Mountain Housing Opportunities Down Payment Assistance

Administered by: Mountain Housing Opportunities · Nonprofit · Deferred Loan

Funding status: Active

How much assistance

$20,000 to $30,000 (Deferred Loan)

Shared appreciation loan: payment deferred without interest until resale or no longer owner-occupied. At that point, the homeowner repays the original loan plus interest equal to the home's rate of appreciation.

Eligibility

  • Income limits: At or below 80% AMI for Buncombe County
  • First-time buyer required: Yes
  • Geographic restrictions: Must purchase in Buncombe, Henderson, Haywood, or Madison County.
  • Homebuyer education required: Yes

How to Apply for Mountain Housing Opportunities Down Payment Assistance

Step 1: Complete a homebuyer education course.

Step 2: Contact Mountain Housing Opportunities to schedule an intake appointment.

Step 3: Verify your income is at or below 80% AMI for the county where you are purchasing.

Step 4: Work with a participating lender to get pre-approved for a first mortgage.

Step 5: Find an affordable home in Buncombe, Henderson, Haywood, or Madison County.

Step 6: Apply for down payment assistance through MHO.

Visit program website

Notes

MHO is a CDFI and NeighborWorks affiliate. Assistance is structured as a shared appreciation loan, not a traditional forgivable loan. Established in 1988, MHO has helped over 1,200 families achieve homeownership in western NC.

Cities Where This Program Is Available