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).

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

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro is forgiven after 5 years, so a homebuyer 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.

Central Shenandoah Valley First-Time Homebuyers Program (Down Payment Assistance) - Staunton & Waynesboro is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Buyer who has not held primary ownership in a principal residence within the most recent three-year period qualifies as first-time homebuyer. On credit, the program states: FICO median score of 620; minimum 3 open and current trade lines (alternative credit may be considered). A homebuyer education course is required, through HUD-certified Homebuyer Education Course through Virginia Housing, NeighborWorks, or a HUD-certified agency; plus homeownership counseling from a HUD-certified housing counselor. Citizenship or immigration status: Must be a U.S. citizen or lawful permanent resident. Buyer cash contribution (1% of price if 50-80% AMI, or $500 if under 50% AMI); HUD-certified homebuyer education + counseling; 90-day work history; signed purchase contract; property must pass UPCS inspection and be turn-key. NOTE: possible relationship to the existing catalog row 'HOME First-Time Homebuyers Program' (Augusta, Bath, Highland, Rockbridge, and Rockingham) which may share the same DHCD program/administrator for the rural counties; this row covers the independent cities of Staunton and Waynesboro. The CSPDC brochure caps assistance at $11,000/5-year forgiveness while governing DHCD guidelines allow up to $40,000 with tiered affordability - brochure figures used. Verify dedupe vs Augusta-region row before publishing.

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.

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.

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

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. 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. 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.