Call Chesapeake HOME Program

Call Chesapeake HOME Program is a deferred second loan for homebuyers in Chesapeake, Virginia. Call Chesapeake HOME is a federally funded HUD HOME program administered by HRPDC for the City of Chesapeake, providing forgivable second-lien down payment and closing cost assistance to income-eligible first-time homebuyers purchasing within Chesapeake city limits. The Call Chesapeake HOME Program provides up to $20,000 in HUD HOME-funded down payment and closing cost assistance to first-time homebuyers purchasing in the City of Chesapeake. Assistance is structured as a 0% interest deferred-payment second lien that is forgiven over a 5-year (typically) HOME affordability period. Funds may also help reduce the first-mortgage principal to achieve affordable monthly payments. Funding comes from HUD HOME Investment Partnerships Program (CHDO/PJ funds via HRPDC).

Call Chesapeake HOME Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, refinance with cash-out, or loss of owner-occupancy during the HOME affordability period and loan is forgiven on a pro-rata basis over the affordability period. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Call Chesapeake HOME Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership interest in a principal residence in past 3 years); displaced homemakers and single parents may qualify for exception. On credit, the program states: No published HRPDC minimum; lender/first-mortgage product credit overlays apply (typically 620-640). A homebuyer education course is required, through HUD-approved homebuyer education provider; pre-purchase counseling required (8 hours). Residency requirement: Must occupy as primary residence; property must be in City of Chesapeake. Citizenship or immigration status: U.S. citizen or qualified alien per HUD HOME rules. Property must be located within the City of Chesapeake. Borrower household income may not exceed 80% AMI for the Virginia Beach-Norfolk-Newport News HUD MSA, adjusted for family size. Buyer must contribute a minimum of $1,000 of own funds to the transaction. Maximum HOME purchase price limit applies (HUD 203(b) limit). Property must remain owner-occupied during the affordability period. Pre-purchase homebuyer education and one-on-one counseling required.

Call Chesapeake HOME Program limits household income to 80% of the area median income, which varies by county and household size. Income limits are based on 80% Area Median Income (AMI) for the Virginia Beach-Norfolk-Newport News, VA-NC HUD MSA, adjusted for household size. 2024 limits range approximately from $56,400 (1-person) to $106,350 (8-person). Limits are updated annually by HUD. 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.

Call Chesapeake HOME Program caps the purchase price as follows: HUD HOME maximum after-rehab value applies (HUD 203(b) single-family mortgage limit for the Norfolk-Virginia Beach area, generally $300,000+ for existing and slightly higher for new construction). Eligible property types include Single-family detached, attached townhomes, condominiums (must meet HUD HQS) and existing or new construction. New construction is eligible. Manufactured homes are not eligible.

Call Chesapeake HOME Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Call Chesapeake HOME Program serves homebuyers purchasing in Chesapeake, Virginia.

Applications for Call Chesapeake HOME Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served subject to available HOME funds; application coordinated through HRPDC and participating lender. 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.