Frequently Asked Questions about the My First Home Program

  • What type of loans do you offer?
  • How do I qualify?
  • How much money do I have to have saved?
  • What else is required?
  • Where can the homes be located?
  • Is there a program that will match my savings?

Q. What type of loans do you offer?

We offer interest-free loans that do not have to be paid back until the homeowner sells, refinances, or ceases to occupy the property.

Q. How do I qualify?

You have to qualify by household size and income. (See chart). Debt, Income, credit, and affordability will also be a factor in eligibility.

2010-2011 Income Limits for Forsyth County
My First Home WSFC

Number in Household 80% of Median Income
1 $ 33,500
2 $ 38,300
3 $ 43,100
4 $ 47,850
5 $ 51,700
6 $ 55,550
7 $ 59,350
8 $ 63,200

Q. How much money do I have to have saved?

You will need to contribute at least $1,000 of your own funds. Monies that are paid toward the purchase of the property such as inspections, appraisal, earnest money, etc. are considered as a part of your contribution.

Q. What else is required?

You will be required to take the 8-hour Homebuyer Education Seminar with prior to receiving assistance and the 2-hour Home Maintenance Class within 60 days after you close on your home. You may call The Center to register at (336) 773-0286 x101. Once you have meet with a Housing Counselor and have been determined to be mortgage-ready, you must get pre-qualified at a local lender to see how much of a mortgage that you can afford.

Q. Where can the homes be located?

Homes that are located within the city limits of Winston-Salem will be handled by the City of Winston-Salem’s Housing Development Department..

If the property is located outside of the city limits, it will be handled through Forsyth County Housing, contact Bianca Green at (336) 703-2678. Forsyth County Housing web site

Q. Is there a program that will match my savings?

An Individual Development Account (IDA) is a special savings account that matches the deposits made by participants to help them save towards home purchases.

Upon being selected in the IDA program and meeting pre-account requirements, participants will be authorized to open their savings account and begin on the road to homeownership!

Savings will be matched with a 2-to-1 or 4-to-1 ratios. If the participant saves $1,000 over a period of eight to twenty-four months, it will be matched with an additional $2,000 (up to $4000) dollars. In addition, IDA has partnered with local agencies that may contribute supplemental funds!

For More information regarding the IDA program, visit or call (336) 722-9400.

Information about foreclosure, from the State of North Carolina

What you need to know about foreclosures

logos of participants

My First Home WSFC | Center for HomeownershipForsyth County | City of Winston-Salem | American Dream Network | HUD

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