Housing Connect Greensboro- 10k down payment assistance program
Are you a first time home buyer, purchasing a home in the city limits of Greensboro? If so, you maybe eligible for up to $10,000 in down payment assistance and closing cost.
To qualify for DPA, you must:
Be a first-time homebuyer or have not owned a home within the last three years. If the home you want to buy is located in one of the City’s redevelopment areas, there are no past home ownership requirements.
Buy a new or existing house as a primary residence.
Meet specific income limits($67,000 or below for 2 or fewer people, $78,000 for 3 or more people).
Make a minimum cash investment of $500.
Receive no more than 20 percent of the purchase price in DPA.
Not exceed a 33 percent maximum or 21 percent minimum housing expense-to-income ratio.
Not exceed a 43 percent debt-to-income ratio.
Complete a HUD-approved eight-hour, in-person homebuyer education course.
Secure a fixed-rate, 15- or 30-year mortgage. (Note: ARM or balloon first mortgage loans cannot be used with this assistance. Non-conforming, high-interest rate and fee loans are not be accepted).
Eligible homebuyers** purchasing homes in one of the City’s approved redevelopment areas are also eligible for a $5,000 bonus for down payment assistance. The approved redevelopment areas are:
South Elm Street
DPA provides up to $10,000 in down payment assistance and closing costs as a five-year, forgivable loan at zero percent interest. If you remain in the home for five years, you do not have to repay the loan; the loan is forgiven at 20 percent per year for each full year you live in the home.
Call us at 336.638.1299 to get you to our approved lenders to see if you can purchase a home with little money down!
***No Credit Score requirement for this program, but you must be able to get approved for a 15 or 30 year mortgage at a fixed rate***