Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program

What is Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program?

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program is a deferred second loan for homebuyers in Winchester, Virginia, administered by Blue Ridge Housing Network, Inc.

• Blue Ridge Housing Network is the Virginia DHCD-designated regional provider administering the statewide HOMEownership Down Payment & Closing Cost Assistance Program for the northern Shenandoah Valley/Piedmont. It provides gap financing for income-eligible first-time buyers (30%-80% AMI) toward down payment and closing costs, with free pre-purchase counseling and a required certified homebuyer education course.
• Down payment + closing-cost gap financing (10%-15% of price, up to $2,500 closing costs; DHCD max $40,000).
• free counseling.
• certified homebuyer education.
• Funding comes from Virginia DHCD HOMEownership Down Payment Assistance Program (federal HOME funds).

How much assistance does it provide?

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program offers up to $40,000 in assistance.

• Buyer contribution: At or above 50% AMI: 1% of sales price from personal funds; at or below 50% AMI: minimum $500 from personal funds.
• Amounts are the program's published maximums, not an offer — Blue Ridge Housing Network, Inc. determines any individual award.

Do you have to pay it back?

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, transfer, refinance, or ceasing to occupy as primary residence during the affordability period.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Total household income between 30% and 80% of Area Median Income (AMI).
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program serves buyers purchasing in Winchester, Virginia.

• The program targets specific areas: Higher 15% tier applies within DHCD-approved areas; standard tier is 10%.

How do you apply?

Applications for Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program go through Blue Ridge Housing Network, Inc., which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Blue Ridge Housing Network (certified Homebuyer Education Course; free pre-purchase counseling).

2. 2

   Contact Blue Ridge Housing Network, Inc. to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.