Down payment assistance programs help first-time homebuyers by reducing the money needed for a down payment. Most programs are run at the city or county levels.

While these programs are intended for first-time home buyers, repeat home buyers who haven’t owned a home in the last three years are also eligible. These programs are often meant for low-to-moderate-income (LMI) buyers and neighborhoods, though this varies from state to state.

NCHFA / North Carolina Housing Finance Agency Home Advantage Mortgage

Intended for first-time and move-up homebuyers, this program provides qualified borrowers with fixed-rate mortgages and assistance of up to 3% of the loan amount.

This program only requires repayment if you sell, refinance, or transfer your home before year 15 of your mortgage, and they forgive this assistance at 20% per year between years 11 to 15, with total forgiveness at year 15. To be eligible, you must:

Purchase a home in North Carolina.

Occupy the home as your principal residence within 60 days of closing.

Earn no more than $158,000 annually for NC Home Advantage with up to 3% DPA (NCHFA published limit; re-confirm on nchfa.com / with Jill). The separate $15,000 NC 1st Home Advantage path uses lower, county- and household-size limits.

Have a credit score of 640+.

Be applying for an FHA, USDA, VA, or conventional loan.

Be a legal US resident.

This program covers up to 20% of the home’s sales price as long as it does not exceed $30,000 when matched with an NCHFA Home Advantage Mortgage.

You can also use this program to cover up to 10% of the purchase price in conjunction with a USDA Section 502 loan. The CPLP assistance program is a zero percent interest, deferred second mortgage whose term matches the first mortgage’s term.

This loan does not require a monthly payment, and homeowners typically repay it when their home is sold, refinanced, at the end of its term, or when the borrower no longer lives in the home.

You can also use this program in conjunction with the North Carolina Home Advantage Tax Credit and other down payment assistance loans or grants.

Intended for eligible buyers purchasing a primary residence inside Greensboro city limits. Assistance is typically structured as a forgivable / deferred city loan; education and a Greensboro-approved lender are required.

Per Jill’s current program materials: up to $25,000 for qualifying ≤80% AMI buyers (up to $30,000 in designated revitalization areas); Public Service Heroes and related tracks up to $20,000. Confirm the latest figures with Jill and the City before relying on a number.

Official: https://www.greensboro-nc.gov/departments/housing-neighborhood-development/housing-services/homeowners-renters/housing-connect-gso/homebuyer-down-payment-assistance-program