You probably don't need 20% down.

No, and this is the single most expensive myth in home buying. Conventional loans start at 3% down for qualified first-time buyers, FHA at 3.5%, and VA and USDA can be zero down if you're eligible. 20% avoids mortgage insurance, which is worth something — but waiting years to save it while prices and rents move is often the more expensive choice. Run both, then decide.

It's the North Carolina Housing Finance Agency's flagship program. It pairs a standard mortgage — conventional, FHA, VA or USDA — with down payment assistance, and it isn't limited to first-time buyers. There are income limits and sales-price limits, and the assistance amount is a percentage of your loan. Those figures get updated, so I'll confirm the current ones against your numbers rather than quote you something from a blog post.

Sometimes, and it matters which. Some assistance is a forgivable second mortgage — you stay in the home for a set number of years and the balance is forgiven, often gradually. Some is a genuine repayable second with its own payment. Some is deferred with nothing due until you sell or refinance. Read which one you're being offered before you fall in love with the headline number, and I'll walk you through it.

For some programs yes, for others no. And the definition is looser than people expect — for most programs, 'first-time buyer' means you haven't owned a primary residence in the last three years. Plenty of people who owned a home years ago qualify again.

FHA can work in the high 500s to low 600s depending on the lender, and conventional generally starts around 620. Assistance programs usually set their own floor, often a little higher. Better scores mean better pricing, so if you're close to a threshold it's sometimes worth waiting a few weeks — I'll tell you if that's your situation.

Yes, and it's the part first-time buyers forget. Budget roughly 2% to 5% of the purchase price for closing costs and prepaids, depending on your loan type, your taxes and the time of year. The seller can often contribute toward them, some assistance programs cover them, and lender credits are another route. There are more levers here than most people realise.

Less about the price and more about the payment you're comfortable with. Lenders will usually approve you for more than you should spend. I'd rather show you three payment scenarios and let you pick the one that still lets you live, than hand you the biggest number I can get approved.

Yes, and in a market like this one it's not optional. Agents in the Charlotte area generally won't write an offer without a pre-approval, and sellers won't take it seriously. It costs nothing and takes a short conversation.