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North Carolina’s equitable housing efforts explained

The JAG Team

The following 5 programs can currently be used for potential buyers in North Carolina. 

Downpayment Toward Equity Program

  • Income limitations – You must have an income that doesn’t exceed 120 percent of the median income for the Triangle area.
  • Be a first-time homebuyer – If you’ve purchased a home in the past but more than three years have passed, you can still qualify.
  • Be a first-generation homebuyer – If your parents or spouse have never owned a home, you will likely qualify.
  • The home should be your primary residence – It should not be an investment property.
  • You must use a federally-backed mortgage – This includes Fannie Mae, Freddie Mac, VA, USDA, and FHA loans.

National Homebuyers Fund

NC 1st Home Advantage Down Payment

  • You meet certain income and sales price limits outlined by the NC Housing Finance Agency.
  • You are purchasing a home within the state.
  • You occupy the residence within 60 days of closing.
  • Your credit score is 640 or above.
  • You are a legal resident of the United States.

NCHFA NC Home Advantage Mortgage

Eligibility occurs when:

  • You purchase a home in North Carolina.
  • You occupy the home as your main residence within 60 days of closing.
  • Your annual income is under $126,000.
  • Your credit score is 640 or above.
  • You are applying for an FHA, USDA, VA or conventional loan through a participating lender and meet the sales price limits of the loan type.
  • You are a legal resident of the United States.

NC Home Advantage Tax Credit

Final notes