three years) and military veterans may be eligible for other products as well. The NC 1st Home Advantage Down Payment offers $8,000 in down payment help that may provide a better boost for new buyers than the other down payment options available with the NC Home Advantage Mortgage™. Or, these buyers may qualify for the NC Home Advantage Tax Credit, which can save them up to $2,000 a year on their federal tax liability with a Mortgage Credit Certificate.