First Time Home Buyers (or those who have not had a mortgage in the last 3 years)
First-Time Homebuyer and Down Payment Assistance Programs in Greensboro, NC (Updated March 2025)
Purchasing your first home in Greensboro, North Carolina, is an exciting milestone, but it can also feel daunting due to upfront costs like down payments and closing fees. Fortunately, there are several first-time homebuyer and down payment assistance programs available in Greensboro as of March 24, 2025, designed to help make homeownership more accessible. Below, we’ve outlined the current programs, including summaries, eligibility details, and direct links for potential buyers to explore and apply. Each program has its own requirements that you will need to review, as well as requirements for working with a lender.
If you need a lender recommendation please check out the following lenders who I love working with, or ask to speak with the mortgage lender at your own financial institution.
Julianne Poindexter 816-726-4580 Prequalify with Julie
Tena Anton 336-254-8050 Prequalify with Tena
Dave Held (336) 337-3210 Prequalify with Dave
Bret Barrow 443-604-7456 Prequalify with Bret
Habitat for Humanity Greensboro NC info
Opportunity Zone A Greensboro NC
First-Time Homebuyer Programs in Greensboro, NC
1. NC Home Advantage Mortgage™
Summary: Offered by the North Carolina Housing Finance Agency (NCHFA), this program provides affordable, fixed-rate mortgages (conventional, FHA, VA, or USDA loans) to first-time and move-up buyers. It includes down payment assistance of up to 3% of the loan amount, which is forgiven after 15 years if you remain in the home.
Income/Financial Requirements: Income limits vary by county and household size. For Guilford County (where Greensboro is located), the 2025 income limit for a household of 1-2 people is approximately $96,500, and for 3+ people, it’s around $111,000 (subject to annual updates). A minimum credit score of 640 is required (660 for manufactured homes).
2. NC 1st Home Advantage Down Payment
Summary: This NCHFA program offers $15,000 in down payment assistance as a 0% interest, deferred second mortgage, specifically for first-time buyers or military veterans. The loan is forgiven after 15 years if you stay in the home. It must be paired with the NC Home Advantage Mortgage™.
Income/Financial Requirements: Same income limits as the NC Home Advantage Mortgage™ (e.g., $96,500 for 1-2 people in Guilford County). Requires a credit score of 640 or higher. You must be a first-time buyer (no homeownership in the past 3 years), a veteran, or buying in a targeted census tract.
Down Payment Assistance Programs in Greensboro, NC
1. Housing Connect GSO Homebuyer Assistance Program
Summary: Managed by Greensboro’s Housing & Neighborhood Development Department, this program provides up to $15,000 in down payment and closing cost assistance as a 0% interest, deferred second mortgage, forgiven after 10 years if you remain in the home. An additional $5,000 is available if you buy in a designated redevelopment area (where the first-time buyer requirement is waived).
Income/Financial Requirements: Household income must not exceed 120% of the Area Median Income (AMI) for households of 1-2 people (around $90,720 in 2025) or 140% AMI for 3+ people (around $105,840). First-time buyers (no homeownership in the past 3 years) are prioritized, and a minimum $500 cash investment is required.
2. Guilford County Homebuyer Down Payment Assistance Program
Summary: Administered by Guilford County (encompassing Greensboro), this program offers financial assistance for down payments and closing costs to low- and moderate-income buyers. Assistance amounts vary but are typically structured as forgivable loans.
Income/Financial Requirements: Household income must be at or below 80% of the AMI (approximately $60,480 for a family of 4 in Guilford County in 2025). Specific loan amounts and forgiveness terms depend on the program partner, so contact Housing Consultants Group for details.
3. Community Partners Loan Pool (CPLP)
Summary: Another NCHFA offering, the CPLP provides up to 25% of the home’s sales price (max $50,000) as a 0% interest, deferred second mortgage for down payment assistance. It must be used with an NC Home Advantage Mortgage™ or USDA Section 502 Direct Loan.
Income/Financial Requirements: Household income must be below 80% of the county AMI (e.g., $60,480 for a family of 4 in Guilford County). Available to both first-time and repeat buyers meeting income criteria.
Tips for Potential Buyers
Check Eligibility: Income limits and credit score requirements vary, so verify your qualifications with each program before applying.
Contact a Lender: Many of these programs require you to work with an approved lender. The NCHFA website lists participating lenders, and Greensboro’s Housing Connect GSO offers local support.
Act Quickly: Funding for some programs is limited and distributed on a first-come, first-served basis.
With these options, first-time buyers in Greensboro have a range of tools to reduce the financial barriers to homeownership. Click the links above to explore each program further and start your application process today. Happy house hunting!
