The Housing Finance Agency of North Carolina offers the Home Advantage Mortgage Program to qualified applicants.
As much as 5% of the loan amount can be provided as down payment assistance. This assistance is a loan which can be forgiven. After 10 years living at the property, the loan is forgiven at a rate of 20% each year. In the event that the property is refinanced, transferred, or sold prior to the 15-year term, the loan has to be repaid.
Only legal US residents are allowed to apply. Further, applicants cannot have an annual household income higher than $87,500 or a credit score lower than 640. These amounts are accurate as of this writing but may change.
Applicants also have to be working with a participating lender, and the purchase price of the property must be within a certain limit. Applicants must live in their new house within 60 days of the property closing.
Only new and previously owned single-family homes, townhouses, condominiums, and duplexes are allowed. New manufactured houses are allowed as well, but with a 660 minimum credit score requirement.