Are you thinking about buying your first home in North Carolina but feeling turned off by the fluctuating interest rates? You're definitely not the only one. Luckily, there are some excellent programs to help you.

In Raleigh, Durham, and across the state, programs like the Raleigh Homebuyer Assistance, Durham Down Payment Assistance, and the NC 1st Home Advantage Down Payment are making things much easier for first-time buyers and veterans.

So, let's dive in and see how these programs can help turn your home-buying dreams into reality.

City of Raleigh Homebuyer Assistance Program

The Raleigh Homebuyer Assistance Program offers zero-interest loans to cover your down payment and closing costs. These loans are conveniently deferred, meaning you only have to worry about payments once you sell the home or change your primary residence.

Eligibility Designed for You

This inclusive program considers different family sizes and sets clear income limits. You're eligible if you earn less than 80% of the Raleigh area's median income, which is $63,500 for an individual and up to $119,700 for a larger family. Once you've determined eligibility, you'll participate in a homeownership class and collaborate with approved lenders to ensure you're fully prepared for the homebuying process.

Program Options for Different Needs

1. Traditional Program: This program offers up to $45,000 in assistance for any single-family home within Raleigh, with home prices up to $371,000.
2. Enhanced Program: This program targets specific areas in Raleigh, increases assistance to $60,000, and accommodates homes priced up to $450,000. This option includes a 10-year deed restriction to promote long-term community commitment.

Durham Down Payment Assistance Program

Have you been eyeing one of Durham's many new communities? The Durham Down Payment Assistance Program can help you realize your dream. Funded by the city's Community Development Department, it assists with down payments and closing costs for your primary residence in Durham. This program offers up to $80,000 as a forgivable loan with no interest, covering a 15-year term on a first-come, first-served basis.

Eligibility Focused on You

Whether you're single with an income up to $56,650 or part of a bigger family earning up to $106,800, this program caters to you as long as you earn at or below 80% of Durham's AMI. The primary conditions are your status as a first-time homeowner in the last three years and the intent to use the home as your primary residence. The application process involves collaborating with approved lenders trained by Durham's Community Development team.

NC 1st Home Advantage Down Payment

For first-time homebuyers and military veterans in North Carolina, the NC 1st Home Advantage Down Payment program makes stepping into a new home easier and more accessible. This program stands out with its special financial setup. It offers a second mortgage at 0% interest, and the best part is there's no rush to pay it back. The payment on this loan is deferred, providing significant ease during the early stages of homeownership.

Upon purchasing your home in North Carolina, the program requires you to make it your principal residence within 60 days of closing. This aligns with the program's goal of fostering stable, long-term homeownership in communities across North Carolina.

Eligibility

Who can benefit from this program? If you're a first-time homebuyer, which means you haven't owned a home as your principal residence in the last three years, or you're a military veteran. It's also accessible if you buy a house in a targeted census tract.

There are a few more boxes to tick:

• Your income and the home's sales price must meet the program's limits.
• A credit score of at least 640 is required.
• You need to be a permanent legal resident of the United States.
  

Discover Your Perfect New Construction Home in Raleigh-Durham

Dreaming of a brand-new home in Raleigh-Durham? You’re in the perfect spot to make it happen! At Jome, we’re here to revolutionize the home-buying process, turning what’s often a stressful journey into an exciting adventure. We aim to help you find a home that feels like it was built just for you.

With our deep knowledge of Raleigh-Durham’s neighborhoods and strong relationships with local builders and lenders, we’re ready to guide you every step of the way. From start to finish, we’ll ensure your journey to a new construction home is as smooth as possible. Let’s work together to discover the home you've always imagined.

Raleigh-Durham living starts here!