Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro

What is Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro?

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro is a forgivable loan for homebuyers in Staunton, Virginia, administered by Central Shenandoah Planning District Commission (CSPDC), HOME Program Administrator.

• A regional first-time homebuyer down payment and closing cost assistance program administered by the Central Shenandoah Planning District Commission using Virginia DHCD HOMEownership (HOME) funds. Offers a 0% interest forgivable loan of up to 10% of purchase price for down payment plus up to $2,500 for closing costs (max total $11,000), forgivable after a 5-year affordability period, to first-time homebuyers at or below 80% AMI in the Central Shenandoah region including the cities of Staunton and Waynesboro.
• 0% interest, forgivable after 5 years, covers down payment (up to 10%) and closing costs (up to $2,500); stackable with Virginia Housing SPARC 1% rate reduction and other gap programs.
• Funding comes from Virginia DHCD HOMEownership Down Payment & Closing Cost Assistance Program (federal HUD HOME funds).

How much assistance does it provide?

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro offers between $1,000 and $11,000 in assistance.

• Buyer contribution: Buyer must contribute 1% of purchase price from personal funds if income is 50%-80% AMI, or a minimum of $500 if income is below 50% AMI.
• The program can be combined with VIDA, Virginia Housing DPA, Virginia Housing SPARC, FHLB programs, USDA assistance, Fannie Mae/Freddie Mac assistance (CLTV not to exceed 108%; LTV not to exceed 96.5%).
• Amounts are the program's published maximums, not an offer — Central Shenandoah Planning District Commission (CSPDC), HOME Program Administrator determines any individual award.

Do you have to pay it back?

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer of title, refinance, or failure to occupy as primary residence during the 5-year affordability period triggers recapture/repayment of HOME funds from available net proceeds.
• The assistance is recorded in Subordinate (silent second / deferred loan recorded via Deed of Trust behind first trust lender) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro limits household income to 80% of the area median income, which varies by county and household size.

• Household income may not exceed 80% of Area Median Income. Staunton-Waynesboro, VA MSA 2026 limits: 1p $55,200; 2p $63,050; 3p $70,950; 4p $78,800; 5p $85,150; 6p $91,450; 7p $97,750; 8p $104,050 (effective 05/01/2026).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro caps the purchase price at $269,000.

• Eligible property types include Single Family, Townhouse, Condo, Manufactured, and 2-4 Unit.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro serves buyers purchasing in Staunton, Virginia.

• Targeted neighborhoods: Cities of Staunton and Waynesboro (program also serves Harrisonburg, Rockbridge County, Buena Vista, Lexington, and other Central Shenandoah localities).

How do you apply?

Applications for Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro go through Central Shenandoah Planning District Commission (CSPDC), HOME Program Administrator, 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 HUD-certified Homebuyer Education Course through Virginia Housing, NeighborWorks, or a HUD-certified agency; plus homeownership counseling from a HUD-certified housing counselor.

2. 2

   Contact Central Shenandoah Planning District Commission (CSPDC), HOME Program Administrator to reserve funds

   Funds are reserved through First-come, first-served based on availability of funds; funds reserved only after homebuyer is lender pre-approved and meets DPA eligibility, 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.