Stack Your Savings: How to Pair a $15,000 Forgivable Loan with Our New Construction Buyer Incentives

Buying a new construction home already comes with real advantages but right now, there's a way to make the numbers work even harder in your favor. Here's how combining a lender program with our own builder incentives could put serious money back in your pocket at closing.

The First Citizens Bank Forgivable Loan Program

First Citizens Bank offers a Forgivable Loan Program (FLP) that provides up to $15,000 toward your down payment and closing costs.

That $15,000 can be applied toward:

• Down payment assistance
• Lender closing costs, third-party fees, and settlement costs

The program is designed for buyers who might otherwise feel like homeownership is out of reach, backed by personalized mortgage guidance and a range of affordable loan solutions to fit different situations.

A few things worth knowing upfront:

• Income and location restrictions apply. You'll need to meet income limits and be purchasing in an eligible low-income or majority-minority census tract. The program is currently available in select counties in CA, GA, MA, NC, and SC.
• You must occupy the home as your primary residence for the first five years of the loan. If you sell or refinance before then, the forgivable loan becomes repayable.
• It must be paired with a qualifying First Citizens Bank first mortgage program — including conforming, Community Opportunity, FNMA HomeReady, or One Mortgage programs, and the home loan must be funded through First Citizens Bank.
• This is a limited-time program subject to available funding, and there are tax implications to be aware of — 20% of the FLP contribution may be reported to the IRS, and you could be responsible for related federal, state, or local taxes.

Now Add Our New Construction Incentives

Here's where it gets interesting: this program can be paired with our own builder incentives on new construction homes — up to $10,000, $12,000, or $15,000, depending on the community and home.

Stack a builder incentive on top of a forgivable loan program like this one, and buyers can walk into a brand new home with significantly less out-of-pocket cost at closing than they might expect.

Why This Combination Matters

For a lot of buyers, the down payment and closing costs are the biggest hurdle standing between "I want to buy a home" and actually doing it. Programs like these are built specifically to close that gap — and when a builder incentive and a lender program can work together, that gap gets a lot smaller.

New construction already comes with the appeal of no immediate repairs, modern finishes, and energy-efficient systems. Pair that with real financial assistance toward your down payment and closing costs, and the value proposition becomes even harder to pass up.

Is This the Right Fit for You?

Every buyer's situation is different — income eligibility, location, and loan program requirements all play a role in whether this specific combination makes sense for you. The best next step is a conversation with a lender who can walk through your numbers and confirm eligibility.

Ready to get started with First Citizens Bank?

Curious which of our new construction communities qualify for both the builder incentive and this forgivable loan program? Let's talk through your options and see what fits.

This is not financial or lending advice. Program terms, availability, and eligibility are subject to change and determined by First Citizens Bank. Credit approval applies, and this does not constitute a commitment to lend. Consult a tax advisor regarding any tax implications, and speak directly with a First Citizens Bank mortgage banker to confirm current program details.