Down Payment Assistance Program

Down Payment Assistance Program is a forgivable loan for homebuyers in Rocky Mount, North Carolina. Rocky Mount Housing Authority's Down Payment Assistance Program provides up to $25,000 in forgivable second-lien financing for first-time homebuyers purchasing within Rocky Mount city limits (which spans Nash and Edgecombe counties). HUD HOME-funded; 10-year forgiveness. Recorded as forgivable_loan despite DPA One labeling 'Dpa' (verified to be a forgivable second mortgage with recapture). Up to $25,000 0% interest deferred forgivable second-lien loan for down payment and closing costs. forgiven over 10 years. Funding comes from HUD HOME Investment Partnerships; City of Rocky Mount; Rocky Mount Housing Authority.

Down Payment Assistance 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 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.

Down Payment Assistance 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 required. On credit, the program states: No published minimum; lender underwriting governs. A homebuyer education course is required, through HUD-approved counseling agency; 8-hour homebuyer education required. Residency requirement: Property within Rocky Mount city limits (Nash or Edgecombe County portion). Citizenship or immigration status: U.S. citizen or qualified alien required. Property in Rocky Mount city limits (Nash and Edgecombe Counties). First-time homebuyer required. Income up to 120% HUD AMI. Buyer contributes $1,000.

Down Payment Assistance Program limits household income to 120% of the area median income, which varies by county and household size. Household income up to 120% HUD AMI for Rocky Mount MSA: 1p $44,350 (lower bound shown in DPA One); upper limit 4p $125,400. 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.

Down Payment Assistance Program caps the purchase price at $276,000. Eligible property types include Single-family detached, townhouse, condominium. New construction is eligible. Manufactured homes are not eligible.

Down Payment Assistance 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.

Down Payment Assistance Program serves homebuyers purchasing in Rocky Mount, North Carolina.

Applications for Down Payment Assistance 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 via RMHA Homeownership Office. 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.