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North Carolina Mortgage Programs

What to Know Before Buying a Home in North Carolina

Although buying a home is an exciting step, it can be challenging to navigate the housing market and align your finances. The purchasing and offer process varies state to state, which is why it’s important to work with a mortgage lender that has experience across multiple states. Here are some of the differences to be aware of when shopping for a home in North Carolina.

Property Types Vary Greatly

North Carolina’s increasing real estate development, coupled with retirees from northern states relocating to its warmer climate, has this historically rural state trending toward urbanization. Larger cities in the Piedmont region, such as Charlotte, offer high rise condos and lakefront homes, while in Raleigh you can find many historic mansions. The Coastal Plain continues to see a rise in new, modern single- and multifamily homes.

Know North Carolina Taxes

North Carolina’s property taxes are relatively low at 0.77%, below the 1.07% national average. The seller typically pays a transfer tax, which is $1 for every $500 of property value in most counties.

North Carolina is a Title State

A notary may preside over a closing in place of an attorney in North Carolina, which can help lower the overall closing costs.

You May Need Flood Insurance

Floods are common and can happen anywhere in North Carolina. The flat, low-lying land of the Coastal Plain and the inland central areas are especially susceptible to flooding. The state’s National Flood Insurance Program identifies flood risk areas and implements mitigation methods to protect homes, businesses and the beautiful landscape. You may be required to purchase additional homeowner’s insurance specifically for flooding if you live in a high-risk flood zone, which raises your mortgage accordingly.

Interested in talking through the home buying process in greater detail? Let’s chat.

Blue water has offices in:

Hampton, NH, Bedford, NH, Lebanon, NH, New London, NH, and Meredith, NH.

About North Carolina Homeownership

Whether you’re a first time home buyer or looking to invest in a second home, North Carolina is one of the most beautiful places to call home with a relatively low cost of living. From booming urban cities to the wondrous coastline, North Carolina boasts a diverse terrain suited for any outdoor activity imaginable. The quality of living in North Carolina coupled with that Southern hospitality is second to none.

Before you take the next step, be sure to get familiar with the state-specific homeownership benefits. It might be helpful to research assistance programs identified through the U.S. Dept. of Housing and Urban Development. Another helpful resource is the North Carolina Housing Finance Agency, whose mission is to create affordable housing opportunities for those whose needs are not met by the market.

North Carolina Products and Programs

No matter which mortgage program you choose, Blue Water Mortgage is proud to provide timely communication, expert advice and the personal touch of a local, owner-operated brokerage. With over 150 years of collective credit-based mortgage experience, we have the knowledge to find the best North Carolina mortgage for you — your dream home is within reach. Let’s get started.


Common Loans

Fixed Rate – Fixed rate mortgage loans give the buyer predictable payments because they maintain a fixed interest rate for the entire life of the loan, as opposed to loans where the interest rate may be adjusted.

Refinancing – Refinancing is a down-the-line option in which homeowners take out a new home loan to replace their existing one (to help reduce monthly payments and gain long-term savings), and the new loan pays off the initial loan.

Conventional Mortgage Loans in NC – Conventional loans are the most common type of loan. They are private-sector loans that are not backed by the government, and follow guidelines set by national lending entities Fannie Mae and Freddie Mac.

Non-Conventional – These loans cater to borrowers who may have been rejected for a conventional loan due to self-employment, bankruptcy or unsteady employment history.

Adjustable Rate – This mortgage has an adjustable interest rate, which might allow a buyer to start with a lower monthly payment.


Low Down Payment & Government Loans

Low Down Payment – These government-backed loans only require a 3.5% down payment, even for borrowers with less-than-perfect credit.

FHA – These loans are more forgiving for people with lower credit scores – and are designed to help borrowers who might not qualify for conventional loans.

FHA 203K – This government loan is flexible for fixing up homes with deferred maintenance.

VA – Veterans mortgages are like a conventional loan, but with specific benefits for veterans such as no down payment, no cash reserves and no application fee.

USDA – These rural home loans have low rates, no down payment and are designed for borrowers who purchase homes in communities of less than 20,000 people.

Home Loans for Bad Credit – Clear lingering credit history issues and discover a mortgage option that suits your financial situation.


Additional Loans

Jumbo – A jumbo loan is a type of conventional mortgage that exceeds the conforming lending limits set by Fannie Mae or Freddie Mac, which in North Carolina is $548,250 in most counties.

Non-Owner Occupied – If you are purchasing a property with between one and four units that will not be your primary residence, you may face more red tape, since these have a higher risk of default.

HELOC – A home equity line of credit, often thought of as a second mortgage, allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage.

Home Improvement – Whether you’re looking to renovate, remodel or increase the value of your home, this program can help get the job done.

Police & Firefighters – Serving as a first responder in the community can help secure optimal terms on a home mortgage loan.

Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
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