NC Down Payment Assistance: 3% vs. $15,000
North Carolina gives you two down payment amounts through NCHFA: up to 3% of your loan, or a flat $15,000. Here is how to tell which one you qualify for and which is bigger for your purchase.
The core difference
The two options work the same way after closing, no monthly payment, forgiven over years 11 through 15. What differs is who qualifies and how much you get. The 3% option is open to everyone using an NC Home Advantage mortgage, first-time or move-up. The $15,000 is restricted to first-time buyers and veterans, but it is a flat amount, and on most North Carolina loan sizes it beats 3%. Do the quick math: 3% of a $300,000 loan is $9,000, so a qualifying first-time buyer usually comes out ahead with the $15,000.
3% vs. $15,000 at a glance
| Feature | NC Home Advantage 3% | NC 1st Home Advantage $15,000 |
|---|---|---|
| Amount | Up to 3% of the loan | Flat $15,000 |
| Who qualifies | Any buyer (first-time or move-up) | First-time buyers and veterans |
| Structure | 0% deferred second | 0% deferred second |
| Forgiveness | 20%/year in years 11–15 | 20%/year in years 11–15 |
| Usually bigger? | Only on very large loans | Yes, on most NC price points |
Who picks which
The decision is usually made for you by eligibility. If you are a first-time buyer or a veteran, take the $15,000, it is almost always the larger benefit. If you have owned a home in the last three years and are not a veteran, the 3% option is your path, and it is still a strong, forgivable second. The only time a first-time buyer might prefer 3% is on a very large loan where 3% exceeds $15,000. We run the exact numbers for your purchase so you take the bigger of the two.
Common questions
Should I take the NC 3% or the $15,000 down payment assistance?
If you are a first-time buyer or a military veteran, the flat $15,000 is almost always larger and is the one to take. If you have owned a home in the last three years and are not a veteran, you use the 3% option. On most NC price points $15,000 beats 3% (3% of a $300,000 loan is $9,000).
Can any buyer get the NC $15,000 down payment assistance?
No. The $15,000 (NC 1st Home Advantage) is limited to first-time buyers and military veterans. Move-up buyers who are not veterans use the up-to-3% NC Home Advantage option instead. Both are forgiven over years 11-15.
Are both NC down payment options forgivable?
Yes. Both the 3% and the $15,000 are 0% deferred seconds with no monthly payment, forgiven 20% per year in years 11 through 15, and fully forgiven if you keep the home 15 years.
Ready to see your options?
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