New Home Buyers & Veterans Eligible for $15,000 Down Payment Assistance in North Carolina

Buying a home can be an exciting and fulfilling experience. Still, for many first-time home buyers and military veterans, the process can also be daunting, especially regarding the down payment. Fortunately, the NC 1st Home Advantage Down Payment program is designed to help these individuals achieve their dreams of homeownership.

The North Carolina Housing Finance Agency offers the NC 1st Home Advantage Down Payment program. It previously provided up to 5% of the purchase price or $8,000 (whichever is less) to eligible borrowers to use towards their down payment and closing costs. Now, they offer $15,000 in down payment assistance for first-time home buyers and eligible military veterans through the NC 1st Home Advantage Down Payment. The program is open to first-time home buyers and military veterans, and there are income and purchase price limits that apply.

From the NCHFA's article published April 3, 2023:

The NC 1st Home Advantage Down Payment is structured as a 0%, deferred second mortgage that is forgiven at a rate of 20% per year beginning at year 11, with complete forgiveness at the end of year 15. Eligible buyers must: 

• Be a first-time home buyer (someone who hasn’t owned a home as a principal residence in the past three years), a military veteran or are buying in a targeted census tract.

• Meet the income and sales price limits.

• Be purchasing a home in North Carolina.

• Occupy the home as a principal residence.

• Your credit score is 640 or higher.

• Be a legal resident of the United States. 

Eligible properties include single-family homes, townhouses, condominiums, and new manufactured homes.

Do you think you're ready to buy? Here's our checklist to help you prepare.

The benefits of the NC 1st Home Advantage Down Payment program are clear: it can help make homeownership more affordable and accessible for those who might otherwise struggle to save up for a down payment. In addition to the financial assistance, the program also provides home buyer education and counseling, which can be invaluable for those new to the home buying process.

But finding the perfect house can still be a challenge. That's where the Morblocks Realty Team comes in. Our experienced and knowledgeable real estate agents are here to help guide you through the home-buying process, from finding the right home to negotiating the best deal.

At Morblocks Realty, we pride ourselves on our personalized approach to real estate. We take the time to get to know our clients and their unique needs and preferences, so we can help them find the home that's right for them. Whether you're a first-time home buyer or a military veteran, we'll work with you every step of the way to ensure a smooth and successful home-buying experience.

One of the advantages of working with the Morblocks Realty Team is our deep knowledge of the local real estate market. We specialize in the Triangle area of North Carolina, including Raleigh, Durham, and Chapel Hill, and we have a deep understanding of the local housing trends, market conditions, and neighborhoods.

This means we can help you find the perfect home that meets your needs and fits your budget. We'll work with you to identify your must-haves and deal-breakers, such as the number of bedrooms and bathrooms, the size of the yard, or the proximity to schools or public transportation. We'll also consider your lifestyle and preferences, such as whether you prefer a quiet suburban neighborhood or a more bustling urban area.

Once we've identified your priorities, we'll search for homes meeting your criteria. We have access to a wide range of properties on the market, including both listed and unlisted properties, and we'll use our expertise to help you narrow down your options. We'll also schedule viewings for the homes you're interested in, so you can get a firsthand look and make an informed decision.

When it comes to making an offer and negotiating the deal, we'll use our knowledge of the local market and our negotiation skills to help you get the best possible deal. We'll also help you navigate the closing process, including inspections, appraisals, and financing.

At Morblocks Realty, we aim to help make the home-buying process as stress-free and enjoyable as possible. We're committed to providing personalized service and expert guidance to help you find the home of your dreams. And with the NC 1st Home Advantage Down Payment program, we can help make it more affordable than ever before.

So if you're a first-time home buyer or a military veteran looking to buy a home in the Triangle area of North Carolina, contact the Morblocks Realty Team today. We're ready to help you find the perfect house and make your homeownership dreams a reality.