Raleigh · First-Time Buyers
First-Time Home Buyers in Raleigh, NC
A clear walkthrough of every step, so you know exactly what's ahead before you make your first offer.
A Quick Note
This page is general information, not legal or lending advice. Loan and assistance programs change often, so please confirm what applies to you with your lender. I am a real estate professional, and my part is helping you find the home and walk the process.
First-Time Home Buyers in Raleigh, Let's Do the Math First
It is tempting to start a first home search in Raleigh by scrolling listings. I would rather start with the three numbers that decide what you can buy: the down payment, the cash to close, and the monthly payment with taxes and insurance in it. Local to Coastal Realty works those out with you before we tour, and I explain every term as it comes up. I would rather over-explain a clause than have you sign something you are unsure about.
The Down Payment
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 in Raleigh too.
Wake County's Own Tax Example
Wake County's tax office walks through an example that happens to fit a lot of first homes: a $200,000 single-family house inside the City of Raleigh, at the combined rate of 0.9091 per $100, comes to $1,818.20 a year, plus the $20 residential waste reduction fee, for $1,838.20. In Garner, at 1.0721, the same house is about $2,144, and in Knightdale, at 0.9771, about $1,954. Wake County's next revaluation takes effect January 1, 2027, so ask your lender to leave room in the payment for a change. I check the district on every address before you offer.
The Cash Beyond the Down Payment
Earnest money when your offer is accepted, and maybe a negotiated due diligence fee to the seller, which you typically do not get back if you end the contract during due diligence, according to the North Carolina Real Estate Commission. Then your inspection, the appraisal your lender orders, and closing costs, including the closing attorney. I list every one before you write an offer.
Your First Purchase, Step by Step
Pre-approval first. Then our written buyer agreement, which the National Association of REALTORS has required of MLS participants before touring since August 17, 2024. Then the search, where I walk every house with you and run the comps, the offer, the due diligence period with your inspections, the appraisal, and an attorney-run closing. Along the way I check the base school in the Wake County Public School System's address look-up tool and whether the lot sits in a mapped flood zone.
Read buying a home in Raleigh and my Raleigh guide, then call me and we will start with the numbers.
Sources
The program and loan details above come from these sources, checked in October 2026. Programs change often, so your lender has the final word.
- HUD, FHA loan information
- HUD, Mortgagee Letter 2010-29, minimum credit scores
- Fannie Mae, HomeReady Mortgage
- NC Housing Finance Agency, NC 1st Home Advantage Down Payment
- Wake County, tax rates and fees
- Wake County, tax rate chart, current year to 2017
- Wake County, Revaluation 2027
- North Carolina Real Estate Commission, due diligence questions and answers
- National Association of REALTORS, settlement FAQs, practice changes effective August 17, 2024
- Wake County Public School System, base schools
Frequently Asked Questions
How much property tax would I pay on a $200,000 Raleigh home?
Wake County's own example puts it at $1,818.20 a year at the 0.9091 combined rate, plus a $20 waste reduction fee, for $1,838.20. The 2027 revaluation can change the value it is based on.
Is there down payment help for first-time buyers in Raleigh?
North Carolina's NC 1st Home Advantage Down Payment offers $15,000 as a deferred, forgivable second mortgage for qualifying buyers, with credit, income, and price limits.
What do I do first?
Get pre-approved by a lender so you know your real budget, then we sign our buyer agreement and start touring.
Raleigh
What first-time buyers looks like in Raleigh
Dix Park's 308 acres, more than 100 miles of greenway, free museums, and Research Triangle Park next door.
Dorothea Dix Park covers 308 acres, and the Capital Area Greenway system runs more than 100 miles across 28 trails.
General admission to the North Carolina Museum of Natural Sciences is free, and Research Triangle Park, whose 7,000 acres house hundreds of companies, sits next door.
First-Time Buyers: keep exploring
Ready to make your move with Local to Coastal Realty?