If you’re a first-time homebuyer in Raleigh, North Carolina, a new program is offering up to $60,000 to help with your down payment. With housing costs on the rise, this program is designed to help families build stability and generational wealth through homeownership. There’s still time to apply, and the best part? No waitlist!
How the Program Works
The city of Raleigh is offering this loan program for those looking to buy homes in the area. Here’s a breakdown of the program:
- Up to $45,000 in assistance for homes throughout the city.
- Up to $60,000 for homes in certain targeted areas of Raleigh.
- No interest on the loan, though recipients will have to pay it back over time.
- The loan applies to single-family homes, townhomes, and condominiums.
The maximum eligible home purchase price is $384,750 for most of Raleigh, but in targeted areas, it goes up to $450,000.
Key Requirements to Keep in Mind
Before applying, there are a few important things to know:
- The loan comes with deed restrictions, limiting your ability to keep profits from selling the home in the future.
- The program is not a grant—it’s a loan that must be repaid, though with no interest.
- This program is not on a waitlist, and 75 families are expected to benefit from it this year.
Eligibility Requirements
To qualify for the assistance, your annual income must be under a certain threshold, which varies based on family size:
- One person: Less than $72,951.
- Two people: Less than $83,401.
- Three people: Less than $93,801.
- Four people: Less than $104,201.
- Five people: Less than $112,551.
- Six people: Less than $120,901.
Once you’ve confirmed your eligibility, you must also complete a city-mandated homeownership class to help prepare for the responsibilities of owning a home. Afterward, you’ll need to find an approved lender and then choose your new home.
Additional Financial Help
Raleigh isn’t the only city helping its residents with homeownership. A New York program is offering direct payments of up to $500 per month. Additionally, the federal government may offer thousands through the “Big Beautiful Bill,” which could provide more financial relief for eligible individuals.
Why This Program Matters
As Chloe McNeal, the city’s Housing & Neighborhoods Communications Analyst, pointed out, homeownership is about more than just owning a house. It’s a way to build financial stability and create generational wealth. With the assistance provided by this program, more families can take the leap into homeownership, even amidst high housing costs.
If you’re ready to make the jump into homeownership and meet the eligibility requirements, this Raleigh program offers an incredible opportunity to secure up to $60,000 toward your down payment. With no waitlist and plenty of support, it could be the perfect chance to own your own home.
