This Down Payment Assistance Program is provided through the City of Concord's Business and Neighborhood Services Division, which receives HOME Investment Partnership Funds, allocated annually through the Department of Housing and Urban Development (HUD).
Home buyers can receive a depreciating loan of up to $5,000 to put towards their down payment, prepaids, or closing costs. Applicants of this program must be a first-time homebuyer and have annual incomes that do not exceed eighty-percent (80%) of the median income of the area. If you haven't owned a home in the past 3 years, you are considered a 1st time home buyer for the purposes of this program... displaced homemakers and single parents are also included. Applicants must attend an 8-hour homebuyer education workshop at Prosperity Unlimited, Inc prior to the closing date. The home must be located within Concord City Limits.
The maximum assistance available is $5,000, and is in the form of a five-year depreciating loan. The loan will depreciate 20% per year for the next five years, at which time the loan will be considered paid in full. Buyer must occupy dwelling as the primary residence for at least five years, as to maintain the affordability requirements set forth by the U.S. Department of Housing and Urban Development. The sale of the property during the affordability period triggers repayment of the direct HOME subsidy that the buyer received when he/she originally purchased the home.
Contact me anytime for more information about this program and other downpayment assistance programs for buyers in Concord NC and surrounding areas.