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).

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

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.

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: false. On credit, the program states: Credit score of 640 or higher. A homebuyer education course is required, through Blue Ridge Housing Network (certified Homebuyer Education Course; free pre-purchase counseling). Residency requirement: Home must be in BRHN's DHCD service area (Clarke, Fauquier, Frederick, Page, Shenandoah, Warren; City of Winchester; Town of Luray; Stephens City). Signed purchase offer for a turnkey property at settlement; certified Homebuyer Education Course; personal-funds contribution by AMI tier. Note: BRHN page says 'grant with affordability period' while DHCD structures it as a deferred loan - verify exact terms before publishing.

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.

Blue Ridge Housing Network HOMEownership Down Payment & Closing Cost Assistance Program serves homebuyers purchasing in Winchester, Virginia. The program targets specific areas: Higher 15% tier applies within DHCD-approved areas; standard tier is 10%.

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