Maximum Incomes (2008) |
|
| Household Size | Maximum Income |
| 1 Person | $ 29,400 |
| 2 Person | $ 33,600 |
| 3 Person | $ 37,800 |
| 4 Person | $ 42,000 |
| 5 Person | $ 45,353 |
| 6 Person | $ 48,700 |
| 7 Person | $ 52,100 |
| 8 Person | $ 55,450 |
Downpayment Assistance
Mountain Housing Opportunities, Inc. administers a Downpayment Assistance Program (DAP), funded through federal, state and local sources, designed to assist low to moderate income households achieve homeownership. Loans are available to cover closing costs and reduce housing payments for first time homebuyers.
Loan Details
- Loan amount: Up to $25,000 (within City of Asheville) or $20,000 for Buncombe County
- Term: 30 years
- Monthly Payment: $0
- Equity-Sharing Interest: equal to the rate of future appreciation of the property
- May be used for both down payment and closing cost assistance
Eligibility Requirements - Borrower must be:
- At or below 80% area median income
- Have acceptable credit (reviewed on a case-by-case basis)
- Show one year stable employment
- A six-month resident of Buncombe County
- Not a current homeowner
- Eligible for a first mortgage product that meets MHO guidelines
- Occupy the home as his/her primary residence
In addition, the borrower must complete a homebuyer education course offered by either On Track Financial Services (828-255-5166) or the Affordable Housing Coalition (828-259-9216).
Property Requirements
- Lead-based paint certification is required for properties built prior to 1978
- The property must be stick-built or off-frame modular
- These funds are restricted by the Uniform Relocation Act (URA); therefore, tenants cannot be displaced by the purchase of property with use of these funds
- Loan funds are restricted to the City of Asheville and to Buncombe County
- The maximum purchase price for the property is $200,160
