Down Payment/Closing Cost Assistance Program

Rocky Mount Housing Authority (RMHA) administers Down Payment Assistance (DPA) for the City of Rocky Mount for homes purchased ONLY in the City Limits of Rocky Mount (Nash or Edgecombe Counties). The DPA will be awarded on a first-come, first-served basis to applicants who submit a fully completed application (all required documents must be submitted).

There is an Application Process which includes an application, required documents to be completed, and a checklist of items to be included/attached with the Application (download below).

Please pay special attention to the "Essential Notations To Adhere To".

More information and/or questions regarding this DPA Program or the application can be directed to Teresa Rhodes.

Teresa Rhodes - Teresa@rm-ha.org 
Rocky Mount Housing Authority
1065 Pinehurst Drive, Rocky Mount, N.C. 27801
252.407.1941

Please download, print the application, complete the form in its entirety, and return it to Rocky Mount Housing Authority along with the additional items required.

The Downpayment Assistance Application can be downloaded here.

Essential Notations To Adhere To:

• Application MUST be completed in its entirety (all required documents attached).
• The review period for RMHA: Once the fully completed application has been submitted, starting with the next business day, there is a 5-Day Review Period.
  If there is any information or documents missing, you and/or Lender will be contacted to provide. The Application WILL NOT be submitted to the City of Rocky Mount unless fully completed. You and/or Lender will be notified of any delays.
• The review period for City of Rocky Mount: Once the application is received from RMHA, starting with the next business day, there is a 5-Day Review Period. You and/or Lender will be notified of any delays.
• All communication MUST be through RMHA only. Please DO NOT contact the City of Rocky Mount. Please ensure all parties (Applicant, Lender, Realtor, Attorney, etc.) are informed of this, Lender will be contacted upon Application Approval, as well as, emailed the Approval Letter. Lender will then communicate to all other Parties.
• Homebuyers must contribute at least S500.00 towards down payment and closing costs. Buyers should have sufficient cash resources (including checking, money market, or other similar non-retirement accounts) such that after closing, they have savings of at least two times their total monthly payment. No monies can be given back to homebuyer at closing.
• Homebuyers front-end ratio cannot exceed 32% and the back-end ratio shall not exceed 45%.
• Bonus Incentive: Applicants planning to reside in the following targeted neighborhoods: Around the Wye, Berkshire, Central City, Down East, Duke Circle, Germantown, Happy Hill, Hillsdale, Historic Edgemont, Holly Street, Lincoln Park, Little Raleigh, Meadowbrook, Southeast Rocky Mount, South Rocky Mount, and Villa Place can receive assistance up to $50,000.00.
• Eligible first-time homebuyers can earn up to 120% of the Rocky Mount Area Median Income.
• Assistance not exceeding $50,000.00 may be provided in the form of a 0% interest, deferred payment loan, forgiven 20%/10%/6.67% per year after closing (up to 5/10/15-year period of affordability), secured by a deed of trust on the property.

The DPA Funds must meet HUD Income Limit Requirements in effect June 15, 2024:

80% Area Median Income
1 Person - $41,100
2 Person - $46,950
3 Person - $52,800
4 Person - $58,650
5 Person - $63,350
6 Person - $68,050
7 Person - $72,750
8 Person - $77,450

100% Area Median Income
1 Person - $51,400
2 Person - $58,700
3 Person - $66,000
4 Person - $73,300
5 Person - $79,200
6 Person - $85,100
7 Person - $90,900
8 Person - $96,800

120% Area Median Income
1 Person - $61,680
2 Person - $70,440
3 Person - $79,200
4 Person - $89,960
5 Person - $95,040
6 Person - $102,120
7 Person - $109,080
8 Person - $116,160

• CDBG/HOJ/ffi funding is available for an individual or family who meets all other eligibility requirements and is low-to moderate income individual or family with gross income(s) at or below 80% of the Area Median Income (AMI) as defined and published by HUD annually, as adjusted for family size.
  
  
• General Funda is also available for an individual or family who meets all other eligibility requirements and is low-to-moderate-to workforce housing income individual or family with a gross income(s) at or below 120% of the Area Median Income (AMI).

Rocky Mount Housing Authority also provides Down Payment Assistance Funds through its non-profit organization, South Eastern North Carolina Community Development Corporation (SENCCDC) with North Carolina Housing Finance Agency's Community Partners Loan Pool (CPLP). 

CPLP provides qualified home buyers with down payment assistance:

CPLP assistance is structured as a 0% interest, deferred second mortgage. The term of the CPLP loan matches the term of the first mortgage. The CPLP Loan has no monthly payment and is typically repaid when the home is sold or at the end of the loan term.

Borrowers may combine a CPLP loan with the NC 1st Home Advantage Down Payment or the NC Home Advantage Tax Credit as well as with other down payment assistance loans or grants.

Some of the requirements are:

• Total household income cannot exceed 80% of the Area Median Income for the county in which they intend to purchase a home.
• Borrower must have proof of sufficient, stable income to afford and maintain their potential home.
• Borrower must have a minimum credit score of 640.
• Borrower's housing ratio must be between 25% to 32% and total debt-to-income ratio may not exceed 45%.
• Borrower must complete an approved home buyer education course and receive at least two hours of in-person housing counseling.
• Potentially eligible borrowers must contact a CPLP member to establish an agreed upon home ownership readiness plan for education and in-person counseling before signing a sales contract on a property.

For more information and other requirements, please contact Teresa Rhodes at 252.407.1941 or email Teresa@rm-ha.org.