How to Buy a Home in North Carolina with Downpayment Assistance
Jun 01 2023

Are you interested in buying a home in North Carolina but need more funds for the down payment? You can make your dream of homeownership a reality with the NC Downpayment Assistance Program. This program provides qualified buyers with up to 5% of the home’s purchase price as a down payment. This blog post will walk you through the steps to take advantage of this helpful program and successfully buy a home with Amy Bonis’s assistance. Amy is one of the renowned loan officers who has been dealing with mortgages for several years. Further, she educates the buyers about the loan programs and how they can benefit from them. So with no further delay, let’s get home downpayment assistance. 

Who is eligible for downpayment assistance?

New home buyers can receive downpayment assistance in North Carolina through several programs. These programs can provide up to $8,000 in down payment grants and other benefits, such as mortgage credit certificates (MCCs), which can reduce your federal income tax liability. 

Applicants must meet certain requirements in order to qualify for these programs. Generally, it would be best if you were a first-time homebuyer with an income that did not exceed the maximum income limit established by the state. In addition, you must demonstrate financial need to receive the grant. 

Finally, you must also purchase a primary residence in North Carolina. If you meet all of these criteria, you may be eligible to receive downpayment assistance through the North Carolina Housing Finance Agency. Amy Bonis can assist you in making a home buyer eligible for downpayment assistance. You can visit her or contact her for the best professional loan advice for your budget. 

How much money can I get?

Regarding downpayment assistance, first-time home buyers in North Carolina can access programs that provide money for closing costs and down payment. Depending on the program, buyers may get up to 5% of the home’s purchase price in downpayment assistance. 

There are programs that offer grants to assist with the down payment and closing costs, such as first-time homebuyer programs. In addition to the money from these programs, first-time homebuyers may take advantage of additional incentives such as tax credits and reduced interest rates.

 It is important to research and explore all available options. However, figuring out the best loan program and down payment assistance takes a lot of work. That is where Amy Bonis helps buyers make the best decision they won’t ever regret. 

How do I apply?

If you are a first-time home buyer in North Carolina, you may be eligible for downpayment assistance through various programs. Before beginning the application process, it is important to understand the different types of assistance available. The loan programs are specifically designed for first-time home buyers in North Carolina and offer various options to help buyers purchase their first home. For example, most programs provide financial assistance with closing costs, down payment assistance, and mortgage credit certificates. 

Mortgage Credit Certificates (MCCs) provide a tax credit for eligible homebuyers. This credit is taken directly from the federal income tax and can reduce yearly taxes. The amount of the credit is based on the interest paid on the loan and is equal to a percentage of the interest paid up to a maximum credit amount. 

Down Payment Grants are available to assist homebuyers with their down payments and closing costs. Nonprofit organizations and other government agencies provide these grants to help families purchase homes they otherwise could not afford. To apply for these programs, you must contact a participating lender or housing counsellor, who can help you determine your eligibility and assist with the application process. Ask questions about the requirements and how long it will take to complete the application process.

What are the requirements?

Regarding downpayment assistance programs, each one is slightly different and has its own requirements. Generally, the North Carolina Housing Finance Agency (NCHFA) offers downpayment assistance through either a loan or a grant. Certain qualifications, such as income limits and credit requirements, must be met depending on the program. 

Income limits

 Most downpayment assistance programs have income limits, meaning you must meet certain eligibility requirements. For example, the Home Advantage Program requires that your annual household income not exceed $90,000.

Credit requirements

Downpayment assistance programs typically require a minimum credit score to be eligible for assistance. For example, the NC First Home Advantage Program requires a minimum credit score of 640, while the NC Home Advantage Tax Credit Program requires a minimum score of 680.


Assistance may also be limited to certain areas. For instance, the NC Home Advantage Tax Credit Program is only available to those purchasing a home in an eligible area.

Other requirements

In addition to these basic requirements, you may also need to meet additional eligibility criteria before you are able to receive assistance. These include having a job, not owning another home, and demonstrating the ability to pay the mortgage.

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