Down Payment Assistance Program 2025 Application
Rocky Mount Housing Authority (RMHA) administers Down Payment Assistance (DPA) for the City of Rocky Mount for homes purchased ONLY in the City Limits of Rocky Mount (Nash or Edgecombe Counties). The DPA will be awarded on a first-come, first-served basis to applicants who submit a fully completed application (all required documents must be submitted).
The DPA Funds must meet HUD Income Limit Requirements in effect.
There is an Application Process which includes an application, required documents to be completed, and a checklist of items to be included/attached with the Application.
Please pay special attention to the following page, "Essential Notations To Adhere To".
More information and/or questions regarding this DPA Program, as well as, the Application Packet can be directed/obtained ONLY by contacting Teresa Rhodes.
Teresa Rhodes
Rocky Mount Housing Authority
1065 Pinehurst Drive, Rocky Mount, N.C. 27801
252.407.1941
Teresa@rm-ha.org
Essential Notations To Adhere To:
- Application MUST be completed in its entirety (all required documents attached).
- The review period for RMHA: Once the fully completed application has been submitted, starting with the next business day, there is a 5-Day Review Period.
If there is any information or documents missing, you and/or Lender will be contacted to provide. The Application WILL NOT be submitted to the City of Rocky Mount unless fully completed. You and/or Lender will be notified of any delays. - The review period for City of Rocky Mount: Once the application is received from RMHA, starting with the next business day, there is a 5-Day Review Period. You and/or Lender will be notified of any delays.
- All communication MUST be through RMHA only. Please DO NOT contact the City of Rocky Mount. Please ensure all parties (Applicant, Lender, Realtor, Attorney, etc.) are informed of this, Lender will be contacted upon Application Approval, as well as, emailed the Approval Letter. Lender will then communicate to all other Parties.
- Homebuyers must contribute at least S500.00 towards down payment and closing costs. Buyers should have sufficient cash resources (including checking, money market, or other similar non-retirement accounts) such that after closing, they have savings of at least two times their total monthly payment. No monies can be given back to homebuyer at closing.
- Homebuyers front-end ratio cannot exceed 32% and the back-end ratio shall not exceed 45%.
- Bonus Incentive: Applicants planning to reside in the following targeted neighborhoods: Around the Wye, Berkshire, Central City, Down East, Duke Circle, Germantown, Happy Hill, Hillsdale, Historic Edgemont, Holly Street, Lincoln Park, Little Raleigh, Meadowbrook, Southeast Rocky Mount, South Rocky Mount, and Villa Place can receive assistance up to $50,000.00.
- Eligible first-time homebuyers can earn up to 120% of the Rocky Mount Area Median Income.
- Assistance not exceeding $50,000.00 may be provided in the form of a 0% interest, deferred payment loan, forgiven 20%/10%/6.67% per year after closing (up to 5/10/15-year period of affordability), secured by a deed of trust on the property.