First-Time Homebuyer’s Guide

Realize your dream of owning your first home with this specialized mortgage, available under our 5-Year Adjustable Rate Mortgage program. Finance up to 100% of a home’s purchase price (up to $500,000)¹ and up to $2,000 to cover closing costs. You may be eligible if:

• You haven’t owned a home in the last three years; or
• You’re a new employee of a North Carolina state agency or public school system.
• You’re an existing employee of a North Carolina state agency or public school system relocating to accept a new position within the state.

Receive up to $12,500 in down payment and closing cost assistance for purchasing your first home. In partnership with the FHLBA, these grants are forgivable if program conditions are met.² To be eligible for grant funds: 

• You must contribute a minimum of $1,000 to the down payment and closing costs. You will not have to repay these funds if you remain in the home for at least five years.
• Your total household income must be less than or equal to 80% of the county area median income or the state median family income for the area where the home is being purchased, whichever is higher. 
• Additional requirements apply.

Our members in the public sector work hard to make their community a better place every day. The FHLBA Community Partners Product aims to help these members afford their next home. This grant program provides up to $15,000 in home purchase assistance to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders; and veterans or active-duty members of the U.S. military or their surviving spouse.

To be eligible for the grant funds:

• You must contribute a minimum of $1,000 toward the down payment and closing costs. You will not have to repay these funds if you remain in the home for at least five years.
• Your total household income must be 80% or less than:
  • The county area median income; or
  • The state median family income for the area where the home is being purchased; whichever is higher.
• Additional requirements apply.