3 Down Payment Assistance Programs for Raleigh Homebuyers

Buying an Affordable Home

Community Development Homebuyer Programs

Are you thinking about buying a home?

Affordable HomeownershipPurchasing a home is probably the biggest investment you ever make. Before you buy a home, there are several things you will need to learn. The first step in making a sound investment is to learn about the home buying process. The City requires a Homeownership Class Certificate to participate in its homebuyer assistance programs. In addition to a class, you can educate yourself by accessing the free information at the Department of Housing and Urban Development and Fannie Mae. The City has three homebuyer programs which are detailed below. If you have any questions or want more information, email Ricardo Cobos or call me at 919-526-0183. The Community Development Department strives to improve the availability, affordability, and quality of housing in Raleigh. The Department provides financial assistance for affordable housing and public services throughout the City, usually through partnerships. An updated list of lenders will be available soon.


Citywide Homeownership Program

Affordable HomeownershipThe Citywide Homeownership Program is for first-time homebuyers (HUD defines this as someone who hasn’t owned a home in the last three years) who meet income qualifications with buying a home in Raleigh’s city limits. This second mortgage program offers up to $20,000 as a low-interest loan and helps with down payment and/or closing costs or a gap in financing. The homebuyer must qualify with a first mortgage from a participating lender. See the list of lenders that work with this program in the Related Section, as well as income ranges.

Details of the Citywide Homeownership Program

OWNER Program

Affordable HomeownershipThe OWNER (Ownership Within Neighborhoods to Encourage Revitalization) Program is not limited to first-time homebuyers, but it does have income and targeted area limitations. Depending on income and need, this 0% interest second mortgage can be up to $30,000. Again, the homebuyer must qualify for a participating lender’s first mortgage. There is a map that shows the targeted areas in the Related Section. The same lenders work with this program. More details are below.

Details of the OWNER Program

Homebuyer Rehabilitation Program

Affordable HomeownershipThe Homebuyer Rehabilitation Program assists with the purchase and renovation of a home that is in need of repair before the owner can move in. The amount of the low-interest loan depends on the cost of the purchase and rehab, and other conditions apply. See the details in the link below.

Details of the Homebuyer Rehabilitation Program