First-Time Home Buyer Loans in Raleigh, NC
Raleigh gives first-time buyers more help than most cities: a state agency headquartered right here, a city program with two tiers of assistance, and several low-down loan types. The catch is speed. Homes in Raleigh move quickly, and assistance adds steps, so first-time buyers who line up the program before touring are the ones who get to closing without scrambling.
Rather talk now? Call (480) 636-6573 or text Keith. Reviewed by Keith Lopez, NMLS #2814077 · Updated September 2026
Quick answer
What help is there for first-time home buyers in Raleigh?
Raleigh first-time buyers can pair a low-down loan (3% conventional, 3.5% FHA, or $0 down VA if eligible) with the Chenoa Fund on an FHA loan, NC Housing Finance Agency assistance when a participating lender is available, and, for households at or below 80% of area median income, the City of Raleigh's zero-interest deferred loans of up to $45,000 citywide. On Raleigh's roughly $425,000 median, 3% down is about $12,750 and FHA's 3.5% is about $14,875.
First-time buyer loans in Raleigh, by the numbers.
Last reviewed: September 2026
- Raleigh median sale price
- $425,000
- Redfin, August 2026.
- 3% conventional / 3.5% FHA on the median
- $12,750 / $14,875
- 2026 FHA limit, Wake County
- $541,287
- One-unit home, per HUD.
- 2026 conforming limit
- $832,750
- Ceiling for standard conventional loans, per FHFA.
- Median days on market
- 34
- Redfin, August 2026.
Limits, fees, and market figures come from the sources listed below as of the date shown and change over time. Down payment figures are estimates, not a loan offer.
What is different about first-time buyer loans in Raleigh.
The first-time math at Raleigh prices
On Raleigh's roughly $425,000 median, a 3% down conventional loan needs about $12,750 and FHA's 3.5% needs about $14,875, before closing costs. Closing costs usually add 2 to 5% of the price, so cash to close is the real hurdle for most first-time buyers here, not the down payment alone.
Wake County uses the $541,287 FHA floor, lower than neighboring Durham County's $634,800. If you are comparing homes on both sides of the county line, FHA reaches a bit higher on the Durham side. Many programs treat you as a first-time buyer if you have not owned a home in the past three years, so a past sale does not automatically rule you out.
Assistance adds steps, and Raleigh moves fast
Redfin put Raleigh's median days on market at 34 in August 2026. Assistance programs add a program reservation, sometimes a specific approved lender, and often a homebuyer course. None of that is hard, but it cannot be squeezed into a 21-day contract at the last minute.
That is why I build the pre-approval around the exact program you plan to use, get any required course done early, and make sure your agent can tell a listing agent your financing is ready. A first-time buyer with a clear plan can compete with buyers who have more cash.
City limits, Cary, and the price caps that shape the search
City of Raleigh assistance only applies inside Raleigh city limits, and its citywide tier caps the purchase price at $384,750, which is below the city median. The Enhanced tier goes up to $450,000 in targeted areas. Neighborhoods like Southeast Raleigh and some condo and townhome inventory are where those caps most often fit.
Cary, Apex, and other Wake towns follow the same county FHA limit but add their own municipal tax rates, and city assistance does not apply there. NCHFA programs work statewide through participating lenders, and the Chenoa Fund works statewide on FHA loans, so both travel with you if your search moves outside Raleigh.
Help that can pair with first-time buyer loans in Raleigh
The Chenoa Fund is the down payment assistance I can place on an FHA loan, and Raleigh first-time buyers may also be able to layer city and state help on top of a low-down first mortgage. The rules differ by program, state programs are offered only through participating lenders, and not every combination works with every lender, so I confirm participation and map the layers on your specific file.
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Chenoa Fund (FHA down payment assistance)
The Chenoa Fund, from CBC Mortgage Agency, is the down payment assistance I can place. It pairs an FHA 30-year fixed first mortgage with a second mortgage for 3.5% or 5% of the sales price or appraised value, whichever is less. The forgivable option has 0% interest and no monthly payment and is forgiven after three years of on-time payments on the FHA loan. The repayable option is a 10-year second mortgage with a monthly payment. There are no income limits and no first-time buyer requirement, but the home must be your primary residence (1 to 2 units), and credit and underwriting requirements apply. Refinancing the FHA loan during the first three years can cancel the forgiveness, so it suits buyers who plan to keep the loan at least that long. Program terms and availability change with market conditions, so I confirm current terms for your file before you count on it.
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City of Raleigh Homebuyer Assistance
Zero-interest, deferred loans for first-time buyers earning no more than 80% of area median income. As of mid-2026 the city lists up to $45,000 citywide (purchase price up to $384,750) and up to $60,000 through its Enhanced program in targeted areas (purchase price up to $450,000). You apply through a city-approved lender, and Raleigh's housing office notes it can be paired with NCHFA programs.
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NC Home Advantage Mortgage (NCHFA)
Up to 3% of the loan amount in assistance with FHA, VA, USDA, or conventional financing, open to first-time and move-up buyers. On a loan near Raleigh's median, 3% covers most or all of a 3% or 3.5% down payment. It needs a 640 score and income under $158,000, and it is forgiven 20% a year in years 11 through 15. It is offered only through participating lenders, so I confirm whether one of my wholesale lenders participates before recommending it.
