Your Guide to Buying Your First Home in Wake County
First-time homebuyers in Raleigh can purchase with as little as 3% down using conventional loans or 3.5% with FHA financing. Jason Iacovelli (NMLS #3370) specializes in first-time buyer programs including NC Housing Finance Agency down payment assistance up to $15,000. We guide buyers through FHA, conventional, and VA loans serving Cary, Apex, and all Wake County.
As low as 3% for conventional, 3.5% for FHA, or 0% for VA/USDA loans. Down payment assistance can help cover this.
FHA: 580+ with 3.5% down, or 500-579 with 10% down, subject to approval. Conventional: No blanket 620 minimum. Credit eligibility depends on automated underwriting findings, with final approval subject to lender review. We help buyers improve credit before applying.
NC Housing Finance Agency offers down payment assistance up to $15,000 for eligible first-time buyers meeting income limits.
Yes! FHA allows 100% gift funds from family. Eligible conventional gift funds can cover the entire down payment on a one-unit primary residence, subject to loan-program and lender requirements.
From pre-approval to closing typically takes 45-60 days. We guide you through every step.
We specialize in helping first-time homebuyers navigate the mortgage process with low down payment options, down payment assistance programs, and expert guidance.
Mortgage options and down-payment assistance are two different pieces of your homebuying plan.
Your mortgage finances the home. An assistance program can help eligible buyers cover part of the down payment or closing costs.
Start by comparing conventional, FHA, VA and USDA financing, then check which assistance programs can work with your loan.
You don’t necessarily need to be a first-time buyer to use these mortgage options, and some assistance programs also accept repeat buyers.
Conventional: Down payments as low as 3% for eligible buyers. Credit eligibility depends on automated underwriting findings and lender review.
FHA: Down payments as low as 3.5% with a credit score of 580 or higher. Options for scores of 500–579 require at least 10% down, subject to approval.
VA: Eligible veterans, service members and surviving spouses can qualify for no-down-payment financing, subject to entitlement and lender requirements.
USDA: Eligible buyers purchasing in qualifying rural areas can obtain no-down-payment financing, subject to household-income and program requirements.
A zero-down-payment loan does not necessarily mean zero cash needed at closing.
NC Home Advantage Mortgage offers eligible first-time and repeat buyers assistance up to 3% of the loan amount.
The program’s qualifying-income limit is $158,000, with a minimum credit score of 640 for most eligible property types.
Manufactured homes require a 660 score.
The assistance is a deferred second mortgage, forgiven 20% per year at the end of years 11 through 15.
Selling, refinancing or transferring the home before full forgiveness can require repayment of the remaining assistance.
NC Home Advantage Mortgage program details
NC 1st Home Advantage Down Payment provides $15,000 in assistance for eligible first-time buyers, military veterans and buyers purchasing in qualifying targeted areas.
For this program, a first-time buyer generally hasn’t owned a principal residence during the previous three years.
Income and purchase-price limits apply.
The assistance is a 0% deferred second mortgage, forgiven 20% per year at the end of years 11 through 15.
Any unforgiven balance must be repaid if the first mortgage is paid off before the end of year 15.
This option cannot be combined with NCHFA’s 3% assistance option.
Official eligibility limits | NC 1st Home Advantage program guide
Community Partners Loan Pool assistance can cover up to 25% of the sales price, capped at $50,000, when paired with an NC Home Advantage Mortgage.
Household income cannot exceed 80% of the county’s area median income, and additional credit, affordability and property requirements apply.
This is a 0% deferred second mortgage with no monthly payment, typically repaid when the home is sold or at the end of the loan term.
Contact a participating community organization before signing a purchase contract to arrange the required homebuyer education and housing counseling.
Community Partners Loan Pool details | Participating community organizations
Before you start touring homes, ask Jason to compare the mortgage and assistance options that fit your situation.
Review the estimated monthly payment, total cash needed at closing, and any assistance repayment obligations side by side.
The goal is a home you can afford to buy and keep, not simply the smallest down payment.
As low as 3% for conventional loans, 3.5% for FHA, or 0% for VA/USDA loans. Down payment assistance programs can help cover this. On an illustrative $350,000 purchase, 3% down is $10,500 and 3.5% down is $12,250. Those are down payments, not your total cash needed to buy. Ask for a comparison that separates your down payment, closing costs, prepaid taxes and insurance, and any eligible assistance or credits.
FHA: 580+ with 3.5% down, or 500-579 with 10% down, subject to approval. Conventional: No blanket 620 minimum. Credit eligibility depends on automated underwriting findings, with final approval subject to lender review. We help buyers improve credit before applying if needed.
NCHFA offers down payment assistance up to $15,000 and competitive rates for first-time buyers meeting income limits.
Yes! FHA allows 100% gift funds, eligible conventional gift funds can cover the entire down payment on a one-unit primary residence, subject to loan-program and lender requirements. Family members can help you buy your first home.
Someone who hasn't owned a home in the past 3 years. Even if you previously owned, you may qualify as a first-time buyer.
From pre-approval to closing typically takes 45-60 days. We guide you through every step of the process.
Typically 2-5% of purchase price. Sellers can contribute, and some programs offer closing cost assistance.
No! FHA accepts scores of 580+ with 3.5% down, or 500-579 with 10% down, subject to approval. We work with first-time buyers to find the best program for their situation.
Pay stubs, W-2s, tax returns, bank statements, and ID. We provide a complete checklist during pre-approval.
Yes! Student loans are factored into debt-to-income ratio, but many first-time buyers successfully purchase homes with student debt.