First-time home buyers in Charlotte NC using a VA loan
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First-Time Home Buyer Loans in Charlotte, NC

Compare first-time buyer loan options from multiple wholesale lenders with a local Charlotte mortgage broker rated 5.0 from 280+ Google reviews.

Buying your first home is exciting, and it comes with a lot of new terms, documents, and decisions. At 1st Advantage Mortgage, we are a local mortgage broker based uptown at 128 S Tryon St. We compare loan options from multiple wholesale lenders, walk you through every step in plain English, and stay with you from preapproval to closing day.

Our clients have rated us 5.0 from more than 280 Google reviews, and many of them were first-time buyers. Call 704-343-8681 or start your preapproval online.

Loan options for first-time buyers

There is no single “first-time buyer loan.” Instead, several loan types work well for people buying their first home:

  • Conventional loans with 3% down: Fannie Mae and Freddie Mac offer first-time buyer options with as little as 3% down. Private mortgage insurance applies under 20% down and can be removed later as you build equity.
  • FHA loans: 3.5% down with a 580 or higher credit score, and more flexibility on credit history and debt. See our FHA Loans in Charlotte page.
  • VA loans: $0 down for eligible veterans, service members, and some surviving spouses, with no monthly mortgage insurance.
  • USDA loans: $0 down in eligible rural and suburban areas outside the city core, with income limits.

We will compare these side by side for your income, credit, and savings, so you can see which one costs less over time, not just at closing. For statewide details, see our NC and SC first-time buyer guide.

How much do you need to buy your first home?

Your cash to close usually includes three pieces:

  1. Down payment: from 0% (VA, USDA) to 3% or 3.5% (conventional, FHA) and up.
  2. Closing costs: lender, title, appraisal, and government fees.
  3. Prepaid items: first year of homeowners insurance and initial escrow for property taxes.

For example, 3% down on a $350,000 Charlotte home is $10,500, and 3.5% down is $12,250. Closing costs and prepaids come on top of that.

Ways to lower your cash to close

  • Gift funds: Many loan types allow your down payment to come from a documented gift from family.
  • Seller credits: You can negotiate for the seller to pay part of your closing costs, within each loan program's limits.
  • Lender credits: In some cases you can take a slightly different rate in exchange for a credit toward closing costs.
  • Reviewing your options: Some buyers qualify for down payment assistance from outside sources. Every situation is different, so we will review the options that fit yours on a quick call.

The first-time buyer process, step by step

  1. Quick call: We learn your goals, timeline, and budget.
  2. Preapproval: We review income, credit, and assets and give you a preapproval letter to shop with.
  3. House hunting: Your agent shows homes. We can update your letter for each offer.
  4. Under contract: We lock your loan terms when you are ready, order the appraisal, and move your file to underwriting.
  5. Clear to close: You review your Closing Disclosure at least three business days before closing.
  6. Closing day: You sign and get the keys.

In a competitive Charlotte market, a strong preapproval from a local lender your agent can call helps your offer stand out.

Why first-time buyers use a mortgage broker

  • More options: We compare multiple wholesale lenders instead of one bank's menu.
  • More approval paths: If one lender's rules do not fit, another lender's might.
  • A real person: Your Charlotte loan officer answers the phone and explains each step.
  • Capacity: We just added a new loan officer, so you get fast responses when you are ready to make an offer.

Areas we serve around Charlotte

  • Mecklenburg County: Charlotte, Huntersville, Cornelius, Davidson, Matthews, Mint Hill, Pineville
  • Gaston County: Gastonia, Belmont, Mount Holly
  • Union County: Monroe, Indian Trail, Waxhaw, Weddington
  • Cabarrus County: Concord, Harrisburg, Kannapolis
  • Iredell County: Mooresville, Statesville, Troutman
  • York and Lancaster County, SC: Rock Hill, Fort Mill, Tega Cay, Indian Land

Ready to buy your first home?

Whether you are buying a condo in South End or a starter home in Concord, Gastonia, or Fort Mill, we will help you compare options and find the right fit. No pressure, just clear answers.

Call 704-343-8681 or Get Preapproved online.

1st Advantage Mortgage
128 S Tryon St, Suite 1933, Charlotte, NC 28202
704-343-8681
Company NMLS #2468711

This is not a commitment to lend. All loans are subject to credit approval, underwriting, and property eligibility. Program guidelines and loan limits are subject to change without notice. Not all applicants will qualify. Equal Housing Opportunity.

First-time buyers in Charlotte at a glance

Minimum down payment0% (VA, USDA) to 3% (conventional)
FHA down payment3.5% (580+ score)
Conventional minimum score620
Gift fundsAllowed on many loan types
PreapprovalOften same or next business day

Figures shown are general program guidelines and are not a commitment to lend. Eligibility depends on the borrower and property.

Talk to a licensed officer

Every North Carolina licensed loan officer on our team can help. Pre-approvals usually within 24 hours.

