This news item expired on Monday, September 30, 2013 so the information below could be outdated or incorrect.
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:
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Live in Buncombe County;
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Be a first-time homebuyer;
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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);
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Have at least one year of stable income;
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Begin making monthly savings deposits of at least $35.00 for six consecutive months; and
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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.