2015 First Time Home Buyer Programs for North Carolina NC Home Advantage Mortgage Program NC Home Advantage Mortgage Program is for a first time homebuyer (or a move up buyer) in North Carolina has annual income under $85,000 and a credit score above 640 they will be eligible for the Home Advantage Mortgage. This first mortgage loan is paired with down payment assistance. Current loan terms are 30 year fixed rate mortgages with zero discount points and 1 percent origination fee. The down payment and closing costs assistance is an interest free deferred and forgivable second mortgage loan which can amount to up to 5 percent of the first mortgage amount. Repayment of the down payment assistance is only required if a borrower vacates the home within 15 years. Qualified buyers in North Carolina may apply. North Carolina Mortgage Credit Certificate North Carolina Mortgage Credit Certificate - borrower can claim special tax credits up to $2,000 on their federal income taxes thanks to the interest paid on monthly mortgage payments. Qualified buyers in North Carolina may VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing costs.
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