HOMEBUYER ASSISTANCE PROGRAM
ARE YOU TIRED OF PAYING RENT?
MAKE YOUR DREAMS OF HOMEOWNERSHIP A REALITY.
DO YOU NEED MONEY FOR DOWN PAYMENT OR CLOSING COSTS?
The City of High Point Community Development and Housing Department offers Down Payment and Closing Costs Assistance to eligible very low, low and moderate income first time homebuyers for the purchase of a new or existing unit. The property must be located within the city limits of High Point.
Homebuyer Assistance Program
A. Purpose
To provide qualified very low to moderate income citizens, who are interested in purchasing a home, with assistance needed to overcome financial obstacles. This policy is also designed to protect the potential homebuyer from predatory lending that may strip homeowner equity through illegal and unethical practices. Predatory lending practices may include, but not be limited to, excessively high fees and commissions, the misrepresentation of the mortgage terms and conditions, high interest rates, repeated financing of loans and balloon payments.
B. Down Payment Assistance Program
The Homebuyer Assistance Program provides affordable homeownership opportunities for first-time, very low-to-moderate income buyers, by provision of deferred, low-interest loans to reduce out-of-pocket cash costs for down payment, closing costs, and pre-paid expenses. However, the program does not include providing assistance with earnest pay/good faith deposits that may be required by a Realtor or former homeowner to hold property. The program requires the homebuyer to receive an approved loan from a participating lender; be income eligible for the program (80% or below the area income median); purchase a home within the City limits; provide $500 of their own funds toward the purchase. The program cannot be used to purchase a home that exceeds the current FHA mortgage limit for a single family home.
City-Wide Down Payment and Closing Costs Assistance shall apply to all down payment and closing cost assistance programs. This replaces all former tiered programs. The terms shall not exceed a maximum level of $5,000 for a home located within the High Point city limits. Terms include a three-year deferment at 3% interest for 5 years. Additional incentives are offered in revitilazation areas.
Homebuyer Qualifications
-
"Home"–single family residence, condo or townhome affixed to a permanent foundation in City limits under the FHA mortgage limit.
-
Pre-purchase homebuyer education (min. of eight hours)
-
Asset limit less than $10K
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Qualify for loan through a Participating Lender.
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Acceptable credit
-
Steady employment
-
Invest a minimum of $500 towards the purchase
-
Affordable debt to income ratios
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Environmental Review Request approval
-
Homeowner's Insurance
2009 Income Limits
|
Persons in Household |
Very Low Income (30% Median) |
Low Income (50% Median) |
Moderate Income (80%Median) |
Area Median Income | ||||
|
1 |
$12,300 |
$20,500 |
$32,750 |
$40,938 | ||||
|
2 |
14,050 |
23,400 |
37,450 |
46,813 | ||||
|
3 |
15,800 |
26,350 |
42,100 |
52,625 | ||||
|
4 |
17,550 |
29,250 |
46,800 |
58,500 | ||||
|
5 |
18,950 |
31,600 |
50,550 |
63,188 | ||||
|
6 |
20,350 |
33,950 |
54,300 |
67,875 | ||||
|
7 |
21,750 |
36,250 |
58,050 |
72,563 | ||||
|
8 |
23,150 |
38,600 |
61,800 |
77,250 |
Participation Criteria for Participating Lenders
- Offer conforming loans with 1% or less origination fee.
- No associated charges, i.e. brokers fees, costs, etc. for providing the loan.
- LTV not less than 90%.
- Max loan cannot exceed FHA Mortgage limit.
- Offer Market interest rate
- Inform, educate, and facilitate the application process
- Ensure applicant's eligibility
Homebuyers Education, contact Consumer Credit Counselling Services for further information regarding upcoming homebuyer education classes for 2010/2011 or call (336) 889-6108.
Complete Package Forms (PDF) (forms may also be used for:
NSP- Neighborhood Stabilization Program down payment assistance or repair)
If you only need portions of the package see pages below:
Participating Lender's Certification forms (PDF)
American South Lending, Inc.
8788 Van Hoy Road
Kernersville NC 27284
Christine Ryals , Senior Loan Officer
Phone: 336-314-7248 FAX: 888-802-6802
Coastal Mortgage Services
5709 High Point Road, Suite 204
Greensboro NC 27407
Kendra M. Milks
, Loan Originator
Phone: 336-882-7999
FAX: 336-882-4128
RBC Bank
804 Green Valley Road, Suite 104
Greensboro NC 27408
Laurence Aikens
, Community Development Officer - Mortgage
Phone: 336-433-6820
FAX: 775-288-5990
SunTrust Mortgage
1301 Eastchester Drive
High Point NC 27265
Cindy Hines
, Mortgage Loan Officer
Phone: 336-889-5346
FAX: 336-889-5399
SunTrust Mortgage
628 Green Valley Road, Suite 203
Greensboro NC 27408
Debbie Barrow
, Mortgage Loan Officer
Phone: 336-373-5156
FAX: 336-373-5159
SunTrust Mortgage, Inc
612 College Road
Greensboro NC 27410
Will Winstead
, Senior Mortgage Consultant
Phone: 336-632-0273
FAX: 336-834-8068
The Mortgage Hotline
2201-107 Eastchester Drive
High Point NC 27265
Jane Jordan
, Mortgage Broker
Phone: 336-882-7800
FAX: 336-882-1414
Trademark Mortgage
510 Hickory Ridge Drive
Greensboro NC 27409
Joann Hollifield
, Home Mortgage Consultant
Phone: 336-794-9955
FAX: 336-765-1401
W.R. Starkey Mortgage
300 E. Wendover Avenue Suite 201
Greensboro NC 27401
Dave Held
, Branch Manager
Phone: 336-617-2876
FAX: 866-926-8083
W.R. Starkey Mortgage
300 E. Wendover Avenue Suite 201
Greensboro NC 27401
Brian Tuma
, Senior Loan Officer
Phone: 336-275-3008
FAX: 866-926-8081
W.R. Starkey Mortgage
2098 Frontis Plaza Blvd.
Winston Salem NC 27103
Ashley McKenzie-Sharpe
, Senior Loan Officer
Phone: 336-575-9448
FAX: 866-696-0379
Wells Fargo
1100 S. Stratford Road
Winston Salem NC 27103
Damond Van Weerdhuizen
, Home Mortgage Consultant
Phone: 336-768-8838
FAX: 877-303-3449
Wells Fargo Bank, N.A.
625 Green Valley Road
Greensboro NC 27408
Christine Hoffman
, Home Mortgage Consultant
Phone: 336-297-5150
FAX: 866-624-2180
Wells Fargo Home Mortgage
5 H Oak Branch Drive
Greensboro NC 27406
Ella J. Pass
, Mortgage Consultant
Phone: 336-834-1989
FAX: 866-893-7189
Wells Fargo Home Mortgage
514 Oak Branch Drive
Greensboro NC 27407
Bruce Canada
, Home Mortgage Consultant
Phone: 336-834-1970
FAX: 866-967-1228
Wells Fargo Mortgage
5 H Oak Branch Drive
Greensboro NC 27407
Tammy McCrae-Coley
, Home Mortgage Consultant
Phone: 336-834-1963
FAX: 877-302-9327