My First Home
Qualifications
How to Apply
To participate, prospective buyers must fill out a pre-application form. The form will be screened by the Center for HomeOwnership to determine eligibility. Prospective buyers also must complete a home-ownership course that the center sponsors.
Qualified buyers work with a real-estate agent to locate an eligible house. Once a buyer selects a specific house, the Center for HomeOwnership will help the buyer complete the paperwork to participate in the program. If the house is in Winston-Salem, the application will be sent to Housing/Neighborhood Development. If the house is outside the city (inside Forsyth County), it will be sent to the Forsyth County Housing Department.
The participant must be a first-time homebuyer or cannot have owned a home within the last three years. Eligibility for down payment Assistance is dependent upon each household’s income being at or below 80% of the median household income for the area based on household size. These income levels are set annually by the United States Department of Housing and Urban Development.
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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 |
- The eligibility of the households includes factors relating to the participant’s credit worthiness, job stability, income, and ability to qualify for an affordable first mortgage from a private lender.
Homebuyers must complete up to eight hours of pre-purchase education provided through the Center for Homeownership, 773-0286 x101.
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