The Guilford County Planning and Development Department is partnering with the US Department of Housing and Urban Development (HUD), the City of Greensboro Neighborhood Development Department, Housing Consultants Group and local lenders to offer the Homebuyer Down Payment Assistance program – an initiative that’s meant to increase home ownership in Guilford County.
The program was established to help “low-to-moderate-income persons and families” handle the down payment and closing costs of a new home. To do so, it provides a loan to applicants who meet the income eligibility requirements and qualify of up to $10,000 at the low, low interest rate of zero percent (roughly the same rate bank savings accounts are paying these days).
The program forgives the loan to the owners after five years of residing in the home.
People who haven’t owned a home within the last three years and meet the income eligibility requirements are qualified to apply for the attractive forgivable loans.
The purchased home must be in Guilford County and outside the city limits of Greensboro and High Point.
The stated objective of the program is to help more families become homeowners by doing the following:
- Providing a solid knowledge of homeownership through education and counseling,
- Ensuring that the applicants are ready to buy a house and are capable of making regular payments,
- Assisting with funding deficiencies by assisting with the down payment and closing costs.
Funds for the program originate from HUD. Those funds are awarded to the Greensboro HOME Consortia through the HOME Investment Partnership Program. The grant period runs from July 1 to June 30 each year. The funds are processed and distributed on a first-come, first-served basis to eligible home buyers until the money is all gone.
To learn more about the program, those interested can check out https://www.guilfordcountync.gov/our-county/planning-development/housing- programs or call the Housing Consultants Group at 336-850-4040.