A special incentive of $30,000 is now available for first-time homebuyers who are employees of the City of Fayetteville, Cape Fear Valley Medical Center, Cumberland County Schools and Cumberland County Government though the city’s Economic and Community Development Department’s Homebuying Education and Readiness Opportunity Program (HERO).
The Homebuying HERO Program seeks to enable long-term, successful homeownership by providing citywide homebuyer education and counseling services that produce certified homebuyers who qualify for fixed-rate, responsible lending mortgage loans.
First-time homebuyers hoping to purchase a home within the city limits of Fayetteville now have up to three options in gap financing available from the city of Fayetteville towards the purchase of a new home.
The Homebuying HERO Program has three tiers: Citizen HERO, Public Service HERO and City Employee HERO.
Single-family homes and modular homes are eligible for the program; however, manufactured homes are not. For both Citizen HERO and Public Service HERO participants, assistance will be provided in the form of a zero percent fixed-interest loan that is forgivable within a 10-year period.
Funds can be used towards closing costs, including down payment assistance.
To learn more about the Homebuying HERO Program, visit the website.
Editor’s note: The GFBJ spoke with organizers with the City of Fayetteville Economic Development Department to find out more about the Homebuying Hero program. That featured article will be included in our upcoming July 12 issue.
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