Are you thinking about buying your first home in North Carolina but feeling overwhelmed by the high-interest rates? You're definitely not the only one. Luckily, there are some excellent programs to help you.
In Raleigh, Durham, and across the state, programs like the Raleigh Homebuyer Assistance, Durham Down Payment Assistance, and the NC 1st Home Advantage Down Payment are making things much easier for first-time buyers and veterans. It's important to get the details right, as each program has its own set of rules and perks. So, let's dive in and see how these programs can help turn your home-buying dreams into reality.
City of Raleigh Homebuyer Assistance Program
The Raleigh Homebuyer Assistance Program is your first step towards a new home and a new beginning. This unique program offers zero-interest loans to cover your down payment and closing costs. These loans are conveniently deferred, meaning you only have to worry about payments once you sell the home or change your primary residence.
Eligibility Designed for You
This inclusive program considers different family sizes and sets clear income limits. You're eligible if you earn less than 80% of the Raleigh area's median income, which is $63,500 for an individual and up to $119,700 for a larger family. Once you're determined eligible, you'll participate in a homeownership class and collaborate with approved lenders to ensure you're fully prepared for the homebuying process.
Program Options for Different Needs
- Traditional Program: This program offers up to $45,000 in assistance for any single-family home within Raleigh, with home prices up to $371,000.
- Enhanced Program: This program targets specific areas in Raleigh, increases assistance to $60,000, and accommodates homes priced up to $450,000. This option includes a 10-year deed restriction to promote long-term community commitment.
Durham Down Payment Assistance Program
Have you been eyeing one of Durham's many new communities? The Durham Down Payment Assistance Program can help you realize your dream. Funded by the city's Community Development Department, it assists with down payments and closing costs for your primary residence in Durham. This program stands out by offering up to $80,000 as a forgivable loan with no interest, covering a 15-year term on a first-come, first-served basis.
Eligibility Focused on You
Whether you're single with an income up to $56,650 or part of a bigger family earning up to $106,800, this program caters to you as long as you earn at or below 80% of Durham's AMI. The primary conditions are your status as a first-time homeowner in the last three years and the intent to use the home as your primary residence. The application process involves collaborating with approved lenders trained by Durham's Community Development team.
NC 1st Home Advantage Down Payment
For first-time homebuyers and military veterans in North Carolina, the NC 1st Home Advantage Down Payment program makes stepping into a new home easier and more accessible. This program stands out with its special financial setup. It offers a second mortgage at 0% interest, and the best part? There's no rush to pay it back. The payment on this loan is deferred, providing significant ease during the early stages of homeownership.
Upon purchasing your home in North Carolina, the program requires you to make it your principal residence within 60 days of closing. This aligns with the program's goal of fostering stable, long-term homeownership in communities across North Carolina.
Who can benefit from this program? If you're a first-time homebuyer, which means you haven't owned a home as your principal residence in the last three years, or you're a military veteran. It's also accessible if you're buying a home in a targeted census tract.
There are a few more boxes to tick:
- Your income and the sales price of the home must meet the program's limits.
- A credit score of at least 640 is required.
- You need to be a permanent legal resident of the United States.
Commitment to Your New Home
Thinking about buying a new construction home in Raleigh-Durham? You're in the right place to start. We're here to transform the new home buying experience, taking the stress out of finding a new build and focusing on what matters most: helping you find the home that's just right for you.
Our team of New Homes Experts is deeply familiar with Raleigh-Durham's local neighborhoods. We've also built strong connections with builders and lenders in the area, which means we can guide you smoothly through the process. Let's team up and discover your ideal home in Raleigh-Durham.