One of the most common things I hear from first-time buyers in Shelby NC and Gastonia NC is that they thought they could not afford to buy. They had been renting because they assumed they needed more saved up. When we actually sat down and looked at the programs available to them in North Carolina, the conversation changed completely. Here is what you need to know.
NC Home Advantage Mortgage
The NC Housing Finance Agency offers the NC Home Advantage Mortgage, which provides below-market interest rates for first-time buyers and eligible move-up buyers. This program works with FHA, VA, USDA, and conventional loan types and is available through approved lenders throughout North Carolina. It can be combined with down payment assistance, which makes it one of the most powerful tools available to buyers in this state.
Down Payment Assistance That Can Be Forgiven
Through the NC Home Advantage Mortgage program, buyers can access down payment assistance of up to 3% of the loan amount. This assistance comes as a forgivable second mortgage. If you stay in the home long enough, the debt is forgiven entirely. For buyers in Shelby NC and Cleveland County where home prices are still genuinely accessible, this can cover a significant portion of the upfront costs that have been holding you back.
NC 1st Home Advantage Down Payment
First-time buyers and military veterans may also qualify for up to $15,000 in down payment assistance through the NC 1st Home Advantage Down Payment program. This is also a forgivable loan. $15,000 is real money and in a market like Shelby NC or Kings Mountain NC it can make the difference between homeownership being possible and feeling out of reach.
Federal Programs That Open Doors
FHA loans allow down payments as low as 3.5% with a credit score of 580 or above. USDA loans offer zero down payment for eligible rural properties and many areas in and around Shelby NC and Cleveland County qualify. VA loans provide zero down payment and no mortgage insurance for eligible veterans and active service members. These programs exist specifically to make homeownership accessible and they are underused by people who do not know about them.
How to Access These Programs
These programs are accessed through participating lenders. Your first step is to find a lender approved for the programs you want to use and get pre-approved. I work regularly with lenders in Shelby NC, Gastonia NC, and the Charlotte NC area who know these programs well and can walk you through what you qualify for in English or Spanish.
If you have been putting off buying a home because you thought you could not afford it, let’s have a real conversation. Call or text me at 929-327-9265 or visit jessicaquitorealtor.com. The answer might surprise you.