There are a wide range of loans and financial assistance programs out there for first-time homebuyers and people in niche communities – such as veterans and those seeking homes in rural areas.
However, there aren’t too many programs that help homebuyers outside of those categories who still need a little extra financial help to purchase a new home in today’s seller’s market.
Fortunately, there is a program that can provide some welcome assistance to many homebuyers here locally in Wilmington, NC – whether first-time homebuyers, veterans, or neither.
What is the HOP Program?
The City of Wilmington Community Development & Housing department works with a number of local banks to offer low-to-moderate income homebuyers a generous home loan option.
Through the HOP (Home Ownership Pool) Program, eligible recipients could receive up to $25,000 in downpayment assistance on a single family home purchased within the limits of Wilmington, North Carolina.
Some additional perks of the program include 100% financing and a 0% interest rate on a specific chunk of the loan.
Who is eligible for the HOP Program?
Certain eligibility criteria must be met for a homebuyer to qualify for HOP assistance. You might be eligible for the program if you…
- Have a minimum credit score of 620
- Earn below 130% of the annual median income
- And are purchasing a home in Wilmington city limits
In order to receive HOP assistance, you must also undergo the city’s Mandatory Home Buyer Education.
Need to improve your credit score?
To boost your score, make sure you pay all of your bills on time and keep your credit card balances as low as possible. DO NOT close any current credit cards. Doing so can actually lower your credit score.
How do I apply for HOP assistance?
The first step is to register for the City of Wilmington’s Home Buyer Education class. Because there is a limited number of slots available and the program offerings are very attractive, classes fill up quickly.
Make sure you check the City of Wilmington HOP web page periodically so you can register for the next available class.
After attending the class, you can fill out an application with the city that will determine your eligibility for Wilmington housing assistance. You may also be required to submit a number of essential documents, such as your recent credit report, pay stubs, bank statements, and tax returns.
Learn more about the Wilmington HOP Program
In addition to the HOP program, the city offers a number of other fantastic homebuying assistance programs that you can stack together with HOP, including…
- HOP 2gether (up to $25,000 in down payment assistance)
- Community Partners Loan Pool (up to $50,000 or 20% in down payment assistance)
Learn more about the HOP Program and other local housing assistance programs on the City of Wilmington Housing page.
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