Some Fayetteville First-Time Homebuying Gets a Boost with City’s Homebuying HERO Program
A thrilling new program is coming to Fayetteville that will help ease the strain of homebuying. First-time buyers can now enroll in the Homebuying Education and Readiness Opportunity Program (HERO)….
Some first-time homebuyers in Fayetteville could get help with expenses with a new load program.
Getty ImagesA thrilling new program is coming to Fayetteville that will help ease the strain of homebuying. First-time buyers can now enroll in the Homebuying Education and Readiness Opportunity Program (HERO).
How HERO Helps Homebuyers
According to a news release from the City of Fayetteville's official website, the Homebuying HERO Program will provide, "citywide homebuyer education and counseling services that produce certified homebuyers who qualify for fixed-rate, responsible lending mortgage loans."
The City will be offering zero-interest loans to help cover the cost of closing expenses and more.
This is a much-needed relief for homebuyers in the Fayetteville area. A new study was published listing the best and worst cities for first time homebuyers, with the city of Fayetteville ranked quite low at #142. But the Homebuying HERO Program has the potential to bring the 'Ville up in homebuying appeal.
Who Qualifies For Homebuying HERO Program?
Buyers who plan to purchase their first home within Fayetteville city limits will have three options for gap financing to qualify for:
- Citizen HERO - applies to current or future Fayetteville residents and offers up to $20,000 in gap financing. (Applicant must have a gross income at or below 120% of the area median income adjusted for family size)
- Public Services HERO - applies to employees of Cape Fear Valley Medical Center, Cumberland County Schools, or Cumberland County Government and offers up to $30,000 in gap financing. (Applicant must have a gross income at or below 120% of the area median income adjusted for family size)
- City Employee HERO - applies to City of Fayetteville employees and offers up to $30,000 in gap financing. (Applicant must have a gross income at or below 140% of the area median income adjusted for family size).
Assistance will be provided both to Citizen HERO and Public Service HERO participants in the form of a zero percent fixed-interest loan that is forgivable within a 10-year period.
How To Apply
In order to participate in the Homebuying HERO program, you must first attend a First Time Homebuyers Workshop. From there you can attend a personalized counseling session with a housing counseling agency to assess if you qualify for the incentive. Click here to find more application information.
