Home Ownership Programs

Home Ownership Assistance Program 

Working in tandem with City’s goal of providing affordable housing to its citizens, the City of Winston-Salem’s Homebuyer Assistance Program provides financial and technical assistance to first-time homebuyers with incomes less than 80% of area median, adjusted by household size. The goal of the program is to facilitate the attainment of home ownership by individuals and families that have the income to afford a mortgage, but may have cash or other barriers to ownership.

The Homebuyer Assistance Program is administered by the Community Development Department of the City of Winston-Salem. Homebuyer education services are provided by the Center for Homeownership.

Rehabilitation/Emergency Repair/Physical Accessibility/Hazard Reduction Income Limit Chart 

If the household income exceeds 80% per household size the application is considered over income

CD-Lending Income Limits effective 6-15-22

Program at a glance:

  • Maximum assistance up to $14,800 or 20% of the purchase price, whichever is lower; assistance amount is based on an underwriting analysis of borrower’s income, assets and purchase contract
  • Households must income qualify at or below 80% AMI (see chart above) and not have assets that exceed $10,000
  • Assistance in the form of a second mortgage, forgivable after 10 consecutive years of owner-occupied home ownership
  • Primary mortgage must be fixed rate (no ARM or Balloon mortgages)
  • Homebuyer to contribute at least $1,000 of their own funds towards purchase
  • Homebuyer counseling is required to be completed prior to closing on the home through the Center for Homeownership
  • Property must be up to code and be free of the presence of lead-based paint hazards; property inspections are required

Center for HomeOwnership Logo Opens in new window

Other Important Information:

This assistance is an up to amount and not an absolute. In instances where a borrower has multiple sources for closing costs, the City’s assistance is reduced by the amount of excess subsidy (i.e. an amount that would result in the Buyer receiving “cash out” on a closing statement) when ratios are in an acceptable range.  The City’s second mortgage is in second-lien holder position, and any lower lien position is considered on a case-by-case basis.

For those interested in more information, please contact the Lending Division at cdd-lending@cityofws.org.

3254 Ridgeback Drive