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 a down payment, closing costs, and pre-paid expenses. The program does not include providing assistance with earnest pay/good faith deposits that a Realtor or current homeowner may require to hold property.
The City-Wide Homebuyer Assistance Program shall apply to all properties outside the Core City. This replaces all former tiered programs.
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 outside the Core City. This replaces all former tiered programs.
The amount shall not exceed a maximum level of $7,500 for a home within the High Point city limits.
Five-year loan at 0% interest and forgiven at 20% per year.