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NC 1st Home Advantage Down Payment (NCHFA)
$15,000 of assistance for first-time buyers (no home owned as a principal residence in the past three years) and military veterans who meet additional criteria. A flat amount tends to go further on lower-priced homes, so it is worth comparing with the 3% option. It is offered only through participating lenders, so I confirm whether one of my wholesale lenders participates before recommending it.
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Assistance programs are run by state agencies, local governments, and program sponsors like CBC Mortgage Agency (the Chenoa Fund), and their amounts, limits, and funding can change or pause without notice. State agency programs are offered only through participating lenders, and I confirm participation for your file before recommending one. See the full North Carolina down payment assistance guide .
How I help Raleigh buyers with first-time buyer loans.
First-time buyers get the most out of me before the house hunt starts. I walk through your credit, savings, and comfortable payment, then show you side by side what FHA, 3% conventional, and any assistance you qualify for would mean for cash to close and the monthly payment. You leave with a number and a plan, not a maximum approval you are nervous about.
Then I stay reachable. When your agent calls on a Saturday about an offer, I answer, and I explain every step from the appraisal to the Closing Disclosure in plain English so nothing at the closing table is a surprise.
Keith Lopez, NMLS #2814077
First-Time Home Buyer Loans in Raleigh, answered straight.
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Who counts as a first-time home buyer in Raleigh?
For many programs, anyone who has not owned a home in the past three years. NCHFA uses that definition for the $15,000 NC 1st Home Advantage Down Payment, and the NC Home Advantage Mortgage is open to move-up buyers too. Each program sets its own rule, so we check the one you plan to use.
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How much do I need to buy my first home in Raleigh?
On the roughly $425,000 median, about $12,750 with 3% down conventional or $14,875 with FHA, plus closing costs of about 2 to 5% of the price. Gifts, seller credits, and assistance can cover much of that.
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Can I combine City of Raleigh assistance with NCHFA?
Often yes. Raleigh's housing office notes that buyers can pair city assistance with NCHFA programs like the NC Home Advantage Mortgage. NCHFA programs are offered only through participating lenders, so I confirm whether one of my wholesale lenders participates before recommending one. Layering rules depend on the lender and loan type, so I map the combination on your file.
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What credit score do I need as a first-time buyer in Raleigh?
FHA allows 3.5% down at 580, conventional first-time options generally start around 620, and NCHFA assistance requires 640. Lenders can set their own floors above those minimums, which is why comparing lenders matters.
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Is the FHA limit lower in Raleigh than in Durham?
Yes. Wake County's 2026 FHA limit is $541,287 for a single-family home, while Durham County's is $634,800. Most Raleigh homes still fit under Wake's limit.
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Do I need a homebuyer education class?
Many assistance programs require one, and some conventional first-time options do too. It is usually online and takes a few hours. I tell you which apply to your plan and help you finish it before you are under contract.
Official sources
- Chenoa Fund (CBC Mortgage Agency) (official program site; I confirm current terms for your file)
- NCHFA: NC Home Advantage Mortgage (up to 3% assistance, 640 credit, $158,000 income limit, eligible loan types)
- NCHFA: Home Buyer Mortgage Products ($15,000 NC 1st Home Advantage Down Payment)
- HUD: FHA mortgage limits lookup (2026 county FHA limits)
- FHFA: Conforming loan limits (2026 conforming limit)
- Redfin: Raleigh housing market (median sale price, August 2026)
Related guides and tools
Articles on first-time buyer loans for Raleigh buyers
- First-Time Buyers Closing Costs for First-Time Buyers in South Carolina: What to Budget Beyond Your Down Payment First-time buyers in South Carolina need to budget more than just a down payment. This guide explains attorney closing requirements, common fee categories, and strategies to reduce out-of-pocket costs.
- First-Time Buyers FHA Down Payment in Richmond Hill, GA: What First-Time Buyers Need to Know FHA loans require as little as 3.5% down in Richmond Hill, GA, and down payment assistance programs may cover that cost. Here is what first-time buyers need to know before applying.
- Loan Programs Conventional Loan Down Payment Requirements in North Carolina Conventional loans in North Carolina allow down payments starting at 3% for eligible buyers, but the right amount depends on your savings, PMI tolerance, and cash-to-close budget. Here is what you need to know before you decide.
Ready to talk through first-time buyer loans for your Raleigh purchase?
One free, no-pressure Mortgage Strategy Session. Your options, your numbers, your next step, talked through clearly for buying in Raleigh, NC.
Call (480) 636-6573 · Text Keith
Program eligibility, guidelines, and pricing are set by the applicable investor, agency, or program and are subject to change without notice. Not all applicants will qualify. This information is for educational purposes only and is not a commitment to lend.
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Keith Lopez, NMLS #2814077 | NEXA Mortgage, LLC, NMLS #1660690 | Licensed in NC, SC & GA | Equal Housing Opportunity