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.

Home Ownership Pool (HOP) 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 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.

Home Ownership Pool (HOP) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum middle FICO 620. A homebuyer education course is required, through HUD-approved counseling agency; 8-hour homebuyer education required. Residency requirement: Property must be within City of Wilmington corporate limits. Citizenship or immigration status: U.S. citizen or qualified alien required. Property must be located within Wilmington city limits. 620 minimum FICO. Buyer must contribute $1,000 of own funds. Maximum DTI 45%. Income up to 120% HUD AMI.

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.

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.

Home Ownership Pool (HOP) names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, 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.

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

Applications for Home Ownership Pool (HOP) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender or buyer applies to Community Services; 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.