Wake County Affordable Homeownership Program

Wake County Affordable Homeownership Program is a forgivable loan for homebuyers in Wake County, North Carolina, administered by DHIC, Inc. (administering on behalf of Wake County). The Affordable Homeownership Program offers forgivable, no-monthly-payment loans up to $40,000 (0% interest) to low-to-moderate income first-time homebuyers, serving all Wake County municipalities outside Raleigh and Cary. DHIC, Inc. administers the program on behalf of Wake County and provides homebuyer education and counseling. Forgiven 25% every five years over 20 years. Up to $40,000 forgivable loan at 0% interest. no monthly payments. forgiven 25% every five years over 20 years. Funding comes from Federal funding (HOME/CDBG via Wake County); Raleigh and Cary excluded due to federal funding sources.

Wake County Affordable Homeownership Program offers up to $40,000 in assistance. Homebuyer contribution: Minimum borrower investment $1,000 (no cash back at closing). The program can be combined with Other funding sources permitted subject to CLTV limits. Amounts are the program's published maximums, not an offer — DHIC, Inc. (administering on behalf of Wake County) determines any individual award.

Wake County Affordable Homeownership Program is forgiven after 20 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Payment due upon sale of home or if home is no longer the primary residence. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Wake County Affordable Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Buyers who have not owned a home within the past three (3) years qualify as first-time homebuyers. On credit, the program states: 640 for purchases. A homebuyer education course is required, through 8 hours with a HUD-approved housing counseling agency (DHIC Homeownership Center); 'Bringing Home the Dream' workshop. Program is on a HOME/CDBG funding cycle (funds exhausted through 6/30/2026, restarts 7/1/2026) - confirm funding open before publish. FUNDING-CYCLE NOTE: per DHIC's official page, program funds are exhausted through June 30, 2026 and the program restarts July 1, 2026 - VERIFY funding is open before publishing this draft. Recurring, fully documented program (term summary dated 07/01/2025; lender list updated 12/19/2025). First mortgage must be fixed rate. 1% origination fee. Min borrower investment $1,000, no cash back. Liquid asset limit $20,000. Max DTI 45%. Min credit 640. 8 hours HUD-approved education required. Loans assumable upon DHIC/Wake review. Excludes Raleigh and Cary. Loan term/lien position not stated in official docs.

Wake County Affordable Homeownership Program limits household income to 80% of the area median income, which varies by county and household size. At or below 80% AMI (HUD). 2025 Wake County 80% limits: 1=$72,950; 2=$83,400; 3=$93,800; 4=$104,200; 5=$112,550; 6=$120,900; 7=$129,250; 8=$137,550. Updated annually. 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.

Wake County Affordable Homeownership Program caps the purchase price as follows: None. Eligible property types include Single Family, Townhouse, and Condo. New construction is eligible.

Wake County Affordable Homeownership Program serves homebuyers purchasing in Wake County, North Carolina.

Applications for Wake County Affordable Homeownership Program go through DHIC, Inc. (administering on behalf of Wake County), 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.