North Carolina NC 1st Home Advantage Down Payment Program Checklist
A comprehensive guide for applicants of the North Carolina NC 1st Home Advantage Down Payment Program in 2025.
Assess Your Eligibility
- Confirm that you are a first-time homebuyer (not having owned a home as your principal residence in the past three years), a military veteran, or purchasing in a targeted census tract.
- Ensure your annual household income does not exceed the program's limits, which vary by county and household size. For example, income limits range from $87,000 to $134,000, depending on the county and number of occupants.
- Verify that the property's purchase price does not exceed $480,000.
- Plan to occupy the purchased property as your primary residence within 60 days of closing.
- Maintain a minimum credit score of 640; however, a score of 660 is required for new manufactured homes.
- Confirm that you are a legal resident of the United States.
Gather Necessary Documentation
- Collect recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the NC 1st Home Advantage Down Payment Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Homebuyer Education
- Enroll in a homebuyer education course approved by the North Carolina Housing Finance Agency (NCHFA).
- Attend and complete the course prior to closing, as mandated by the program.
- Obtain a certificate of completion to include in your application package.
Submit Your Application
- Work closely with your Loan Officer to fill out your application for the NC 1st Home Advantage Down Payment Program.
- Provide all required documents to confirm your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for at least 15 years to avoid repayment of the down payment assistance.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage before the 15-year period ends, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.