Some Fayetteville First-Time Homebuying Gets a Boost with City’s Homebuying HERO Program

A thrilling new program is coming to Fayetteville that will help ease the strain of homebuying. First-time buyers can now enroll in the Homebuying Education and Readiness Opportunity Program (HERO). How HERO Helps Homebuyers According to a news release from the City of Fayetteville's official website, the Homebuying HERO Program will provide, "citywide homebuyer education and counseling services that produce certified homebuyers who qualify for fixed-rate, responsible lending mortgage loans." The City will be offering zero-interest loans to help cover the cost of closing expenses and more. This is a much-needed relief for homebuyers in the Fayetteville area. A new study was published listing the best and worst cities for first time homebuyers, with the city of Fayetteville ranked quite low at #142. But the Homebuying HERO Program has the potential to bring the 'Ville up in homebuying appeal. https://www.youtube.com/watch?v=A1IDus8S9m8&t=1s Who Qualifies For Homebuying HERO Program? Buyers who plan to purchase their first home within Fayetteville city limits will have three options for gap financing to qualify for: Citizen HERO - applies to current or future Fayetteville residents and offers up to $20,000 in gap financing. (Applicant must have a gross income at or below 120% of the area median income adjusted for family size) Public Services HERO - applies to employees of Cape Fear Valley Medical Center, Cumberland County Schools, or Cumberland County Government and offers up to $30,000 in gap financing. (Applicant must have a gross income at or below 120% of the area median income adjusted for family size) City Employee HERO - applies to City of Fayetteville employees and offers up to $30,000 in gap financing. (Applicant must have a gross income at or below 140% of the area median income adjusted for family size). Assistance will be provided both to Citizen HERO and Public Service HERO participants in the form of a zero percent fixed-interest loan that is forgivable within a 10-year period. How To Apply In order to participate in the Homebuying HERO program, you must first attend a First Time Homebuyers Workshop. From there you can attend a personalized counseling session with a housing counseling agency to assess if you qualify for the incentive. Click here to find more application information.