North Carolina Homebuyer Resources

Charlotte Metro Area Resources

Down Payment Assistance Programs

HouseCharlotte Program 

Offered by the City of Charlotte, the HouseCharlotte program provides 5-year, 10-year, or 15-year deferred, forgivable loans to qualified applicants. Funds can be used for downpayment, closing cost or interest rate buy down. Program details include:

  • $7,500 - $17,000 based on % to Area Medium Income to go toward downpayment, closing costs or buying down the interest rate
  • Income must be 110% or less of Area Medium Income to qualify
  • Education required
  • Max purchase price $200K; Max purchase price for new construction $230K

Community Heroes Homeownership Program

Offered by the City of Charlotte, the Community Heroes program provides downpayment assistance up to $30,000 to eligible healthcare workers, COVID-19 essential workers, first responders and public-school teachers in Mecklenburg County. Program details include: 

  • Up to $30,000 toward downpayment or closing costs
  • Forgiven after 10 years
  • Income limits
  • Education required
  • Must use specific lenders (SunTrust is one. Truist Bank is part of SunTrust so might be an option)

Asheville Metro Area Resources

Down Payment Assistance Programs

Mountain Housing Opportunities (MHO)

The MHO Downpayment Assistance Program (DAP) is a loan fund that is designed to fill the cash gap between the amount of your first mortgage and the total cost to purchase a home. Loan funds can be used to cover a downpayment, to cover closing costs, or to simply increase the purchase price you can afford. The maximum loan amount is $40,000 in the City of Asheville and $30,000 in Buncombe, Henderson, Madison and Haywood counties.

Who is eligible?

  • Households earning 80% or below the AMI
  • Borrowers with at least one year of stable employment
  • Borrowers who are not currently homeowners
  • Borrowers able to contribute $1,000 of their own funds
  • Borrowers with acceptable credit scores

Asheville-Buncombe Community Land Trust (ABCLT)

ABCLT’s mission is to establish permanently affordable residential, commercial, and community spaces that empower Black, Indigenous, People of Color, and low- to moderate-income residents to build social, economic, and cultural capital. Program details include:

  • Subject to maximum household income limits
  • Applicants are required to provide $500 towards the home purchase
  • Applicants may not have more than $20,000 of liquid assets towards the home purchase; this does not include funds in retirement accounts. 
  • Down Payment Assistance funds are not counted towards the $20,000 liquid assets calculation and cannot be used towards the $500 requirement above

Affordable Housing Resources

Buncombe County Affordable Housing Services

Buncombe County works in partnership with several non-profit housing agencies and local municipalities to assist with the creation of affordable housing opportunities. Full list of resources linked above.

 

National Homebuyer Resources


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