The North Carolina Housing Finance Agency (NCHFA) runs two programs most Martin County buyers should know about: down-payment assistance and a mortgage credit certificate. Neither replaces your primary mortgage — both stack on top of USDA, FHA, VA, or conventional financing.
Martin County NCHFA Down Payment Assistance Estimator
See your estimated monthly payment plus how the NC 1st Home Advantage Down Payment's 3% (or 5% in a targeted census tract) reduces your actual cash to close.
NC 1st Home Advantage Down Payment
The assistance above is a 0%, deferred second mortgage — not a grant. It's forgiven 20%/year over years 11–15; sell, refinance, or transfer sooner and the unforgiven portion is repaid. Confirm your household's exact eligibility, income limit, and census-tract status with a participating lender.
*Illustrative only. Verify all figures with a lender before relying on them.
NC 1st Home Advantage Down Payment
- What it is: a 0% deferred second mortgage — no monthly payment — that provides down-payment and closing-cost assistance.
- Standard amount: up to 3% of the loan amount.
- Targeted census tract amount: up to 5% of the loan amount, in NCHFA-designated targeted tracts.
- Forgiveness: the assistance is forgiven at a rate of 20% per year over years 11–15 of residence, provided the borrower doesn't sell, refinance, or vacate the home first.
Targeted census tracts — likely common in Martin County
NCHFA designates certain census tracts as "targeted," qualifying buyers there for the higher 5% assistance amount and relaxing the first-time-buyer requirement. Given Martin County's rural, lower-income profile, targeted tract status is likely common county-wide — but this must be confirmed per address, not assumed. Check the specific property against NCHFA's official tract lookup tool before counting on the higher figure.
NC Home Advantage Tax Credit (Mortgage Credit Certificate)
- What it is: a federal tax credit worth up to $2,000 per year, for the life of the loan, against mortgage interest paid — not a deduction, a dollar-for-dollar credit.
- Eligibility: generally limited to first-time buyers (or buyers in a targeted tract, or veterans, depending on current program rules), within income and purchase-price limits.
- Stacking: can be combined with the down-payment assistance program above and with most primary mortgage types.
Eligibility basics
| First-time buyer requirement | Generally required, waived in targeted tracts and for qualifying veterans |
|---|---|
| Income limits | Set by county and household size |
| Purchase price limits | Set statewide/regionally — rarely a constraint given Martin County's pricing |
| Homebuyer education | Required for most NCHFA-assisted loans |
These figures change periodically.
FAQs
Is NCHFA assistance available in Martin County?
Yes — NCHFA's down-payment assistance programs (NC 1st Home Advantage Down Payment and NC Home Advantage Tax Credit / MCC) are statewide and available to eligible buyers anywhere in North Carolina, including Martin County.
What is targeted census tract status, and does it apply here?
NCHFA's NC 1st Home Advantage Down Payment offers a higher assistance amount in designated 'targeted' census tracts. Given Martin County's rural, lower-income profile, targeted tracts are likely common county-wide — check NCHFA's official tract lookup tool for the specific property address to confirm the higher assistance figure applies.
Can NCHFA assistance be combined with USDA or FHA?
Yes. NCHFA down-payment assistance and the Mortgage Credit Certificate are designed to layer on top of a primary mortgage — USDA, FHA, VA, or conventional — not replace it. Eligibility rules (income limits, first-time buyer status in most cases, purchase price limits) apply on top of your primary loan program's own requirements.
Is this financial advice?
No. This page is general information. NCHFA program terms, assistance amounts, and eligibility rules are set by the North Carolina Housing Finance Agency and can change.
Want to know if a Martin County address falls in a targeted tract?
Travis can check the NCHFA tract lookup for a specific property and connect you with a lender who runs NCHFA programs.
This page is for informational purposes only and does not constitute financial or legal advice. NCHFA program terms, assistance amounts, and eligibility rules are set by the North Carolina Housing Finance Agency and are subject to change.