More North Carolinians Now Eligible for Affordable Mortgages and $15K Down Payment Help

Key chain with houses on it over a calculator

RALEIGH—While increases of up to 4.3% in North Carolina’s median home price over the past year has priced home buyers out of the market, increased income and sales price limits for affordable mortgage products offered by the NC Housing Finance Agency may reverse that trend. Thanks to these changes, eligible first-time and move-up home buyers making up to $134,000 are now eligible for the NC Home Advantage Mortgage™ with up to 3% down payment assistance. 

Income limits were also increased for the Agency’s products for first-time buyers and military veterans: the NC 1st Home Advantage Down Payment, which offers $15,000 in assistance, and the NC Home Advantage Tax Credit, which saves up to $2,000 in federal taxes each year. Income limits for these two products vary depending on county and family size, ranging from $103,000 for a three-person household in Buncombe County to $134,000 for the same household in Wake County. Sales price limits were also raised to $480,000 for both. (The NC Home Advantage Mortgage™ does not have sales price limits but follows industry guidelines.)

 “The NC Home Advantage suite of mortgage products offered by the Agency helps thousands of people buy homes each year. Raising our income and sales price limits will widen the market of North Carolinians we can help, even as home prices continue to rise,” said Scott Farmer, executive director of the NC Housing Finance Agency.

The NC Home Advantage suite of mortgage products is available through a statewide lender network and can be used to purchase single-family homes, townhomes, condominiums, duplexes and new manufactured homes. To be eligible, buyers must:

  • Purchase a home in North Carolina.
  • Occupy the home as a principal residence within 60 days of closing.
  • Have an income not exceeding $134,000 (income limits for the NC 1st Home Advantage Down Payment and NC Home Advantage Tax Credit vary by county and family size).
  • Have a credit score of 640 or higher.
  • Be a legal resident of the United States.
  • Be applying for an FHA, USDA, VA or conventional loan through a participating lender and meet the sales price limit of the loan type.
  • Be a first-time buyer or military veteran if applying for the NC 1st Home Advantage Down Payment or NC Home Advantage Tax Credit.

The NC Housing Finance Agency has helped 133,420 North Carolinians become homeowners since its creation.

“Our family has been in our home for a week and we are loving it,” said Kaitlyn, a new Garner homeowner thanks to help from the NC Home Advantage suite of mortgage products. “We are unpacking while shaking our heads and saying to each other that we still can’t believe it happened.”

Consumers should visit to learn more and find a local participating lender. 

The North Carolina Housing Finance Agency is a self-supporting public agency that provides safe, affordable housing opportunities to enhance the quality of life of North Carolinians. Since its creation by the General Assembly, the Agency has financed more than 298,860 affordable homes and apartments, totaling $29.16 billion. To learn more about the Agency and its programs, visit