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.
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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 www.CenterforHomeownership.org 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. Contact Roslyn Lash at (336) 734-1306.
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 participate 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 http://www.eisr.org/ or call (336)722-9400.
Information about foreclosure, from the State of North Carolina
What you need to know about foreclosures
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