Buying an Affordable Home in Raleigh
Community Development Homebuyer Programs
Are you thinking about buying a home?
Purchasing a home is probably the biggest investment you will 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.
Citywide Homeownership Program
The 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 and want to buy 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. Ask our staff about our lending partners.
Citywide Homeowner Program Details
The 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. Please contact CD staff to ask about the lenders and areas that qualify.OWNER Details
Homebuyer Rehabilitation Program
The 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.Homebuyer Purchase Program Details