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

A piggy bank with change and a little house on a desk

RALEIGH—Housing prices are rising nationwide, and North Carolina is no exception. With the median home price having increased 4.8% in just the past year, many home buyers have been priced out of the market. The NC Housing Finance Agency is helping make home buying more attainable by increasing its income and sales price limits for its suite of affordable mortgage products. Thanks to these changes, eligible first-time and move-up home buyers making up to $140,000 may now benefit from the NC Home Advantage Mortgage™ with up to 3% down payment assistance. 

Income limits also increased for the Agency’s products for eligible first-time buyers and military veterans: the NC 1st Home Advantage Down Payment, which offers $15,000 in down payment assistance, and the NC Home Advantage Tax Credit, which can save buyers up to $2,000 in federal taxes each year. Income limits for these two products vary depending on county and family size. The NC Home Advantage Mortgage™ does not have sales price limits but follows industry guidelines. 

“Our goal is to help more North Carolinians across the state become homeowners through our NC Home Advantage suite of mortgage products,” said Scott Farmer, executive director of the NC Housing Finance Agency. “Raising our income and sales price limits will do just that by widening the market of citizens we can help, even as home prices continue to rise.”

The NC Home Advantage suite of mortgage products is available through a statewide network of participating lenders 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 and retain the home as a primary residence.
  • Have an income not exceeding $140,000 (income limits for the NC 1st Home Advantage Down Payment and NC Home Advantage Tax Credit vary by county and family size).
  • Have credit scores of 640 or higher.
  • Be applying for an FHA, USDA, VA or conventional loan through a participating lender.
  • Meet the sales price limit of the loan type or program.
  • Be a legal resident of the United States.
  • 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 helped 5,430 North Carolinians purchase affordable homes in 2023 and generated $17.6 million in state and local tax revenue from investments in newly constructed affordable homes. 

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 310,700 affordable homes and apartments, totaling $31.9 billion. To learn more about the Agency and its programs, visit