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Mortgage Rates for Today

North Carolina Assistance Programs

If you are a first-time home buyer in NC and need clarification on home loans or mortgage rates, Total Mortgage has the absolute solution for you. We have some of the brilliant minds in the real estate market who can find the best down payment assistance in NC for you. So, you don't have to check the NC requirements for first-time home buyers anymore—we will do that for you. We will also ensure you get the best current mortgage rates in New Carolina. Here at Total Mortgage, we believe in fulfilling dreams. And your dreams are our dreams now. So, let's plan and find the best property in North Carolina for you.

If you have any questions about securing the best mortgage rates in North Carolina, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

North Carolina first-time homebuyer loan programs

NCHFA NC Home Advantage Mortgage

The NCHFA's NC Home Advantage Mortgage rewards initial homebuyers and those presently engaged in property ownership. The NC programs for first-time home buyers define a first-time homebuyer as somebody who has yet to own a residence within the previous three years. This project presents a fixed-rate home loan, furnishing adaptability with choices including conventional, FHA, VA, or USDA loans.

To qualify for this first-time home buyer North Carolina program, particular standards must be fulfilled:

  • Your maximum yearly profit is $134,000. Your credit score is at least 640.
  • Your liability-to-income (DTI) percentage does not pass 43 percent.
  • You plan to buy a solo-family house, townhouse, flat, semi-detached house (for FHA loans only), or a new manufactured house (for FHA, VA, or USDA loans only, requiring the lowest credit score 660).

North Carolina down payment assistance

NCHFA provides significant financial assistance for select home buyers in North Carolina. First-time purchasers, veterans, and those in designated priority areas can receive $15,000 toward their down payment through the NC 1st Home Advantage Down Payment program. Unlike a traditional second mortgage, this NC down payment assistance will be entirely excused if the recipient remains in the home for fifteen years. To qualify, an individual must secure an NC Home Advantage Mortgage and satisfy the criteria for that particular program. Simultaneously, different groups of citizens have distinct opportunities for aid that facilitate achieving the dream of property ownership.

Other first-time homebuyer loan programs

An NC first-time home buyer and a veteran can utilize North Carolina's Home Advantage Mortgage program alongside the state's mortgage credit certificate initiative, known as the NC Home Advantage Tax Credit. The latter permits homeowners to claim a federal tax credit equaling 30% of annual mortgage interest for existing home purchases or 50% for new construction acquisitions, with the credit capped at $2,000 per year yet renewable for as long the property remains the primary residence. However, those combining these incentives must ensure the subject property complies with specific eligibility parameters only applicable under such a joint arrangement.

Considerable advantages exist for utilizing these NC down payment assistance programs in unison, though certain housing types may not qualify for the pairing depending on their characteristics.

FHA Loans

Federal Housing Administration loans provide a feasible path for those with moderate credit or limited savings, requiring merely a 3.5 percent down payment and accepting credit scores as low as 580.

VA Loans

Veterans Affairs home loans are an exceptional opportunity for those who have served, allowing the purchase of a primary residence without a down payment in recognition of their sacrifice.

USDA Loans

United States Department of Agriculture loans focus on increasing housing availability in rural regions, exempting the down payment requirement but typically demanding strong credit for those seeking the benefit within eligible areas.

Good Neighbor Next Door program

An affordable portion covering half the median property valuation paired with the HUD Good Neighbor, Next Door initiative is a mutually beneficial union. Singularly, it permits public servants, educators, and emergency responders to live amidst the locales wherein they dedicate their workdays.

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