City of Jacksonville Homeownership Down Payment Assistance Program

What is City of Jacksonville Homeownership Down Payment Assistance Program?

City of Jacksonville Homeownership Down Payment Assistance Program is a deferred second loan for homebuyers in Jacksonville, North Carolina, administered by City of Jacksonville Neighborhood Improvement Services.

• Down payment assistance for qualified households at or below 80% AMI who can qualify for a first mortgage. Funded by the North Carolina Housing Finance Agency and administered by the City of Jacksonville. A 0% interest deferred-payment loan due in full at the end of the first mortgage term, upon resale, or upon conversion to a rental unit. Property must be new construction within the Jacksonville city limits.
• 0% interest deferred-payment second loan.
• No monthly payments.
• Repaid only at end of first-mortgage term, resale, or conversion to rental.
• Funding comes from North Carolina Housing Finance Agency (NCHFA) funds administered by the City of Jacksonville.

Do you have to pay it back?

City of Jacksonville Homeownership Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Due in full at end of first mortgage term, upon resale, or upon conversion to a rental unit.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Jacksonville Homeownership Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

City of Jacksonville Homeownership Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Applicant must meet HUD household income limits (targets <80% AMI for Onslow County). Specific by-household-size dollar limits referenced via the City's 'HUD & Income Limits' page; not published as a static table.
• The limit applies to total household income, not only the borrower&rsquo;s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Jacksonville Homeownership Down Payment Assistance Program can be used for Single Family, Condo, Townhouse, and Modular.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

City of Jacksonville Homeownership Down Payment Assistance Program serves buyers purchasing in Jacksonville, North Carolina.

How do you apply?

Applications for City of Jacksonville Homeownership Down Payment Assistance Program go through City of Jacksonville Neighborhood Improvement Services, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through City-required Homebuyers Education Course..

2. 2

   Contact City of Jacksonville Neighborhood Improvement Services to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.