Wake County Affordable Homeownership Program

What is 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.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal funding (HOME/CDBG via Wake County); Raleigh and Cary excluded due to federal funding sources.

How much assistance does it provide?

Wake County Affordable Homeownership Program offers up to $40,000 in assistance.

• Buyer 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.

Do you have to pay it back?

Wake County Affordable Homeownership Program is forgiven after 20 years, so a buyer 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.

Who qualifies?

Wake County Affordable Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

Wake County Affordable Homeownership Program is a federal program, so it is not limited to North Carolina.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through 8 hours with a HUD-approved housing counseling agency (DHIC Homeownership Center); 'Bringing Home the Dream' workshop.

2. 2

   Contact DHIC, Inc. (administering on behalf of Wake County) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 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.