Homebuyer Assistance Program

Homebuyer Assistance Program is a forgivable loan for homebuyers in Davidson, North Carolina. The Town of Davidson Homebuyer Assistance Program provides up to $30,000 in forgivable second-lien financing for first-time homebuyers purchasing in Davidson (Mecklenburg County). Funded by Town affordable-housing fund and HUD HOME pass-through. Forgiven over 15 years; tied to deed-restricted affordable inventory. Up to $30,000 0% interest deferred forgivable second-lien loan for down payment and closing costs. Forgiven over 15 years. Funding comes from Town of Davidson Affordable Housing Trust Fund; HUD HOME (Mecklenburg County subrecipient).

Homebuyer Assistance Program is forgiven after 15 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 15-year affordability 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.

Homebuyer 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 (3-year look-back). 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 must be in Town of Davidson, NC. Citizenship or immigration status: U.S. citizen or qualified alien required. Property must be located in the Town of Davidson (Mecklenburg County). First-time homebuyer required. Income up to 80% Charlotte MSA AMI. Buyer contributes $1,000 own funds. Property tied to Davidson's affordable-housing deed restriction.

Homebuyer 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% HUD AMI for Charlotte-Concord-Gastonia MSA (FY2025): 1p $52,750; 2p $60,300; 3p $67,800; 4p $75,300; 5p $81,350; 6p $87,450. 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.

Homebuyer Assistance Program caps the purchase price as follows: Sales price capped per Davidson affordable housing program guidelines and HUD HOME limits for Mecklenburg County. Eligible property types include Single-family detached, townhouse, condominium (typically deed-restricted affordable units). New construction is eligible. Manufactured homes are not eligible.

Homebuyer Assistance Program 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.

Homebuyer Assistance Program serves homebuyers purchasing in Davidson, North Carolina.

Applications for Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via Town of Davidson Affordable Housing 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.