You're Only a First Time Home Buyer Once... So Make it Count!
Buying your first home is a big deal but it doesn’t have to be overwhelming. There are a lot of benefits that you get only one time, the first time you buy. Things like help with down payment and closing costs, reduced mortgage insurance and below market interest rates. We are first time buyer specialists and work with many first time buyers. We have found that for many first time buyers, the biggest challenge is saving enough cash to close. That’s where down payment assistance programs can make all the difference.
In North Carolina, there are smart and accessible down payment assistance programs available to make first time homebuying more affordable. With low down payment loan options and generous state-backed assistance, you may be able to purchase your first home with far less out-of-pocket than you think.
Mortgage Loan Types
There are several types of mortgages that work well for first-time buyers:
- FHA Loans allow buyers with lower credit scores to qualify with as little as 3.5% down. They’re a popular choice for those with limited savings or less-than-perfect credit.
- VA Loans offer zero down and no mortgage insurance for eligible veterans and service members. If you qualify, this is one of the most affordable ways to buy a home.
- USDA Loans provide 100% financing for homes in eligible rural areas, with no down payment required and low fees. They’re income-based but a strong option if available in your area.
- Conventional Loans typically require 3–5% down for first-time buyers. If you put down less than 20%, you’ll pay private mortgage insurance (PMI), but it can be removed later as your equity grows.
Down Payment Assistance Programs
There are a variety of programs out there that:
- Offer programs for current homeowners looking to buy again
- Help with down payments and closing costs
- Offer below market interest rates
- Reduce mortgage insurance
Get honest answers to your biggest questions—from market timing to personal financial planning—led by Amy Bonis, a North Carolina Certified Wealth Coach with over 30 years of experience helping clients turn homeownership into a long-term wealth strategy.
Also consider signing up for our Homebuying Coaching Program—designed to take the stress out of the process with expert guidance, practical tools, and real answers.