North Carolina First-Time Home Buyer Programs of 2019

What you need to know

First-time home buyers can get a conventional home loan with as little as 3% down if the mortgage meets requirements set by Fannie Mae and Freddie Mac. And if you put at least 20% down, you won’t have to pay mortgage insurance. Most lenders require a minimum credit score of 620 to qualify for a Read More

What you need to know

This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500 but requires a 10% down payment Read More

What you need to know

Guaranteed by the U.S. Department of Veterans Affairs, these mortgages are available to military members, veterans and surviving spouses. If you qualify, you’ll see benefits such as no minimum credit score and no down payment or mortgage insurance, but you'll likely have to pay a VA funding fee.

What you need to know

A USDA home loan is a zero-down-payment mortgage for eligible rural and suburban home buyers. USDA loans are issued by the U.S. Department of Agriculture through the USDA Rural Development Guaranteed Housing Loan Program. There are income limitations, which vary by region. Applicants with credit Read More

What you need to know

All loans under the program are 30-year fixed-rate mortgages. The minimum credit score to buy a manufactured home is 660; it’s 640 for other types of homes. Low- to moderate-income home buyers can get down payment assistance with the NC Home Advantage Mortgage. It’s available to qualified buyers who Read More

What you need to know

Through the Self-Help Loan Pool, low-income borrowers can get 0% interest rate mortgages to buy homes from Habitat for Humanity or other self-help homeownership organizations. The assistance comes in the form of a grant of up to $35,000 that the organization combines with its own financing to offer Read More

What you need to know

The NCHFA issues mortgage credit certificates to eligible first-time home buyers, veterans and buyers in targeted areas. Qualified mortgage borrowers can get a credit to offset their federal income tax bills, up to $2,000 each year they own the home. Lenders can inform borrowers about the income and Read More