First-Time Home Buyers on the Outer Banks, NC

This page is general information, not legal, insurance, or lending advice. Loan programs and insurance requirements change, so please confirm what applies to you with your lender and your insurance agent. I am a real estate professional, and my part is helping you find the home and walk the process.

The FHA allows as little as 3.5 percent down with a credit score of 580 or higher, and Fannie Mae's HomeReady allows as little as 3 percent down. North Carolina's NC 1st Home Advantage Down Payment, from the NC Housing Finance Agency, offers $15,000 as a 0 percent deferred second mortgage, forgiven 20 percent a year in years 11 through 15. You generally qualify if you have not owned a principal residence in the past three years, veterans qualify either way, the credit score floor is 640, and you must move in within 60 days of closing. Income and price limits apply. If you have served, see VA buyers on the Outer Banks.

Beyond the down payment: earnest money, maybe a negotiated due diligence fee to the seller (typically not refunded if you end the contract during due diligence, according to the North Carolina Real Estate Commission), your inspection, the appraisal, the first year of insurance, and closing costs, including the closing attorney. The order: pre-approval, our written buyer agreement (required by the National Association of REALTORS before touring since August 17, 2024), the search with comps on every house, the offer, due diligence with inspections and insurance quotes, the appraisal, and an attorney-run closing.

I also check school zones with Dare County Schools, whose attendance areas split by geography, such as everything south of the Oregon Inlet Bridge going to Cape Hatteras schools. Read buying a home on the Outer Banks and my Outer Banks guide, then call me.