1.     N.C. Home Advantage Mortgage Program is a 30-year affordable, stable, fixed mortgage loan for both first-time and move-up homebuyers in North Carolina. To be an eligible borrower, your annual income has to be under $85,000 and to have a credit score above 640.

N.C. Home Advantage Mortgage Program offers down payment assistance up to 5% of the loan amount. You have to repay your loan only if you sell, refinance or transfer your home (within 15 years after purchasing). The down payment assistance is forgiven at 20% per year after 10 years in the home.

N.C. Home Advantage Mortgage Program allows first-time homebuyers and military veterans to combine this program with a Mortgage Credit Certificate (MCC). Thus, if you qualify, you can increase your savings and save annually up to $2,000 on your income taxes.

N.C. Home Advantage Mortgage Program requires you occupy the home as your primary residence (within 60 days of closing) and to have an annual income of less than $87,500. The purchased properties may be: new and previously owned single-family homes, townhouses, condominiums and duplexes. 

N.C. Home Advantage Mortgage Program requires you attend a homebuyer education course and earn a certificate which will allow you to better understand the benefits and the requirements of the program. For any other information and assistance, you are advised to contact a specialized lender who can guide you through the application process. 

 

2.     Mortgage Credit Certificate (MCC) is a first-time homebuyer tax credit program through which you may obtain a credit toward your federal income tax liability. You may also qualify if you are a veteran; qualifying, you may claim special tax credits up to $2,000 annually on your federal income taxes thanks to the interest paid on your monthly mortgage payments.

Mortgage Credit Certificate allows you to buy a new or existing home in North Carolina which you have to occupy as your primary residence (within 60 days of closing).

 

Mortgage Credit Certificate requires you meet the income and sales price limits and be a legal resident of the United States. The total income of the household includes all persons over 18 that intend to occupy the home within one year from loan closing.

Mortgage Credit Certificate allows you to purchase new and previously owned single-family homes, townhouses, condominiums and new or used manufactured homes. 

Mortgage Credit Certificate requires you attend a homebuyer education course and earn a certificate which will allow you to better understand the benefits and the requirements of the program. For any other information and assistance, you are advised to contact a specialized lender who can guide you through the application process. 

 

 

N.C. Home Advantage Mortgage Program

Mortgage Credit Certificate