State Program
NCHFA NC Home Advantage Mortgage | North Carolina Housing...
NCHFA NC Home Advantage Mortgage provides 3% of loan amount (dpa) and low‑rate financing to help North Carolinians purchase, repair, or keep their homes.
Program Details
NCHFA NC Home Advantage Mortgage is administered by the North Carolina Housing Finance Agency (NCHFA) or a
partnering local housing department to promote safe, affordable homeownership and home preservation statewide.
Qualified borrowers can access 3% of loan amount (dpa) plus below‑market‐rate financing, homebuyer education,
and post‑purchase counseling. The program is compatible with FHA, VA, USDA, and conventional loans and may be
layered with Mortgage Credit Certificates or other federal resources. Income and purchase‑price limits,
updated for 2025, ensure assistance targets low‑ to moderate‑income households. Properties must meet NCHFA
standards for safety and habitability. Homebuyers are required to occupy within 60 days of closing, and select
programs offer forgiveness schedules that reduce repayment obligations over time. Funds are reserved through
an NCHFA‑approved lender network and disbursed at closing to reduce out‑of‑pocket costs.
partnering local housing department to promote safe, affordable homeownership and home preservation statewide.
Qualified borrowers can access 3% of loan amount (dpa) plus below‑market‐rate financing, homebuyer education,
and post‑purchase counseling. The program is compatible with FHA, VA, USDA, and conventional loans and may be
layered with Mortgage Credit Certificates or other federal resources. Income and purchase‑price limits,
updated for 2025, ensure assistance targets low‑ to moderate‑income households. Properties must meet NCHFA
standards for safety and habitability. Homebuyers are required to occupy within 60 days of closing, and select
programs offer forgiveness schedules that reduce repayment obligations over time. Funds are reserved through
an NCHFA‑approved lender network and disbursed at closing to reduce out‑of‑pocket costs.
Eligibility Requirements
- Household income ≤ 2025 NCHFA limits based on county and family size.
- Purchase price (or after‑rehab value) ≤ NCHFA program cap for the property location.
- Minimum 640 credit score (higher for conventional or self‑help products); DTI ≤ 45 %.
- Completion of an approved homebuyer education course before closing.
- Property must be a 1‑4 unit primary residence, condo, or manufactured home on permanent foundation.
- Purchase price (or after‑rehab value) ≤ NCHFA program cap for the property location.
- Minimum 640 credit score (higher for conventional or self‑help products); DTI ≤ 45 %.
- Completion of an approved homebuyer education course before closing.
- Property must be a 1‑4 unit primary residence, condo, or manufactured home on permanent foundation.
Program Benefits
- **3% of loan amount (DPA)** applied to down payment, closing costs, rehab, or mortgage relief.
- 30‑year fixed‑rate mortgage with interest often below market (where applicable).
- Option to combine with NC Home Advantage Tax Credit for up to $2,000 annual federal tax savings.
- Free foreclosure‑prevention counseling available statewide.
- 30‑year fixed‑rate mortgage with interest often below market (where applicable).
- Option to combine with NC Home Advantage Tax Credit for up to $2,000 annual federal tax savings.
- Free foreclosure‑prevention counseling available statewide.
How to Apply
1. Review county income and purchase‑price charts on nchfa.com.
2. Obtain pre‑approval from an NCHFA‑participating lender and reserve program funds.
3. Complete HUD‑approved homeownership education online or in person.
4. Execute purchase agreement, finalize underwriting, and lock NC Home Advantage rate if applicable.
5. Attend closing; NCHFA assistance funds are wired to the closing attorney to cover eligible costs.
2. Obtain pre‑approval from an NCHFA‑participating lender and reserve program funds.
3. Complete HUD‑approved homeownership education online or in person.
4. Execute purchase agreement, finalize underwriting, and lock NC Home Advantage rate if applicable.
5. Attend closing; NCHFA assistance funds are wired to the closing attorney to cover eligible costs.
Program Overview
Category
State Program
Maximum Assistance
$3
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.