City of Rocky Mount Down Payment Assistance Program

How it works

The City of Rocky Mount says the Down Payment Assistance Program helps first-time homebuyers purchase homes in the city. The program is administered by the Rocky Mount Housing Authority.

What the money covers

The page says assistance can be used for:

• Down payment
• Closing costs
• Upfront mortgage premium insurance cost
• Gap financing

Amounts and matching

• Base assistance: up to $40,000 as a deferred-payment loan
• Bonus incentive: applicants planning to live in certain targeted neighborhoods can receive up to $10,000 additional assistance, for a total of $50,000
• The page says assistance not exceeding $50,000 may be provided as a 0% interest, deferred payment loan
• Forgiveness schedule for the loan:
  • Less than $15,000: 5 years, forgiven 20% per year
  • $15,000 to $40,000: 10 years, forgiven 10% per year
  • More than $40,000: 15 years, forgiven 6.67% per year
• The loan is secured by a deed of trust on the property

How to apply

The city page points applicants to the Down Payment Assistance Program Brochure and Down Payment Assistance Program Policy for the full application process.

Timing and deadlines

• The page says the program continues to operate.
• It also says city General Funds no longer support the program effective 2025-08-01; funding now relies solely on federal CDBG and HOME funds.
• The page does not list a current application deadline.