CHARLOTTE, N.C. — Capricia Billings is on the hunt for a house in Charlotte, where she’s lived her whole life. She aspired to become a homeowner when she found herself moving around a lot. 

What You Need To Know

  • Canopy MLS in Charlotte recently opted into use the downpayment resources tool

  • Buyers who make 80% of the area median income or less and don’t currently own a home are eligible for up to $95,000 in downpayment assistance

  • Resale homes that cost $300,000 or less or new builds less than $315,000 qualify for the funding from local and state funding

“The more that I started growing up and getting older and moving from apartment to apartment, that was enough. It’s like why put all this money into something that is not going to belong to you after a year or two,” she said.

On top of that, she says recently becoming a mom made her goal even more urgent. However, one real estate agent told her not to hold her breath, because homeownership was unlikely. 

“Not unless there was another income coming in,” Billings said.

Most North Carolinians are priced out due to high costs. An analysis from Redfin shows that in 2024, first-time buyers must earn at least $76,000 a year to afford a starter home in the U.S. According to that report, just four years ago, an annual income of about $40,000 could land you your first house.

Billings thought homeownership was impossible, until she met real estate broker Angela Pugh, who introduced her to the downpayment resource, or DPR tool.

Canopy Multiple Listing Service, or MLS, based in Charlotte recently opted into using the DPR tool, which Pugh calls a game changer.

“If you see this sign here, it’s eligible for up to $95,000,” she said pointing to a sign with the DPR symbol.

Houses around $300,000 are eligible. Buyers can receive this funding from city, county and state resources if they make 80% of the area median income or less and don’t currently own a home. 

Now, Billings can tour homes for sale, not just to dream, but with the intent to buy.

“It allows me to have something of my own and invest in myself," she said. "And for me to be able to have something for my children once they get older.”

Pugh says homes on the market that qualify for downpayment assistance cost up to $300,000 if it’s a resale home and up to $315,000 for new houses.

But she says there are some stipulations to keep in mind.

In order to keep these houses affordable, that funding stays with the house. So, if the buyer receives that down payment assistance, it doesn’t turn into equity. They must sell it to someone who falls within the 80% AMI as well, and then the new buyer would receive the assistance.