Down Payment Assistance Programs in North Carolina

Down Payment Assistance products offered in North Carolina include: CHENOA Fund Program, House Charlotte, North Carolina Housing Finance Agency (NCHFA), Home Advantage Mortgage Loan Program, NCHFA Community Partners Loan Pool, City of Raleigh Citywide Homeownership Program, and the Within Reach Program. To see which program may be right for you, get started on your application today!

CHENOA Fund Program

Availability: Nationwide

Description

The CHENOA Fund Program is available in North Carolina.

Features

  • Down payment assistance up to 3.5% of the purchase price or appraised value, whichever is less
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

City of Raleigh Citywide Homeownership Program

Availability: Raleigh, NC

Description

Currently, the City of Raleigh Citywide Homeownership Program provides first and second mortgage options available within the city of Raleigh, NC.

Features

  • Down payment assistance up to $20,000
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional, FHA, and VA loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply

House Charlotte

Availability: Durham, NC

Description

The House Charlotte Down Payment Assistance Program is Duke University Employees Incentive Down Payment Assistance program is available to those within Durham, NC and is available as a first or second mortgage.

Features

  • Down payment assistance up to $10,000
  • 30-year fixed term with full amortization on the first mortgage
  • FHA, VA and Conventional loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply

Town of Davidson

Availability: Durham, NC

Description

The Town of Davidson DPA program provides down payment and closing cost assistance for eligible low-to-moderate income homebuyers in Davidson.

Features

  • Down payment and closing costs assistance available up to $10,000 or depending on income
  • 30-year fixed term with full amortization on the first mortgage
  • FHA and Conventional loan types available
  • Homebuyer Education course is required
  • Income, geographic, sales price and asset limits requirements apply

The North Carolina Housing Finance Agency (NCHFA) Home Advantage Mortgage™ Program

Availability: North Carolina

Description

The NCHFA Home Advantage Mortgage™ program is available to those in North Carolina.

Features

  • Down payment assistance up to 5% on the Home Advantage Program
  • Up to $8,000 on the NC 1st Home Advantage Program for qualifying military veterans and first time homebuyers
  • 30-year fixed term with full amortization on the first mortgage
  • Conventional, FHA, VA, and USDA loan types available
  • Homebuyer Education course required
  • Credit and income restrictions may apply

North Carolina Housing Finance Agency Community Partners Loan Pool

Availability: North Carolina

Description

The NCHFA Community Partners Loan Pool is offered to use along with the NCHFA Home Advantage Program. It is a first and second mortgage program for homes within North Carolina.

Features

  • Down payment assistance up to 20% of the purchase price not to exceed $30,000 combined with a NC Home Advantage Mortgage
  • Used with NCHFA Home Advantage 1st Program
  • FHA, VA, or Conventional loan types available
  • Homebuyer Education course required
  • Credit, income and property restrictions may apply

North Carolina Housing Finance Agency Community Partners Loan Pool City of Wilson

Availability: Wilson, North Carolina

Description

North Carolina Housing Finance Agency (NCHFA) is partnering with Community Partners Loan Pool (CPLP) to help eligible buyers purchasing a home in the City of Wilson, NC, gain access to down payment assistance.

Features

  • Down Payment assistance up to 20% of the sales price to a maximum of $40,000
  • Used with NCHFA Home Advantage 1st Program
  • FHA, VA, USDA or Conventional loan types available
  • Homebuyer Education course IS required
  • Credit, income and property restrictions may apply

Within Reach Program

Availability: North Carolina

Description

The Within Reach Program is a second, forgivable mortgage and is available in North Carolina.

Features

  • Down payment assistance up to 4% of the note amount
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course is required
  • Credit and income restrictions may apply

Some program restrictions and requirements apply. Loan program availability is subject to change without notice. Some programs may have a first-time homebuyer requirement. The type of DPA and lien position will vary for each loan program. OnQ0405180681Y000003h4og

Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment.