5 Zero or Low Down Payment Mortgage Programs

#3 North Carolina Housing Finance Agency (NCHFA)

NCHFA offers a number of low-down payment loan program. All require credit scores that are at least 640. Income limits are for disclosed income only and are limited to $85,000 per year. The N.C. Home Advantage Mortgage offers competitive interest rates along with down payment assistance up to 5% of the loan amount at 0% interest. If you qualify, the down payment amount not only helps you get into your new home, but enables you to build equity more quickly. You don’t need to repay the down payment unless you sell, refinance or transfer the home. Even better, the down payment amount is completely forgiven at year 15 and reduced by 20% a year in years 11 through 15. All properties must be owner-occupied. Only primary residences are permitted.

#4 PNC Community Mortgage

First time home buyers in Wake County who meet income criteria may finance up to 97% of the home’s value. Down payment assistance program may be available including seller funded down payment assistance up to 3% of the sale prices. Grants may be available for eligible buyers for closing costs. No private mortgage insurance (PMI) required. Minimum Credit scores apply of 660 or better.

Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183