Home Ownership Pool (HOP)

What is Home Ownership Pool (HOP)?

Home Ownership Pool (HOP) is a forgivable loan for homebuyers in Wilmington, North Carolina.

• The City of Wilmington Home Ownership Pool (HOP) provides up to $30,000 in forgivable second-lien down payment and closing-cost assistance for households up to 120% AMI purchasing within Wilmington city limits. HUD HOME-funded; 10-year forgiveness.
• Up to $30,000 deferred 0% interest forgivable second mortgage for down payment and closing costs. Forgiven over 10 years.
• Funding comes from HUD HOME Investment Partnerships; City of Wilmington.

Do you have to pay it back?

Home Ownership Pool (HOP) is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, refinance with cash-out, or non-owner-occupancy during 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.

Who qualifies?

Home Ownership Pool (HOP) is open to buyers who will live in the home as their primary residence.

What are the income limits?

Home Ownership Pool (HOP) limits household income to 120% of the area median income, which varies by county and household size.

• Household income at or below 120% HUD AMI for Wilmington, NC MSA (FY2025): 1p $77,610; 2p $88,680; 3p $99,750; 4p $110,820; 5p $119,730. Higher household sizes per HUD published table.
• 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?

Home Ownership Pool (HOP) caps the purchase price as follows: Sales price capped at HUD HOME Homeownership Value Limits for New Hanover County.

• Eligible property types include Single-family detached, townhouse, condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Home Ownership Pool (HOP) names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers 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.

Where does it apply?

Home Ownership Pool (HOP) serves buyers purchasing in Wilmington, North Carolina.

How do you apply?

Applications for Home Ownership Pool (HOP) go through the administering agency, 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 HUD-approved counseling agency; 8-hour homebuyer education required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lender or buyer applies to Community Services; first-come, first-served., 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.