The City-Wide Homebuyer Assistance Program provides affordable homeownership opportunities for very low-to-moderate income buyers, providing deferred, low-interest loans to reduce out-of-pocket costs for down payment, closing costs, and pre-paid expenses. The program does not include providing assistance with earnest pay/good faith deposits that may be required by a Realtor or current homeowner to hold property.
The City-Wide Homebuyer Assistance Program shall apply to all properties located outside of the Core City. This replaces all former tiered programs.
Requirements
The program requires the homebuyer to:
- Be income eligible for the program (80% or below the area income median)
- Provide $500 of their own funds toward the purchase
- Purchase a home within the City limits
- Receive an approved loan from a participating lender
Restrictions & Terms
- The program can not be used to purchase a home that exceeds 95% of the area median purchase price for a single family home.
- City-Wide Homebuyer Assistance shall apply to all properties located outside of the Core City. This replaces all former tiered programs.
- The amount shall not exceed a maximum level of $5,000 for a home located within the High Point city limits.
- Terms include a 3-year deferment at 3% interest for 5 years.
To download a program brochure, please
click here.
