Getting the Best Mortgage as a First Time Home Buyer in North Carolina (10-15-30-Year Fixed, 5/1, 7/1 ARM)
First time home buyers in North Carolina may be interested to know that average home prices are on the rise across the state. According to Investopedia, the median home value was $149,500 in 2016.
As prices continue to increase, so do the closing costs associated with purchasing a home. On average, NC first time homebuyers can expect to pay nearly $2,000 in closing costs alone.
The increasing prices and closing costs make it even more important for first time home buyers in NC to find great rates, terms, and first time home buyer programs in NC for their first home purchase.
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First Time Home Buyer Programs in NC
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in NC find that money is the biggest challenge when obtaining a mortgage.
Thankfully, there are plenty of first time home buyer programs in NC that are meant to ease the financial stress that naturally follows a first time home buyer in North Carolina.
Below, you can find a list of the most common first time home buyer programs in NC that some NC first time home buyers may be able to benefit from.
- FHA Loan—Issued by the Federal Housing Authority with smaller down payments and lower credit requirements
- FHA 203(k)—Allows first time home buyers in NC to include renovation funds for fixer-upper homes
- USDA Loan—Offered by the U.S. Department of Agriculture for homes in certain rural areas
- VA Loan—For active-duty military members, veterans, and surviving spouses
- Energy Efficient Mortgage—Designed to help first time home buyers in North Carolina create an energy-efficient home
- Native American Direct Loan—A type of VA loan that helps Native American veterans purchase homes on federal trust lands
- Good Neighbor Next Door Program—Sponsored by HUD, this program provides aid for law enforcement officers, firefighters, emergency medical technicians, and teachers from pre-k through 12th grade
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Uniquely, the state of North Carolina offers a few additional programs for NC first time home buyers.
Depending on the location they choose, some first time home buyers in North Carolina could qualify for as much as $15,000 in down payment assistance if buying a home in Cabarrus, Cumberland, Guilford, Johnston or Mecklenburg Counties.
This first time home buyer in NC program is sponsored by the U.S. Department of the Treasury’s Hardest Hit Fund®, and aims to improve the real estate market in struggling areas.
North Carolina first time home buyers could also take advantage of the NC Home Advantage Mortgage™, providing down payment assistance of up to 5 percent along with stable, fixed-rate mortgages.
For NC first time home buyers, the NC Home Advantage Mortgage™ can be particularly useful when used in combination with another program.
For example, this first time home buyer in NC program may be combined with a Mortgage Credit Certificate, which could save borrowers up to $2,000 each year on taxes.
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Conclusion – Getting the Best Mortgage as a First Time Home Buyer in North Carolina
First time home buyers in North Carolina have plenty of options when it comes to mortgage products, rates, and programs.
The key to finding the best mortgage as a first time home buyer in NC is doing your own research to ensure that you are finding the products for North Carolina first time home buyers that align with your personal financial needs and goals.
For many first time home buyers in NC, this means evaluating multiple lenders to find the best rates and terms for NC first time home buyers.
After all, affordable and manageable mortgages are determined not just by monthly payments, but also by interest rates and terms for NC first time home buyers.
As such, don’t be afraid to shop around until you find the best mortgage rates and products for first time home buyers in NC to fit your unique financial needs.
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