Down Payment/Closing Cost Assistance Program
Down Payment Assistance Program 2023
The Down Payment Assistance (DPA) we administer is for homes being purchased in the city limits of Rocky Mount. We award up to $25,000.00 per family. The DPA will be awarded on a first come first served basis to applicants who submit a fully completed application, (meaning all required documents must be submitted).
When submitting the application forms, you must include the following information and proof.
Must meet HUD Income Limits (Effective June 15, 2022) FY 2022-2023 income limits.
Family Size (Number of People in family) - Income Limit (80% of AMI)
- 1 - $37,450
- 2 - $42,800
- 3 - $48,150
- 4 - $53,500
- 5 - $57,800
- 6 - $62,100
- 7 - $66,350
- 8 - $70,650
List of requirements and documents needed along with forms supplied in application packets.
- Have a pre-approval letter from a lender.
- Must meet the HUD income limit (80% of AMI by household size).
- The client must be a first-time home buyer.
- Have a fully executed purchase contract (with property address).
- Attended 8 Hours of Homebuyer's Education Class and can provide a valid certificate of completion.
- The home must be in the city limits of Rocky Mount.
- The home must be the buyer's primary residence.
- The home must be a single-family residence (1-4-unit dwelling).
- If it was built before 1978, the home must have LBP inspection with assessment report.
- The home must be inspected by a certified inspector to provide an inspection report is completed.
- Copies of State Photo ID and Social Security Card.
- Last two years of tax returns (All income, Social Security Statement, etc.)
- Previous two months of check stubs for proof of income.
- Previous three months of bank statements.
- A loan estimation.
- A current property appraisal.
- An Underwriter's Worksheet.
- A First Mortgage Commitment Letter.
- A Title Search.
- Must close with homeowner insurance coverage and be fully maintained.
- Must close with flood insurance coverage if in a flood zone.
- Receive a Closing Disclosure (will be provided at closing).