Salisbury Community Development Corporation Homeownership Down Payment Assistance Program

Salisbury Community Development Corporation Homeownership Down Payment Assistance Program is a deferred second loan for homebuyers in Salisbury, North Carolina, administered by Salisbury Community Development Corporation (Salisbury CDC). Salisbury CDC, partnering with the City of Salisbury (CDBG/HOME funds), provides deferred forgivable-loan down payment assistance to first-time homebuyers purchasing within Salisbury city limits. The 0% interest deferred loan is forgiven incrementally over its term while the home remains the buyer's primary residence; a homebuyer education course via the R.E.A.C.H. program is required. 0% interest deferred loan. Incremental forgiveness over term. Homebuyer education and counseling. Federally funded (HOME/CDBG). Funding comes from City of Salisbury CDBG and HOME (HUD); North Carolina Housing Finance Agency.

Salisbury Community Development Corporation Homeownership Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale or transfer before end of forgiveness term; property ceasing to be primary residence. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Salisbury Community Development Corporation Homeownership Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Prosperity Unlimited (R.E.A.C.H. Program); Salisbury CDC. Residency requirement: Property within City of Salisbury, NC. Citizenship or immigration status: Not confirmed. Specific assistance dollar amount and current income dollar table not published online ('contact us' model) — VERIFY amounts by calling (704) 216-2738 before publishing. First-time homebuyer; income at or below 80% AMI; must complete homebuyer education; property in Salisbury city limits.

Salisbury Community Development Corporation Homeownership Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Total household income at or below 80% AMI (LMI threshold); current HUD limits for Rowan County apply (specific dollar table not published online). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Salisbury Community Development Corporation Homeownership Down Payment Assistance Program can be used for Single Family. New construction is eligible. Manufactured homes are not eligible.

Salisbury Community Development Corporation Homeownership Down Payment Assistance Program serves homebuyers purchasing in Salisbury, North Carolina. The program targets specific areas: Salisbury city limits.

Applications for Salisbury Community Development Corporation Homeownership Down Payment Assistance Program go through Salisbury Community Development Corporation (Salisbury CDC), which publishes the current terms and the application steps on its own site. 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.