Down Payment Assistance (DPA)

Down Payment Assistance (DPA) is a deferred second loan for homebuyers in Roanoke, Virginia. TAP into Hope is the Roanoke Valley's Community Action Agency providing HUD HOME and CSBG-funded forgivable DPA second-lien loans to first-time homebuyers across the Roanoke metropolitan and surrounding rural counties. Total Action for Progress (TAP into Hope) administers a HUD HOME-funded Down Payment Assistance program for first-time homebuyers in the Roanoke Valley/Roanoke service area (Roanoke City, Roanoke County, Salem, Vinton, Botetourt, Craig, Allegheny, Bath, Alleghany, Covington). Provides up to $10,000 in 0% interest deferred-payment forgivable second-lien DPA over a 5-year affordability period. Funding comes from HUD HOME Investment Partnerships Program (Virginia DHCD CHDO pass-through), USDA Rural Development, CSBG.

Down Payment Assistance (DPA) 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 affordability period and pro-rata forgiveness over 5 years. 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.

Down Payment Assistance (DPA) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Standard HUD HOME first-time homebuyer exceptions. On credit, the program states: No published TAP minimum; first-mortgage lender overlay typically 620-640. A homebuyer education course is required, through TAP HUD-approved homebuyer education and pre-purchase counseling (8-hour course + one-on-one counseling). Residency requirement: Must occupy as primary residence; property in TAP service area (Roanoke Valley). Citizenship or immigration status: U.S. citizen or qualified alien per HUD HOME. Property must be in TAP's service area (Roanoke Valley region: Roanoke City, Roanoke County, Salem, Vinton, Botetourt County, Craig County, Alleghany, Bath, Covington). Borrower must complete 8-hour HUD-approved homebuyer education and one-on-one counseling with TAP. Income at or below 80% AMI for the Roanoke MSA / county. Minimum $500 buyer contribution.

Down Payment Assistance (DPA) limits household income to 80% of the area median income, which varies by county and household size. 80% AMI for the Roanoke MSA / Roanoke Valley counties; range approximately $40,950 (1-person) to $77,250 (8-person) for 2024. 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.

Down Payment Assistance (DPA) caps the purchase price as follows: HUD HOME max after-rehab value (HUD 203(b) Roanoke MSA). Eligible property types include Single-family detached, townhomes, condos, manufactured housing on permanent foundation (must meet HUD HQS). New construction is eligible. Manufactured homes are eligible.

Down Payment Assistance (DPA) 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.

Down Payment Assistance (DPA) serves homebuyers purchasing in Roanoke, Virginia.

Applications for Down Payment Assistance (DPA) 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 via TAP Housing department. 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.