North Carolina Housing Finance Agency
NCHFA NC Home Advantage + DPA
3% of loan amount, forgiven over years 11-15.
Accepting new reservations as of our last check.
Assistance amount
Up to $15,000 (about 3%)
Structure
Forgivable loan — erased over time
Where it works
North Carolina statewide
First-time buyer required
No — repeat buyers qualify
Minimum credit score
640
Funding status
Active · verified August 2026
Who qualifies
- First-time buyer rule: There is no first-time buyer requirement, so repeat buyers can use it.
- Credit score: A 640 credit score is the published floor. Your lender may require more.
- Income limits: Income limits are set by county and household size and change every year.
- Purchase price limit: The home cannot exceed roughly $500,000.
- Occupancy: You must live in the home as your primary residence. No investment properties.
- Eligible loans: FHA, VA, USDA, Conventional
- Homebuyer education: Required before closing. Start it early — certificates take days to issue.
Do you pay it back?
Forgiven at 20% per year starting year 11
Forgiveness runs 180 months. Put the completion date on your calendar — leaving one month early can cost you the entire unforgiven balance.
Check whether you qualify for NCHFA NC Home Advantage + DPA
The Finder compares your income, household size, credit band, county, and job to this program's published rules and tells you roughly what it is worth in dollars.
How to apply
- Confirm your household income against the current limit for your county and household size.
- Find a lender approved by North Carolina Housing Finance Agency. You cannot use just any lender — the agency maintains a participating list.
- Get pre-approved on the first mortgage the program requires.
- Complete the homebuyer education course. Do this early; certificates take days to issue.
- Write the offer with the assistance disclosed and a realistic closing timeline.
Ask RED: “Explain NCHFA NC Home Advantage + DPA to me in plain English.”
Ask REDPairing it with a loan
Frequently asked questions
Do I have to pay NCHFA NC Home Advantage + DPA back?
Forgiven at 20% per year starting year 11
How much money does NCHFA NC Home Advantage + DPA provide?
Up to $15,000 (about 3%). The exact figure depends on your loan amount, the option your lender selects, and the funding available at the time you reserve.
What credit score do I need for NCHFA NC Home Advantage + DPA?
The published minimum is a 640 credit score. Higher scores usually unlock better pricing on the first mortgage.
Do I have to be a first-time homebuyer to use NCHFA NC Home Advantage + DPA?
No. NCHFA NC Home Advantage + DPA does not require you to be a first-time buyer, which makes it usable by repeat buyers who have sold a previous home.
Which loans can I use with NCHFA NC Home Advantage + DPA?
FHA, VA, USDA, Conventional. The first mortgage has to come from a lender approved by North Carolina Housing Finance Agency — you cannot bring your own lender and add the assistance to it.
What are the income limits for NCHFA NC Home Advantage + DPA?
Income limits are set by county and household size and are updated annually. Ask your lender to check the current limit for your county before you make an offer.
Do I have to live in the home?
Yes. Assistance programs fund owner-occupied primary residences only. Investment properties and second homes are not eligible.
What credit score do I need for down payment assistance?
Most programs start at 620, some FHA-based programs go to 640, and a handful of manually underwritten paths accept 580. A higher score usually unlocks a larger assistance tier and a better interest rate.
Do I have to be a first-time buyer?
Usually, but 'first-time buyer' almost always means you have not owned a home in the last three years — not that you have never owned one. Some programs waive it entirely for veterans, for buyers in targeted areas, or for certain professions.
Other programs North Carolina buyers can use
Chenoa Fund Down Payment Assistance
Chenoa Fund · Nationwide
Up to $25,000 (about 5%)
A nationwide 3.5% or 5% second mortgage that covers the entire FHA down payment, available in nearly every state.
Program detailsNCHFA NC 1st Home Advantage
North Carolina Housing Finance Agency · North Carolina statewide
Up to $15,000
$15,000 for FTHBs. Forgiven over years 11-15.
Program detailsRelated resources
- The complete North Carolina homebuyer guide
- All North Carolina assistance programs
- How much home can I afford?
- FHA loan requirements
- Conventional loan requirements
- Run my Readiness Score
- Down Payment Assistance Finder
- How to use the DPA Finder (user guide)
- The Homebuyer's Knowledge Center
- Down payment assistance explained
- Ask RED a question
ReadinessIQ is a Homebuyer Readiness Platform, not the agency that funds these programs. We publish what the agencies publish, link to the official source, and tell you when a rule is likely to change. The agency and your lender make the final call on who qualifies.