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Homebuyer's Assistance Program (HOME)

Gastonia, North Carolina

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See what you qualify forOfficial program site →
Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$308,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 10 years

What is Homebuyer's Assistance Program (HOME)?

Homebuyer's Assistance Program (HOME) is a deferred second loan for homebuyers in Gastonia, North Carolina.

  • City of Gastonia HOME-funded DPA: up to $10,000 deferred forgivable second for income-qualified first-time homebuyers purchasing within Gastonia city limits. 80% AMI cap. Sales price tied to HUD HOME 95% AMSP. 5-10 year HOME affordability period.
  • City of Gastonia HOME-funded Homebuyer's Assistance Program: up to $10,000 in down payment and closing-cost assistance for income-qualified first-time homebuyers purchasing within Gastonia city limits. Structured as a 0% deferred / forgivable second, prorated forgiveness over a 5-10 year HOME affordability period. Pairs with NCHFA, FHA, VA, USDA, and Conventional first mortgages. Subject to HUD HOME 95% area median sales price (existing $306,000 / new $308,000 FY2025/26 Charlotte-Concord-Gastonia HMFA).
  • Funding comes from Federal HOME and Local Government.

Do you have to pay it back?

Homebuyer's Assistance Program (HOME) is forgiven after 10 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Deferred 0% and forgiven prorated over 5-10 year HOME affordability period. Balance due on sale/transfer/refinance/non-owner-occupancy during affordability term.
  • 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?

Homebuyer's Assistance Program (HOME) 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 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).
  • A completed homebuyer education course, through HUD-approved housing counseling agencies (Prosperity Unlimited, DreamKey Partners, OnTrack WNC). 8-hour pre-purchase education plus 1-on-1 counseling required.
  • Residency: Property must be located within City of Gastonia corporate limits and serve as borrower's primary residence.
  • Citizenship or immigration status: U.S. citizen or eligible non-citizen (per HUD HOME rules).
  • First-time homebuyer (no primary-residence ownership past 3 years). Owner-occupied primary residence within Gastonia city limits. Household income at or below 80% AMI Charlotte-Concord-Gastonia HMFA (1-person $55,850 to 8-person $105,300, FY2025). Sales price at or below HUD HOME 95% AMSP (existing $306,000 / new $308,000). Property must pass HQS inspection; pre-1978 properties require lead-based-paint risk assessment. 8-hour HUD-approved homebuyer education plus 1-on-1 counseling. Minimum $1,000 buyer contribution. CDBG/HOME environmental review.

The program excludes

  • Manufactured homes
  • Purchases above the $308,000 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?

Homebuyer's Assistance Program (HOME) 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. 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?

Homebuyer's Assistance Program (HOME) caps the purchase price at $308,000.

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

Where does it apply?

Homebuyer's Assistance Program (HOME) serves buyers purchasing in Gastonia, North Carolina.

How do you apply?

Applications for Homebuyer's Assistance Program (HOME) 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, DreamKey Partners, OnTrack WNC). 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 Gastonia Community Development Division. Income certification, credit review, and property eligibility determination performed by City staff. Pre-purchase counseling 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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