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About Down Payments
The median buyer puts down 9%. Some put down 3.5%. Others put down zero. NC offers up to $15,000 in assistance to qualified buyers — and most people don’t know it exists.
Get My Free Blueprintfirst-time buyers
payment assistance
some qualified buyers
less than 20% down
Find Out What You Qualify For
Fill out the form below and a MAR Properties advisor will walk you through every program available to you — in English or Spanish.
8 Ways to Buy With Less Than 20% Down
Fannie Mae and Freddie Mac allow qualified buyers to put down as little as 3% on a conventional loan. PMI drops off automatically once you reach 20% equity.
Requirements
- Credit score 620 or higher
- Debt-to-income ratio under 43%
- Proof of stable employment & income
Best For
Buyers with good credit who want PMI to eventually disappear without refinancing.
Backed by the Federal Housing Administration. Designed for buyers with lower credit scores or limited credit history.
Requirements
- Credit score 580+ for 3.5% down
- Credit score 500–579 requires 10% down
- Debt-to-income ratio up to 50% with compensating factors
Best For
Buyers building credit or who have had past financial challenges.
Some lenders offer FHA loans with 0% down through lender-paid down payment assistance programs. The trade-off is a slightly higher interest rate.
Requirements
- Must qualify for standard FHA requirements
- Lender must participate in the program
- Expect rate approximately 0.5% higher
Best For
FHA-qualified buyers with zero savings for a down payment who want to move quickly.
The best loan product in the US. No down payment, no PMI, and competitive rates for eligible veterans, active-duty, and surviving spouses.
Requirements
- Valid Certificate of Eligibility (COE) from the VA
- Meet service length requirements
- Credit score 620+ (most lenders)
- Debt-to-income ratio under 41%
Best For
Veterans and active military — this should be your first call if you served.
For homes in eligible rural areas — and more of Western NC qualifies than most buyers realize. Parts of Catawba, Burke, Alexander, Caldwell, and Lincoln counties are eligible.
Requirements
- Home must be in a USDA-eligible area (check eligibility map)
- Household income at or below 115% of area median income
- Credit score 640 or higher
- Must occupy as primary residence
Best For
Buyers purchasing outside city limits who want zero down and no PMI.
The NC Housing Finance Agency offers $15,000 in down payment assistance to qualified buyers. Most NC buyers have never heard of this program.
How It Works
- $15,000 as a 0% interest, deferred second mortgage
- No monthly payments on the second mortgage
- Forgiven 20% per year starting in year 11
- Completely forgiven after 15 years
Requirements
- Credit score 640+ (660 for new manufactured homes)
- Property and income limits apply (visit nchfa.com)
- Must occupy as primary residence within 60 days
Best For
Qualified buyers who want to minimize cash out of pocket. On a $275,000 home, this can cover your entire down payment and closing costs.
38% of buyers received gift money from family members to help cover their down payment — and lenders fully allow this with proper documentation.
Requirements
- Gift must come from an acceptable donor (parent, grandparent, sibling, fiancé)
- Signed gift letter stating the money is a gift, not a loan
- Lender will verify the transfer via bank statements
Best For
Buyers with family members who are willing and able to help.
Multiple local and county-level programs offer grants or forgivable loans specifically for buyers in Catawba County and surrounding areas.
What’s Available
- County-specific assistance grants
- Forgivable loans (forgiven after a set occupancy period)
- Employer-assisted housing programs
- Grants for specific professions: teachers, first responders, healthcare workers
Best For
Buyers who meet specific income, location, or profession criteria. We help you identify which programs stack together for maximum benefit.
$275,000 Home in Hickory, NC
Here’s what the math actually looks like with and without assistance.
Without Assistance (3% Down)
With NC 1st Home Advantage
Your Path to Homeownership
Talk to Us
Fill out the form above or call us. We’ll review your situation and identify which programs you qualify for — in English or Spanish.
Get Pre-Approved
We connect you with trusted NC lenders who specialize in DPA programs. They’ll show you real numbers for every option you qualify for.
Find Your Home
Pre-approved and funded — now we find your home, negotiate the best deal, and get you to the closing table.
Let’s See What You Qualify For
Don’t let a down payment myth keep you renting. A 15-minute conversation can change what you think is possible. Bilingual service available.
Our Preferred Lenders
We work with NC-licensed lenders who specialize in down payment assistance programs and are fluent in the programs available in our market.
We personally vet every lender we refer. See full profiles, contact info, specialties, and NMLS numbers for all three of our trusted partners.
View All Lender ProfilesMAR Properties, L.L.C. is a real estate brokerage, not a mortgage lender. We do not originate loans, offer credit, or guarantee financing. All loan programs, rates, and terms are subject to lender approval and may change without notice. Consult a licensed mortgage professional for guidance specific to your situation.
