More North Carolinians Now Eligible for Affordable Mortgages and $15K Down Payment Assistance 

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The NC Housing Finance Agency is helping make home buying more attainable by increasing its income and sales price limits for its suite of affordable mortgage products. Thanks to these changes, eligible first-time and move-up home buyers making up to $152,000 may now benefit from the NC Home Advantage Mortgage™ with up to 3% down payment assistance. 

Income limits also increased for the Agency’s NC 1st Home Advantage Down Payment, which offers $15,000 in down payment assistance for eligible first-time buyers and military veterans. The sale price limit for a home purchased under the NC Home Advantage Mortgage™ umbrella is now $495,000.   

“Our goal has always been to help North Carolinians become homeowners through our NC Home Advantage Mortgage™,” said Scott Farmer, executive director of the NC Housing Finance Agency. “By increasing our income and sales price limits, we are expanding access to home ownership for more North Carolinians as home prices continue to rise.” 

The NC Home Advantage suite of mortgage products is available through a statewide network of participating lenders and can be used to purchase single-family homes, townhomes, condominiums, duplexes and new manufactured homes. To be eligible, buyers must: 

• Purchase a home in North Carolina. 

• Occupy and retain the home as a primary residence. 

• Have an income not exceeding $152,000 (income limits for the NC 1st Home Advantage Down Payment vary by county and family size). 

• Have credit scores of 640 or higher. 

• Be applying for an FHA, USDA, VA or conventional loan through a participating lender. 

• Meet the sales price limit of the loan type or program. 

• Be a legal resident of the United States. 

• Be a first-time buyer or military veteran if applying for the NC 1st Home Advantage Down Payment. 

The NC Housing Finance Agency helped 5,880 North Carolinians purchase affordable homes in 2024 and generated $22.3 million in state and local tax revenue from investments in newly constructed affordable homes. 

Consumers should visit www.NCHomeAdvantage.com to learn more and find a local participating lender. 

The North Carolina Housing Finance Agency is a self-supporting public agency that provides safe, affordable housing opportunities to enhance the quality of life of North Carolinians. Since its creation by the General Assembly, the Agency has financed more than 321,320 affordable homes and apartments, totaling $34.4 billion. To learn more about the Agency and its programs, visit www.HousingBuildsNC.com.