Affordable Homeownership Program

Affordable Homeownership Program is a forgivable loan for homebuyers in Wake County, North Carolina. Wake County's Affordable Homeownership Program provides up to $20,000 in forgivable second-lien down payment and closing-cost assistance to first-time homebuyers purchasing in Wake County (outside Raleigh's program area). HUD HOME and County-funded; forgiven over 10 years. Up to $20,000 0% interest deferred forgivable second-lien loan for down payment and closing costs. Forgiven over 10 years. Recipient contributes at least $1,000 of own funds. Funding comes from HUD HOME Investment Partnerships; Wake County General Fund.

Affordable Homeownership Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, refinance with cash-out, or non-owner-occupancy within 10-year affordability period triggers repayment of unforgiven balance. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Affordable Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (3-year look-back); HUD displaced-homemaker/single-parent exemptions. On credit, the program states: Minimum middle FICO 640. A homebuyer education course is required, through HUD-approved counseling agency; 8-hour pre-purchase homebuyer education course required. Residency requirement: Property in Wake County, NC (excludes properties in City of Raleigh which has separate DPA). Citizenship or immigration status: U.S. citizen or qualified alien required. Property in unincorporated Wake County or municipalities outside Raleigh (Raleigh administers separate program). First-time homebuyer required (3-year look-back). 640 minimum FICO. Maximum DTI 45%. $1,000 buyer contribution minimum.

Affordable Homeownership Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% HUD AMI for Raleigh-Cary MSA (FY2025): 1p $63,500; 2p $72,600; 3p $81,650; 4p $90,650; 5p $97,950; 6p $105,200; 7p $112,450; 8p $119,700. Note: Some published tier shows 1p $63,500 / 4p $90,650. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Affordable Homeownership Program caps the purchase price as follows: Sales price capped at HUD HOME Homeownership Value Limits for Wake County. Eligible property types include Single-family detached, townhouse, condominium. New construction is eligible. Manufactured homes are not eligible.

Affordable Homeownership Program names active-duty service members, reservists and National Guard members, surviving spouses, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Affordable Homeownership Program serves homebuyers purchasing in Wake County, North Carolina.

Applications for Affordable Homeownership Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.