Down payment assistance programs in North Carolina, Raleigh, Durham, and Wake County can cover your entire down payment — here's how the stack works and what you actually need to close the deal.
Jon Tennant
Raleigh-Durham Real Estate
Hey friends. One of the most common things I hear from people who want to buy a home in the Triangle is some version of "I just don't have enough saved yet." I get it. The prices here feel like they are moving faster than your savings account.
But here is what a lot of people do not realize: in North Carolina, there are programs specifically designed to close that gap. Buyers with less than $10,000 saved are buying homes in Raleigh and Durham right now. Here is how they are doing it.
North Carolina has one of the strongest combinations of down payment assistance programs in the country. The real move is combining state-level help from the NC Housing Finance Agency with city or county programs. When you stack them correctly, the assistance can cover your entire down payment and a portion of closing costs.
Here is what is available:
This program offers $15,000 as a 0% deferred second mortgage. No payments while you live in the home. The loan is forgiven 20% per year between years 11 and 15, meaning it is completely forgiven after 15 years if the home remains your primary residence. Available to first-time buyers and qualifying military veterans.
Provides up to 3% of the loan amount as down payment assistance, also structured as a 0% deferred second mortgage forgiven over 15 years. Available for conventional, FHA, VA, and USDA loans. Open to both first-time and move-up buyers.
The City of Raleigh offers up to $45,000 in zero-interest deferred loans for down payment and closing costs on homes priced up to $389,500. The Enhanced program offers up to $60,000 for homes in targeted areas priced up to $450,000. No payments due until you sell or move out.
Durham buyers can access substantial combined assistance, with some buyers receiving up to $80,000 in combined state and local aid. Working with a lender who knows both sets of programs is critical.
Wake County offers its own assistance of up to $50,000 for qualifying buyers.
If you qualify for a USDA or VA loan, you may not need any down payment at all.
USDA loans are available for properties in eligible rural and suburban areas of NC, including parts of Johnston, Franklin, and other Triangle-adjacent counties. Zero down, income limits apply.
VA loans are available to eligible veterans, active-duty service members, and qualifying surviving spouses. Zero down, no monthly mortgage insurance, and often the best rate available. If you served, use this benefit.
Some lenders in the Triangle also offer a 1% down conventional mortgage where the lender contributes an additional 2% toward your down payment.
You need a 640 or higher credit score for most programs. If you are not there yet, that is a 6 to 12 month project before you apply.
You need to complete a homebuyer education course. This is required for most assistance programs and takes a few hours online.
You need to work with a lender who actively knows these programs. Not every lender is approved for NCHFA programs or knows how to layer city and state assistance together. Ask specifically.
Even with assistance covering your down payment, you will still need cash for the due diligence fee, inspection costs, and any closing costs not covered by the programs or seller concessions. Budget $2,500 to $5,000 as a working minimum to get to closing. It is achievable.
The bottom line: less than $10,000 in savings does not disqualify you. It means you need the right loan structure and the right programs working together. I work with lenders in the Triangle who specialize in this every day. If you want to understand what is possible for your specific situation, reach out and let's run the numbers.
Let's Run the NumbersWhether you have $2,000 or $20,000 saved, there's likely a path forward. Let's run the numbers and find the right program stack for your situation.