Down-Payment Assistance Program

 

Community Partners Loan Program (CPLP)

The Community Partners Loan Program through the North Carolina Housing Finance Agency provides down-payment assistance to eligible homebuyers via local government and nonprofit partners. Qualified buyers can receive up to 25% of the sales price, not to exceed $50,000, when using an NC Home Advantage Mortgage, or up to 10% of the purchase price when using a USDA’s Section 502 (Direct) loan.  

 

CPLP is a zero (0)% interest loan and a zero (0) monthly payment. It’s typically repaid when the home is sold or at the end of the loan term. Borrowers may combine a CPLP loan with other down payment assistance loans or grants.

 

Full buyer and property eligibility requirements are available here.

 

For more information, contact Jeff Currie at 828-485-4220, jeff.currie@wpcog.org.

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Down-Payment Assistance Program guidelines have been updated

 

Uniform Consortium Down-Payment Assistance Program

The Uniform Consortium Down-Payment Assistance Program provides assistance of 15% of the purchase price, capped at $20,000, to eligible first-time homebuyers. Our loan is a zero (0)% interest loan and a zero (0) monthly payment. Half of our loan is forgiven at the 10-year anniversary. Repayment is triggered if or when you sell, refinance, or otherwise transfer the property.  We can subordinate in the event of refinancing.

 

Client cannot have owned a home in the last 3 years. No manufactured homes.

 

Homes must be purchased in Alexander, Burke, Caldwell, or Catawba counties.

 

Clients must be within the income guidelines, have $500 going towards the purchase of the home, and be able to obtain a loan from a participating lender.

 

Income for the HOME program is based on total gross household income. A snapshot is taken of the household’s curtain income and then projected forward 12 months to arrive at total household gross annual income.