Find your officer

Loan officers serving North Carolina

Michael VittatoeNMLS #1906987
James ScottNMLS #1381403
Charlie SearsNMLS #1608479
Jonathan HaferNMLS #1643314
Christopher GermainNMLS #1643299
See the whole team →

Loan programs

Conventional
FHA
FHA in Charlotte
VA
USDA
Jumbo
Jumbo in Charlotte
Investment property
Adjustable-rate (ARM)
Refinance in Charlotte

More guides

Best Mortgage Programs For First-Time Homebuyers In North Carolina And South Carolina
The Home Loan Process in North Carolina: From Application to Closing
Common Mortgage Myths For Homebuyers In Charlotte, NC
See all →

Where we lend

Charlotte, NCBelmont, NCGastonia, NCHuntersville, NCConcord, NCMooresville, NCFort Mill, SCRock Hill, SCMount Holly, NCIndian Trail, NCMonroe, NCMatthews, NCWaxhaw, NCWeddington, NCKannapolis, NCIndian Land, SCNorth CarolinaSouth CarolinaFlorida

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Questions

First-time home buyer FAQs for Charlotte

How much do I need to buy my first home in Charlotte?

Many first-time buyers in Charlotte put down 3% to 5% on a conventional loan or 3.5% on an FHA loan, and eligible veterans can put down nothing with a VA loan. On a home at Charlotte's recent median of about $420,000, 3.5% down is about $14,700, plus closing costs. Down payment assistance, seller credits and gift funds can lower what you bring to closing.

What is House Charlotte and do I qualify?

House Charlotte is the City of Charlotte's down payment assistance program, offering up to $80,000 to qualifying first-time buyers. The home must be inside Charlotte city limits, be your primary residence and cost no more than $365,000, and you must meet income limits and complete a homebuyer education class. We can tell you whether your income and target price fit before you start shopping.

What statewide help can North Carolina first-time buyers get?

The North Carolina Housing Finance Agency offers two main options through participating lenders. The NC 1st Home Advantage Down Payment provides $15,000 as a 0% deferred second mortgage for first-time buyers and veterans who meet income limits, with a $525,000 price limit. The NC Home Advantage Mortgage offers up to 3% of the loan amount for incomes up to $158,000 and requires a 640 or higher score. You can use one or the other, not both.

What credit score do I need for a first home in Charlotte?

FHA allows 3.5% down with a 580 or higher score, conventional loans generally need 620 or higher, and North Carolina's state assistance programs require 640. Individual lenders can set their own minimums, which is why comparing several lenders through a broker can open more paths to approval.

How much are property taxes on a first home in Charlotte?

Inside Charlotte city limits the 2026-27 combined rate is 78.57 cents per $100 of assessed value, so a $350,000 assessed home pays about $2,750 a year, or roughly $229 a month in escrow. Mecklenburg County's 2027 revaluation may change that, and we account for it in your budget.

Should I get pre-approved before I look at homes?

Yes. A pre-approval shows your real budget, including taxes and insurance, and tells sellers you are ready to buy. Charlotte homes sold in a median of about 58 days in late 2026, so the best ones still move quickly.

What happens at a Charlotte closing?

In North Carolina, a closing attorney handles the settlement, including the title search and recording the deed. You will receive your final Closing Disclosure at least three business days before closing, and we review it with you line by line.

Why use a mortgage broker for my first home?

A bank can only offer its own loans. 1st Advantage Mortgage compares multiple wholesale lenders on every file, which can mean more approval paths and pricing you can compare side by side. Call 704-343-8681 to get started.

Legal information

¹ No-Down Payment Disclaimer: Closing costs and fees may still apply.

² Representative example (conventional, fixed rate): Purchase price $300,000 with a 5% down payment of $15,000 and a loan amount of $285,000. 30-year fixed rate at 6.000% (6.390% APR). 360 monthly principal-and-interest payments of $1,708.72, plus estimated private mortgage insurance of $95.00 per month until the loan balance reaches 78% of the original value (approximately 129 months). APR reflects $1,995 in lender fees, 15 days of prepaid interest, and mortgage insurance. Payment does not include property taxes, homeowners insurance, or HOA dues; your actual payment will be higher. The interest rate is fixed and will not increase. Example dated September 12, 2026, for illustration only. Rates change daily. This is not an offer, quote, or commitment to lend. All loans are subject to credit approval, property appraisal, and program eligibility. Your rate, APR, and payment will depend on your credit, down payment, property, and loan program.

³ Refinancing Disclaimer: When refinancing your mortgage, you can typically reduce your monthly payment amount. However, your total finance charges may be greater over the life of your loan. Your 1st Advantage Mortgage loan professional will provide you with a comprehensive refinance comparison analysis to determine your total life loan savings.

⁴ VA Mortgage Disclaimer: VA home loan purchases offer options for a 0% down payment, no private mortgage insurance requirements, and competitive interest rates with specific qualification requirements. VA Interest Rate Reduction Loans (IRRRL) are exclusively for veterans with current VA loans. Current loan rate restrictions apply, and limits to recoupment of costs and fees apply. VA cash-out refinances are available for veterans with or without current VA loans. Policies and guidelines may vary and are subject to individual borrower(s) qualifications. Program and lender overlays apply.

⁵ Down Payment Assistance Disclaimer: First-lien interest rates may be higher when using a DPA.

⁶ Pre-Approval Disclaimer: Pre-approvals are granted to clients who meet qualifying approval criteria and specific loan requirements at the time of application. Results may vary.

General Disclaimer: The content on this page has not been approved, reviewed, sponsored, or endorsed by any department or government agency.