Buying in Boiling Spring Lakes and wishing your down payment went further? You are not alone. Many local buyers are surprised to learn they may qualify for meaningful help through the NC Home Advantage programs. In this guide, you will see what the program offers, who qualifies, how it fits our market, and the exact steps to use it with confidence. Let’s dive in.
NC Home Advantage at a glance
NC Home Advantage Mortgage is delivered by participating lenders and can pair a fixed-rate first mortgage with optional down payment assistance. It works with conventional, FHA, VA, and USDA loans, and it is available statewide through the North Carolina Housing Finance Agency (NCHFA). As of June 26, 2025, NCHFA raised the overall sales price cap for the suite to $495,000, though county and program rules still apply. You can review the latest update in NCHFA’s June 26, 2025 press release.
Two common assistance options
- NC 1st Home Advantage Down Payment: Up to $15,000 as a 0% deferred second mortgage for eligible first-time buyers, eligible veterans, or buyers in targeted census tracts. It must be paired with an NC Home Advantage Mortgage and follows a forgiveness schedule. Learn more on the NC 1st Home Advantage Down Payment page.
- NC Home Advantage DPA (percentage option): Many lenders offer down payment help equal to a percentage of the first mortgage amount, often up to 3%, to use toward down payment and closing costs. Availability varies by lender and loan type. See NCHFA’s program overview in this Home Matters update.
Core rules to know
- You must occupy the home as your primary residence, typically within 60 days of closing. Details are on the NC 1st Home Advantage page.
- A minimum credit score of about 640 is common for NCHFA programs. Some property types, like manufactured homes, may require higher scores. See program guidance on the NC 1st Home Advantage page.
- Income and sales price limits vary by county and household size. NCHFA increased statewide parameters in 2025, but county-specific limits still control eligibility for some assistance. Review NCHFA’s limits updates here: program limits announcement and the June 26, 2025 press release.
Why it fits Boiling Spring Lakes
Recent estimates show typical home values in Boiling Spring Lakes in the low-to-mid $300,000s. That means many local homes fall below the program’s $495,000 sales price cap announced in 2025. The practical takeaway is simple: price often fits, but income limits and credit still matter.
Brunswick County is commonly grouped within the Wilmington MSA on NCHFA charts, and those tables can differ from the statewide maximums. Before you apply, confirm your household size and income against the current county limits. NCHFA updates these numbers, so check the latest information in the limits announcement or ask a participating lender.
Step-by-step: How to use it here
- Confirm you meet the basics
- Plan to occupy the home as your primary residence and review credit score expectations, commonly 640 or higher. See the NC 1st Home Advantage page for core rules.
- Check price and income fit
- Compare your target price and household income to Brunswick County or Wilmington MSA limits on NCHFA’s resources. If you are near a limit, flag it for your lender. Review NCHFA’s limits announcement and the June 26, 2025 press release.
- Contact a participating lender
- Only approved lenders can reserve NC Home Advantage funds. Use NCHFA’s Find a Mortgage Lender tool and ask about NC Home Advantage and NC 1st availability, plus any lender overlays on credit or debt-to-income.
- Get prequalified or preapproved
- Your lender will verify income, calculate your numbers, and confirm whether your loan type and price can be reserved under NC Home Advantage. They will also explain DPA options and how funds are applied at closing.
- Complete any required education
- Some assistance requires homebuyer education or counseling before closing. Your lender will provide the approved course options and timelines. Program details are outlined on the NC 1st Home Advantage page.
- Make an offer on a qualifying home
- Choose a property type allowed by the program and by your loan type. If using FHA, VA, or USDA, confirm property standards with your lender and agent.
- Final underwriting and reservation
- Your lender completes underwriting, reserves your NC Home Advantage funds, and coordinates the DPA as a deferred second mortgage when applicable.
- Close and move in
- You will close on the first mortgage and the DPA second, then occupy the home within the required timeframe. Keep records of the forgiveness schedule, since selling or refinancing too early often requires repayment of the assistance.
Tips for Boiling Spring Lakes buyers
- Verify the latest limits. NCHFA updates income and price caps. Check the June 26, 2025 press release shortly before you write offers and confirm details with your lender.
- Budget beyond the down payment. DPA can help with down payment and sometimes closing costs, but you may still need funds for prepaids, inspections, and lender fees. Your lender will estimate what you should bring to closing.
- Know the forgiveness schedule. Assistance is often a 0% deferred second mortgage that forgives over time. Selling or refinancing early usually triggers repayment. Review the framework on the NC 1st Home Advantage page and ask your lender for payoff examples.
- Compare lenders. Participating lenders set pricing and may add overlays. Talk with at least two approved lenders using NCHFA’s Find a Mortgage Lender tool to compare rates, fees, and DPA options.
- Factor local property considerations. Some Brunswick County homes may require flood insurance depending on location. Ask your lender and insurance pro to check maps and quote coverage early.
Ready to explore homes that fit NC Home Advantage and your budget in Boiling Spring Lakes? Reach out to Hank Troscianiec and Associates for local guidance, property tours, and a smooth path from preapproval to closing.
FAQs
What is NC Home Advantage and how does it work in Brunswick County?
- It is a fixed-rate mortgage delivered by participating lenders with optional down payment assistance, subject to income and price limits that vary by county and household size; review NCHFA’s program limits update and confirm current numbers with a lender.
How much down payment help can I get in Boiling Spring Lakes?
- Many buyers may access up to $15,000 through NC 1st Home Advantage (if eligible) or a percentage-based DPA often up to 3% with the NC Home Advantage Mortgage; see NCHFA’s NC 1st overview and this program update.
Who qualifies for the $15,000 NC 1st Home Advantage Down Payment?
- First-time buyers, eligible veterans, or buyers in targeted census tracts who pair the assistance with an NC Home Advantage Mortgage may qualify; details are on the NC 1st program page.
What is the current maximum home price for the program?
- As of June 26, 2025, NCHFA lists a $495,000 sales price cap for the NC Home Advantage suite; some assistance types still have county or household-size rules, so confirm the latest limits in the press release and with your lender.
Can I use NC Home Advantage with FHA, VA, or USDA loans?
- Yes, NC Home Advantage can pair with conventional, FHA, VA, or USDA first mortgages, subject to property and location eligibility; your lender will confirm the best fit for you.
What happens if I sell or refinance before the assistance is forgiven?
- The remaining balance of the deferred second mortgage usually must be repaid if you sell or refinance before the forgiveness schedule completes; ask your lender to review scenarios and timelines.
How do I find a participating lender near Boiling Spring Lakes?
