City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA)

City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) is a deferred second loan for homebuyers in Newport News, Virginia, administered by Newport News Redevelopment and Housing Authority (NNRHA), for the City of Newport News. NNRHA administers the City of Newport News' federal HOME-funded First-Time Homebuyer Assistance Program. The City-Wide program provides up to $25,000 in down payment and closing-cost assistance as a no-interest deferred loan incrementally forgiven over the HOME affordability period, with recapture from net proceeds if the home is sold or ceases to be the buyer's principal residence. NNRHA is also a SPARC sponsor, lowering the rate on eligible Virginia Housing mortgages by 1% for qualifying first-time buyers. Up to $25,000 in DP/closing-cost assistance. 0% interest deferred loan. Incrementally forgiven over affordability period. Recapture capped at net proceeds. SPARC 1% rate reduction option. Funding comes from Federal HUD HOME Investment Partnerships funds via City of Newport News.

City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) offers up to $25,000 in assistance. Homebuyer contribution: Buyers contribute 1% of their own funds. The program can be combined with Virginia Housing first mortgage; SPARC 1% interest-rate reduction. Amounts are the program's published maximums, not an offer — Newport News Redevelopment and Housing Authority (NNRHA), for the City of Newport News determines any individual award.

City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, foreclosure, non-qualifying refinance, or ceasing principal-residence use during the affordability period; pro-rata recapture from net proceeds. Standard DPA <=$10,000 forgiven $2,000/yr over 5 yrs. The assistance is recorded in Subordinate (soft/deferred second behind first mortgage) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Must certify no real-property ownership in the last 3 years. A homebuyer education course is required, through Virginia Housing homebuyer education or a HUD-approved housing counseling agency (SPARC requires pre-counseling certificate). Residency requirement: Home within the municipal limits of Newport News; principal residence during affordability period. Citizenship or immigration status: All household members must have a valid Social Security number. NNRHA will NOT accept DPA applications when the buyer already has a ratified purchase agreement. Complete packet (first-mortgage docs + homebuyer education certificate) required; ~10 business days review; 45-day closing recommended. Cash assets (excl. retirement) may not exceed $25,000. Madison Heights Redevelopment area new construction may qualify for a separate deferred loan up to $40,000 (first $10,000 forgivable, remainder 0% amortized 20 yrs from year 6) - a distinct tier.

City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) limits household income to $86,150. The limit applies to total household income, not only the borrower&rsquo;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.

City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) can be used for Single Family, New Construction, and Existing Home. New construction is eligible.

City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) serves homebuyers purchasing in Newport News, Virginia.

Applications for City of Newport News First-Time Homebuyer Assistance Program (City-Wide HOME DPA) go through Newport News Redevelopment and Housing Authority (NNRHA), for the City of Newport News, 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.