Mountain Housing Opportunities provides low and moderate income households the opportunity to own new, renovated or existing homes in Buncombe County. With our special financing options and homebuyer education, MHO is able to offer three homeownership opportunities: New Homeownership, Self-help Homeownership or Downpayment Assistance.
Our New Homeownership program consists of homes that MHO builds and sells. We can offer up to $40,000 toward the purchase price of our homes in the form of deferred mortgages. These deferred mortgages reduce the amount of our buyer’s mortgage and mortgage payments, thus increasing the affordability of our homes. Focusing our homeownership opportunities in Asheville’s existing neighborhoods fosters local economic development, serves the environment and enhances quality of life.
Our Self Help Homeownership program consists of single family home developments located in rural Buncombe County. Families purchase the lots and construct the houses. The loans for this program are funded through USDA. Participants are required to provide 65% of the labor to build the home. All participants work together on all the homes and no one moves in until all the homes are constructed. A licensed construction supervisor is on site at all times to teach, guide and work beside you through the home building process. You gain valuable construction skills with this program as well as built in equity in your new home the day you move in. It is labor intensive, but also intensely rewarding.
Our Downpayment Assistance program offers households with low and moderate incomes the opportunity to buy a home. Funds are made available for this program through Direct Homebuyer Assistance (CDBG – HOME) and Buncombe County. Borrowers must income-qualify for the program. Maximum property purchase price for all programs is $200,160. Other requirements may apply and all programs are subject to MHO and regulatory revision.
MHO builds high quality, energy efficient homes that reduce energy costs and provide healthier, more durable dwellings. Since 1991, when MHO’s first home was renovated and sold to a young Asheville family, more than 100 Buncombe County individuals or families have purchased homes which were developed and/or financed by MHO.