Now that you’ve started preparing for your first home, it’s time to talk about one of the most important parts of the process: your mortgage.
As a first-time home buyer in North Carolina, understanding your financing options can help you save thousands — and make your dream home more affordable than you think.
Step 1: Know the Common Mortgage Types
Here’s a breakdown of the most popular loan options for first-time buyers:
🔹 Conventional Loan
- Minimum down payment: 3%
- Best for: Buyers with strong credit
- Bonus: No mortgage insurance if you put down 20%
🔹 FHA Loan
- Minimum down payment: 3.5%
- Best for: Buyers with lower credit scores (580+)
- Flexible and beginner-friendly
🔹 VA Loan
- $0 down payment
- For: Active-duty military, veterans, and eligible spouses
- No mortgage insurance
🔹 USDA Loan
- $0 down payment for homes in eligible rural areas
- Perfect for NC buyers looking just outside city limits (yes, parts of the Triangle qualify!)
Step 2: Combine Your Loan With Assistance Programs
You can often layer your mortgage with local help:
- NC Home Advantage Mortgage: Up to $15,000 statewide
- Durham First-Time Home Buyer Program: Up to $80,000 in forgivable loans
- DHIC Homeownership Center: Free homebuyer education and affordable housing resources in Raleigh and Durham
These can make homeownership possible with little to no money down.
Step 3: Compare Lenders
Rates, fees, and incentives can vary — even between local lenders.
It’s smart to shop around, especially for first-time buyer-friendly lenders who work with NC programs.
Step 4: Get a Pre-Approval Letter
Once you’ve selected your loan and lender, your pre-approval letter provides a clear budget and demonstrates to sellers that you’re ready to buy.
💬 Final Thought:
You don’t need to have it all figured out — that’s what I’m here for! Whether you’re comparing loans, exploring programs like DHIC, or just wondering where to start, I can guide you every step of the way.
📩 Let’s connect: jacquelineomollo.realtor or info@jacquelineomollo.realtor
I’ll help you map out your mortgage options and take the next step on your Home Buying Roadmap.