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Key Takeaways for North Carolina Home Buyers:

Here's what you need to know to get started if you’re looking at buying in the Tar Heel State.

Average Home Prices in North Carolina

As of April 2025, the median sale price for a single-family home in North Carolina is $337,457.

Average home price:

  • Charlotte: $405,000
  • Raleigh: $403,100
  • Greensboro: $262,753
  • Durham: $410,654
  • Wilmington: $417,310

Source: zillow.com/home-values

Average Home Size in North Carolina

The average size for a single-family home in North Carolina is approximately 1,919 square feet.

Average home size:

  • Charlotte: 1,900 square feet
  • Raleigh: 2,366 square feet
  • Greensboro: 2,015 square feet
  • Durham: 1,846 square feet
  • Wilmington: 1,914 square feet

Source: https://fred.stlouisfed.org/

North Carolina State Taxes

  • North Carolina has a flat income tax of 4.25% in 2025, scheduled to phase down to 3.99% by 2027.
  • The average effective property tax rate in North Carolina is around 0.70% of a home’s assessed value
  • North Carolina has base state sales tax of 4.75%, with local additions ranging from 0% to 2.75%.

How Much Can You Afford in North Carolina?

Recommended
Monthly Payment:
$750.00

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$750.00
$1050
$1350

Affordable Home Prices With Your Recommended Payment

$107,844.08 house with $9,804.01 down. (10%)

$117,648.09 house with $19,608.02 down. (20%)

$127,452.10 house with $29,412.02 down. (30%)

These examples use the loan term provided and assume a fixed-rate mortgage with an interest rate of 6%.

North Carolina Down Payment Assistance Programs

NC 1st Home Advantage Down Payment

Get $15,000 in down payment help through a 0% interest, deferred second mortgage—fully forgiven after 15 years. Available to first-time buyers, military veterans, or those buying in targeted areas.

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More about this program

  • Program Highlights:

    • $15,000 in down payment assistance

    • 0% interest, fully forgivable after 15 years

    • Must be used with an NC Home Advantage Mortgage

    • Works with FHA, VA, USDA, and conventional loans

    Basic Requirements:

    • First-time buyer, veteran, or purchasing in a targeted tract

    • Credit score of 640+ (660 for manufactured homes)

    • Meet income and price limits

    • Must live in the home within 60 days of closing

    • Must be a legal U.S. resident

Essex + National Homebuyers Fund FHA Program

This down payment assistance program helps buyers get into a home with little to no upfront cost, offering up to 101.5% financing through an FHA first mortgage and a second lien.

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More about this program
  • FHA loan covers 96.5% of the purchase price
  • Second lien covers 3.5% or 5% for down payment or closing costs
  • Minimum credit score: 600 (660 for manual underwriting)
  • No first-time buyer requirement
  • No max DTI with DU/LP approval
  • Homebuyer education required (Fannie Mae HomeView – free online)
  • Non-occupant co-borrowers allowed
  • Eligible properties: Single-family homes, duplexes (2 units), PUDs, condos (agency approved), townhomes, manufactured homes allowed (except single-wides)

Lakeview National Community Lending Program

The Lakeview National program supports low- to moderate-income buyers with down payment assistance and flexible financing to make homeownership more accessible.

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More about this program
  • 30-year fixed-rate conventional mortgage
  • Second lien offers up to 4% for down payment assistance
  • Max LTV/CLTV: 97% / 105%
  • Income limit: Up to 140% of area median income (AMI)
  • Minimum credit score: 660
  • DTI: Lesser of 50% or AUS approval
  • First lien acquired by Lakeview; second lien from an approved DPA provider
  • Eligible properties: Single-family detached or attached homes, single-family homes with accessory units (must be zoned single-family), PUDs and condominiums, rural properties (must be residential in nature)

Churchill Mortgage is an approved lender for these down payment assistance programs. Contact us today to see if you qualify!

Frequently Asked Questions

Check our FAQs for responses to our most popular questions from North Carolina Home Buyers.

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How Much Should I Budget for Closing Costs in North Carolina?

Home buyers in North Carolina generally budget 2% to 5% of the home’s purchase price for closing costs.

For example, on a $300,000 home, expect to pay between $6,000 and $15,000. First-time buyers may qualify for down payment and closing cost assistance through programs like the NC 1st Home Advantage, reducing out-of-pocket expenses.

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What Are the Most Popular Home Loan Types in North Carolina?

North Carolina home buyers have a variety of mortgage options to suit different credit profiles, income levels, and down payment needs. Here are the most common loan types:

  • Conventional Loans – Popular for buyers with good credit; down payments as low as 3%.

  • FHA Loans – Ideal for buyers with lower credit scores; 3.5% down payment.

  • VA Loans – For eligible veterans and active-duty service members; no down payment required.

  • USDA Loans – Offer 100% financing for rural and suburban home buyers.

  • NC Home Advantage Mortgage™ – A state-backed loan with competitive rates and down payment assistance.

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How Can I Find a Trusted Local North Carolina Realtor to Work With?

Churchill Mortgage's experienced Home Loan Specialists work closely with a network of trusted, local real estate agents across the state of North Carolina. Just ask for a referral and we'll provide you with a professional who is committed to finding the right home for you.

 
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How Do Schools Rank in North Carolina?

North Carolina’s public schools show a wide range of performance depending on district and location. Several districts consistently earn high marks for academics, graduation rates, and college readiness.

  • Top-Rated Districts: Chapel Hill-Carrboro City Schools, Wake County Public Schools, and Asheville City Schools often rank among the best in the state.

  • Strong Academic Focus: Many top districts boast high test scores, advanced placement offerings, and strong arts and STEM programs.

For detailed school performance data, including test scores and district comparisons, visit the North Carolina School Report Cards.

Reviews from North Carolina Home Buyers

★ ★ ★ ★ ★

"The whole experience with Churchill Mortgage was seamless. Ron was very responsive, easy to get up with, and answered any question we had. We would be happy to work with him again in the future!"

Samantha L.
Sanford, NC
★ ★ ★ ★ ★

"Justin, regardless of his busy schedule, promptly returned texts and emails, no matter the time of day I contacted him. He always answered my questions and explained things in a simple way so I would understand the process. No pressure to make a quick decision. His team is very efficient. Thank you."

Theresa J.
Clayton, NC
★ ★ ★ ★ ★

Matt was very clear on expectations. Matt was accessible at all times with many communication methods. Matt and the team are really excellent! I would highly recommend them.

Mary H.
Surf City, NC

4.9 / 5

gold star gold star gold star gold star gold star

Top Rated Mortgage Lender

Served over 100,000+ happy homeowners!

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North Carolina Branch Locations

Churchill Loan Officers in North Carolina

Conforming and high balance allowed. Cooperative housing not eligible. Not all applicants will qualify. Not a commitment to lend. Other restriction or limitations to any program may apply.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.