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North Carolina Mortgage Rates

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Last updated: Jun 20, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

North Carolina Mortgage Overview

North Carolina falls in the middle of the states for size, yet is the 9th most populated state. It has 10.4 million residents. It could be due to the low cost of living with the average home price around $172,000.

If you want to surround yourself with the beauty of North Carolina, here are your top loan options.

North Carolina conventional loans

Borrowers with good credit may secure a conventional loan. You need at least a 660+ credit score and a max 36 percent debt ratio. If you've never owned a home a 3 percent down payment is enough. If you've owned a home, you'll need 5 percent down. Any down payment lower than 20 percent requires Private Mortgage Insurance. You can cancel it when you owe less than 80 percent of the home's current value.

North Carolina FHA loans

If you have a lower credit score, try the FHA loan. You need just a 580 credit score and a 3.5 percent down payment. FHA loans have high debt to income ratio allowances of 45 - 50 percent. You can use gift funds for FHA down payments but may have to contribute some of your own money if you have a 500 - 579 credit score. Lenders require a 10 percent down payment and 3.5 percent of the funds must be yours.

North Carolina VA loans

Veterans can get 100 percent financing from a North Carolina VA lender. You'll need a 620 credit score and to prove you can afford the new mortgage plus your existing debts and the cost of living. VA loans don't require money down. They also don't charge mortgage insurance. Veterans pay an upfront funding fee, but it's low.

North Carolina USDA loans

If rural living is on your agenda and your household income is less than 115 percent of the area's median income, a USDA loan may be a good option. You'll need a 640+ credit score and a max 41 percent debt ratio. You won't need a down payment. USDA loans require mortgage insurance for the loan term, but they are affordable.

First-Time Homebuyer Programs in North Carolina

NC Home Advantage Mortgage

This fixed rate mortgage with up to 5 percent in down payment assistance. You must have an annual income of less than $89,500 and a 640 or higher credit score. You only have to repay the down payment assistance if you sell the home or refinance the mortgage.

NC Home Advantage Down Payment Assistance

Eligible borrowers may receive up to $8,000 in down payment assistance.

NC Home Advantage Tax Credit

First-time homebuyers may get a tax credit of up to $2,000 per year on the mortgage interest paid. This decreases your taxable income, leaving more money in your pocket, making homeownership more affordable.

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