OnTrack WNC is excited to announce expansion of the HomeRun Homeownership Program to low-income households in Buncombe County effective July 1, 2013. The program includes comprehensive financial/housing education and counseling, plus an opportunity for participants to receive a $2.00 "match" for every $1.00 saved towards homeownership.
Participants are eligible for up to $5,000 in match money toward homeownership. This is a matching grant, not a loan; participants never have to pay it back.
Limited Funding Available. Participants must purchase a home by December 31, 2014. Match money is not guaranteed until participants complete the program requirements and are under contract to purchase a home.
Eligibility: At the time of enrollment, participants must:
Live in Buncombe County;
Be a first-time homebuyer;
Have an annual household income at or below 80% Area Median Income. Example: income maximum for a three-person household is $40,000 (click here for income eligibility);
Have at least one year of stable income;
Begin making monthly savings deposits of at least $35.00 for six consecutive months; and
Plan to purchase a home by December 31, 2014.
The match amount is based on how much participants save. For example, if a participant saves $250, their match would be $500; if they save $2500, they are eligible for the maximum match of $5,000. Funds can be used in conjunction with Mountain Housing Opportunities' Down Payment Assistance, USDA Rural Development loans, and other programs for first-time homebuyers.
Program requirements include participation in these FREE services: credit counseling, homebuyer education, one-on-one coaching support, credit reports and scores, and tax preparation services.
Interested? Call 255-5166 TODAY and ask about the HomeRun program.
Space is limited and we plan to fill enrollment by mid-August. Program completion takes a minimum of six months.