Winston-Salem Home Ownership AssistanceProgram

Working in tandem with the City’s goal of providing affordable housing to its citizens, the City of Winston-Salem’s Homebuyer Assistance Program provides financial and technical assistance to first-time homebuyers with incomes less than 80% of the area median, adjusted by household size.  

Available Assistance 
The program offers maximum assistance up to $14,800 or 20% of the purchase price, whichever is lower; the assistance amount is based on an underwriting analysis of the borrower’s income, assets, and purchase contract. 

This assistance is up to the amount and not an absolute. In instances where a borrower has multiple sources for closing costs, the City’s assistance is reduced by the amount of excess subsidy. 

Eligibility Requirements 
Households must income qualify at or below 80% AMI (see chart above) and not have assets that exceed $10,000. Assistance in the form of a second mortgage, forgivable after 10 consecutive years of owner-occupied home ownership. The primary mortgage must be fixed-rate (no ARM or Balloon mortgages). Homebuyer to contribute at least $1,000 of their own funds towards purchase. Homebuyer counseling is required to be completed prior to closing on the home through the Center for Homeownership. Property must be up to code and be free of the presence of lead-based paint hazards; property inspections are required 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.         

 Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information