City of Danville Homeownership Assistance Program

What is City of Danville Homeownership Assistance Program?

City of Danville Homeownership Assistance Program is down payment assistance for homebuyers in Danville, Virginia, administered by City of Danville (Community Development), with counseling via DRHA Center for Housing Education.

• The City of Danville's Homeownership Assistance Program helps low- and moderate-income residents buy a home anywhere in the City by covering up to 50% of the lender-required down payment. The home must meet HOME Quality Standards per a City inspection, and all applicants must complete a First-Time Homebuyer counseling program at the DRHA Center for Housing Education. A separate municipal program from the Virginia DHCD/VHCDC statewide DPA that also serves Danville.
• Covers up to 50% of the lender-required down payment.
• Buy anywhere within the City of Danville.
• City-funded program with local counseling support.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal funds (HOME/CDBG) administered by the City of Danville.

How much assistance does it provide?

City of Danville Homeownership Assistance Program provides assistance worth 50% of the purchase price, as set by the program.

• Amounts are the program's published maximums, not an offer — City of Danville (Community Development), with counseling via DRHA Center for Housing Education determines any individual award.

Do you have to pay it back?

City of Danville Homeownership Assistance Program is down payment assistance and is repaid under the terms set by City of Danville (Community Development), with counseling via DRHA Center for Housing Education.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Danville Homeownership 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?

City of Danville Homeownership Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Low- and moderate-income City residents (HOME <=80% AMI typical); specific dollar limits not published on the city page.
• The limit applies to total household income, not only the borrower&rsquo;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?

City of Danville Homeownership Assistance Program is a federal program, so it is not limited to Virginia.

How do you apply?

Applications for City of Danville Homeownership Assistance Program go through City of Danville (Community Development), with counseling via DRHA Center for Housing Education, 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 First-Time Homebuyer counseling at DRHA Center for Housing Education, 502 Franklin Street, Danville..

2. 2

   Contact City of Danville (Community Development), with counseling via DRHA Center for Housing Education 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.