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Downpayment Assistance Program

Concord, North Carolina

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See what you qualify forOfficial program site →
Assistance

$5,000

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$329,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 5 years

What is Downpayment Assistance Program?

Downpayment Assistance Program is a deferred second loan for homebuyers in Concord, North Carolina.

  • City of Concord CDBG/HOME-funded DPA: up to $10,000 deferred forgivable second for income-qualified first-time homebuyers purchasing within Concord city limits. 80% AMI cap, sales price tied to HUD HOME 95% AMSP. 5-10 year affordability period.
  • Up to $10,000 in down payment and closing-cost assistance for income-qualified first-time homebuyers purchasing within the City of Concord. Structured as a 0% deferred / forgivable second mortgage with a 5-10 year HOME/CDBG affordability period.
  • no monthly payments. Pairs with NCHFA, FHA, VA, USDA, and Conventional first mortgages. Buyers must complete an 8-hour HUD-approved homebuyer education course and contribute a minimum of $1,000 of their own funds. Subject to HUD HOME 95% area median sales price limits (existing $306,000 / new $329,000 per FY2025/26 Charlotte-Concord-Gastonia HMFA).
  • Funding comes from Federal CDBG, Federal HOME, and Local Government.

How much assistance does it provide?

Downpayment Assistance Program offers up to $5,000 in assistance.

  • Buyer contribution: Buyer must contribute at least $1,000 of own funds.
  • The program can be combined with other assistance, subject to the rules of each.
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Downpayment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Deferred 0% loan and balance forgiven over 5-10 year HOME/CDBG affordability period. Due on sale, transfer, refinance (cash-out), or non-owner-occupancy during affordability period.
  • 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.

Who qualifies?

Downpayment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Standard FTHB requirement (no primary residence ownership in past 3 years); displaced homemaker / single-parent exceptions per HUD.
  • The home is occupied as a primary residence
  • On credit: Generally 640 minimum (per first-mortgage product); the City does not impose its own credit-score floor.
  • A completed homebuyer education course, through HUD-approved housing counseling agencies (Prosperity Unlimited, Inc. - Kannapolis; DreamKey Partners - Charlotte; OnTrack WNC; etc.). 8-hour pre-purchase education plus 1-on-1 counseling required.
  • Residency: Property must be located within City of Concord corporate limits and serve as borrower's primary residence.
  • Citizenship or immigration status: U.S. citizen or eligible non-citizen (per HUD CDBG/HOME rules).
  • First-time homebuyer (no ownership of a primary residence in past 3 years). Owner-occupied primary residence within Concord city limits. Maximum household income at or below 80% AMI for Charlotte-Concord-Gastonia HMFA (1-person $55,850 to 8-person $105,300, FY2025). Maximum sales price tied to HUD HOME 95% AMSP. Property must pass HQS inspection and pre-1978 properties require lead-based-paint risk assessment. 8-hour HUD-approved homebuyer education completion required prior to closing. Minimum $1,000 buyer contribution. Subject to environmental review.

The program excludes

  • Manufactured homes
  • Purchases above the $329,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Downpayment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

  • Household income at or below 80% AMI for Charlotte-Concord-Gastonia HMFA per HUD Section 8 income limits. FY2025: 1-person $55,850 to 8-person $105,300.
  • 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.

What kind of home can it be used for?

Downpayment Assistance Program caps the purchase price at $329,000.

  • Eligible property types include Single-family detached, Townhome, and Condominium.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Downpayment Assistance Program serves buyers purchasing in Concord, North Carolina.

How do you apply?

Applications for Downpayment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved housing counseling agencies (Prosperity Unlimited, Inc. - Kannapolis; DreamKey Partners - Charlotte; OnTrack WNC; etc.). 8-hour pre-purchase education plus 1-on-1 counseling required..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Apply directly to City of Concord Neighborhood Development Division. Income certification, credit review, and property eligibility determination performed by City staff. Pre-purchase education certificate required., and are subject to availability.

  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.

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