Asheville & Buncombe County Down Payment Assistance
Asheville is a high-demand mountain market where saving a down payment is hard, so NCHFA's help is valuable here. Up to 3% for any buyer, or $15,000 for first-time buyers and veterans, forgivable over time. Here is how it works across Buncombe County.
How NCHFA works in Buncombe County
Asheville’s mix of tourism, in-migration, and limited mountain land has kept prices high relative to much of North Carolina, which makes saving a down payment a real hurdle. NCHFA helps close that gap. Any NC Home Advantage buyer can take up to 3% of the loan, and first-time buyers and veterans can take the flat $15,000. Both are zero-percent deferred seconds with no monthly payment, forgiven over years 11 through 15, and a 640 credit score qualifies. Because the income limit is statewide, checking your current figure matters most in a higher-priced market like this one.
Buying across Buncombe County
Buncombe County stretches beyond the city. Inside Asheville, West Asheville, East Asheville, and the areas toward the airport and Enka-Candler carry the most homes in reach, while downtown and the historic districts run higher. Outside the city, Black Mountain, Weaverville, Fletcher, and Arden give buyers more room. Neighboring Henderson County (Hendersonville) and the nearby mountain counties are common alternatives, all NCHFA-eligible under the statewide limit. In a market this tight, the assistance often decides whether a purchase pencils out.
Why the forgiveness matters in Asheville
Asheville buyers tend to put down roots, and that is exactly who the NCHFA structure rewards. The second sits behind your first mortgage with no payment for ten years, then forgives 20% a year through year 15. Keep the home 15 years and it is entirely gone. In a market where every dollar of help counts, an amount you may never repay is worth understanding. See the schedule on our forgiveness page.
NCHFA sets a single statewide income limit and sales-price limits that change periodically; confirm the current figures on the NCHFA before relying on one. See our eligibility page.
Common questions
How much down payment assistance can I get in Asheville?
NCHFA offers up to 3% of the loan for any buyer, or a flat $15,000 for first-time buyers and military veterans. Both are 0% deferred seconds forgiven 20% per year in years 11-15, which is especially valuable in a higher-priced market like Asheville.
Is Asheville down payment assistance forgivable?
Yes. The NCHFA second has no payment for ten years, then forgives 20% per year in years 11 through 15, fully forgiven at 15 years. You repay it only if you sell or refinance before year 11.
What credit score do I need for down payment assistance in Asheville?
NCHFA requires a 640 minimum credit score. The assistance pairs with FHA, VA, USDA, or conventional first mortgages, and North Carolina uses a single statewide income limit that is worth verifying in a higher-priced market.
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