The City of Asheville will hold a Home Ownership Fair from 10:00 am to 12:00 pm on Saturday, May 18 at the Stephens Lee Center gymnasium. Come learn about resources available to help you and your family become homeowners in Asheville.
At the fair, residents can learn about the city’s down payment assistance program, which is open to everyone. Also, in partnership with Buncombe County, Mortgage Banker’s Association, and Land of the Sky Association of Realtors, the city will set up a “Homeownership Center” where residents can meet bankers, lenders, realtors, credit experts, community partners, and others who can help make the dream of homeownership possible.
If you want to buy a house within the City of Asheville, come learn about the program and meet with lenders knowledgeable about this lending tool.
“We are very excited to set up a one-stop shop to learn about homeownership opportunities in Asheville alongside our community partners,” said City Housing Development Specialist Paul D’Angelo.
Down payment assistance part of affordable housing bond
The city’s voter-approved affordable housing bond referendum is designed to make home ownership available to low- and moderate-income city residents. City Council made those funds available when they adopted a Down Payment Assistance Policy resolution in February. Adoption of the policy paved the way for the city’s Down Payment Assistance Program to begin offering down payment assistance to qualified applicants.
This spring, the city’s Down Payment Assistance Program will make $1.4 million available to qualifying individuals and families to help them buy a home. The funding is a combination of $1 million in bond money and through public-private partnership with the Federal Home Loan bank ($400,000).
The $400,000 portion in down payment assistance will be available to qualifying full-time city employees, including the city’s Community Heroes, such as police officers, firefighters, and City of Asheville teachers who have been employed with Asheville City Schools for at least one year.
The down payment assistance is a loan for the purchase of a principal residence in the Asheville city limits. The loan has no payments until the property is:
- Sold or transferred;
- No longer occupied as principal residence; or
- Refinanced with cash out.
The maximum amount of down payment assistance funding that can be borrowed is limited to 20% of the home sale price, not to exceed $40,00. Homebuyers still must provide $1,000 of their own down payment money.
Want to learn more? Come to the Saturday, May 18 Home Ownership Fair to connect with lenders and other resources to make your dream of home ownership a reality. Information is also available on the City of Asheville website where you can also read the full policy and watch a presentation on Down Payment Assistance that can answer questions on the program.