Raleigh offering up to $60,000 for first-time homebuyer down payment assistance program

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Monday, June 9, 2025
Raleigh offering up to $60,000 for first-time homebuyer down payment
The City of Raleigh wants to make sure potential first-time homebuyers know about all the programs designed to help with those daunting upfront costs.

RALEIGH, N.C. (WTVD) -- June is National Homeownership Month and the City of Raleigh wants to make sure potential first time homebuyers know about all the programs designed to help with those daunting upfront costs.

"Homeownership is way more than just having a place to live. It's such a powerful way to build stability, generational wealth for your families," said City of Raleigh Housing & Neighborhoods Communications Analyst Chloe McNeal.

City leaders say the demand is high right now, but there's enough money to meet community needs.

The funds can help people in the 'Missing Middle,' who are struggling to find affordable housing.

"I would say the low missing middle. Housing has gotten so expensive in Raleigh," said resident Carly Morgan. "For the city to do something and really invest in, it's like younger families in a lot and giving us an opportunity to live here in the city, I think that can only be a benefit to the city and us."

There are two programs to help first-time homebuyers cover one of the biggest upfront costs of homeownership.

People making up to 80 percent of the area median income can apply for down payment assistance.

For a single person, that's almost $73,000 a year and for a family of three, just under $94,000.

Participants can get up to $45,000 for a down payment within the City limits and if they're buying in a targeted areas, people can get up to $60,000.

The city says there's no wait list right now and Raleigh's on track to help 75 families this fiscal year.

"We understand how stressful and overwhelming and hard it is - particularly for first-time homebuyers - so we want help and we want people to live where they work, love where they live," said McNeal.

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The money can be used for the down payment, as well as closing costs.

Interested residents are encouraged to send an email to: homebuyer@raleighnc.gov.

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