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North Carolina
First Time Home Buyer Grants

Searching for North Carolina first time home buyer grants to purchase that home? Find the best grants or programs for buying a home in North Carolina and other home mortgage options available below.

Buying a home can be a very daunting adventure. However, don't let yourself become overwhelmed with the process.

I want to give you some helpful information about grants or programs that will make this project doable.

Finding one of these programs is like gliding in with a pile of money!

If you would like help navigating the home buying process, which includes finding a grant; searching for that perfect home or even selecting the right mortgage, click here and fill out the questionnaire for some free coaching and let's get this process started!

North Carolina First Time Home Buyer Grants

North Carolina Grants for Home Buying

To begin with, North Carolina does not offer a North Carolina first time home buyer grant program for its residents; however, there are a couple of programs that come close.

This is good news because not all states are able to offer assistance to first time home buyers. The state agency which maintains this program is the “North Carolina Housing Finance Agency”.

What this agency offers is a great program, especially if you plan to stay in your home for 15 years.  

If you need help with your closing costs and down payment, they offer an interest-free second mortgage that is deferred (for 15 years) and can be forgivable so you owe nothing. So it's a grant if you stay in the home for 15 years. 

Repayment of the down payment is required only if you sell, refinance or transfer your home before year 15—the down payment assistance is forgiven at 20% per year starting at the end of year 11.

There are some limitations, the maximum amount of this second mortgage is $8,000. This can be very useful if you’re unable to get much help in seller concessions when negotiating your purchase contract.

Now if you move, sell or even refinance before the 15 years is up, you will have to repay this second mortgage loan. 

So it’s not a grant but it’s a loan program that helps you finance your down payment and closing costs so you can buy that dream home.

Another program I suggest you look into is called the “Mortgage Credit Certificate” (MCC) for first time home buyers. This can be worth up to $2,000 a year in tax savings to you. Since this is a way to lower your income taxes dollar for dollar each year you live in the home, it leaves you more money to pay towards your mortgage.

All of these assistance products have restrictions and limitations you will have to meet. You should visit this website to determine your eligibility for any North Carolina first time home buyer grants.

Federal Home Mortgage Grants

In addition, the federal government offers grant assistance for first time home buyers in North Carolina. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.

Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.

Additional Home Buying Grants

Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.

Whenever you use a grant or opt for other assistance programs, you should prepare yourself that these will take some time. I had a client who was using a nonprofit organization to help them and it took close to 90 days for them to close.

Sometimes sellers get impatient and don't want to wait. So you will need a real estate agent who is willing and understands how to work with these products. You will also need a lender who is familiar with them too.

Generally, the FHA loan product is the best to use with the various assistance out there. Why? They are designed for those buying their first home. So they have arranged flexibility with their products to help you.

If you need help estimating your mortgage closing costs, check out this FREE closing costs calculator by clicking here.

So have you found a home? Are you thinking about getting qualified for a mortgage? Maybe you want to visit our page on how to qualify for a mortgage.

Would you like to know how much you may need for a down payment? Consider playing with our down payment calculator.

Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.

North Carolina First Time Home Buyer Grants Support

Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.

Click her for additional information on North Carolina First Time Home Buyer Grants.

This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.

Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!


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