Down Payment Programs

Down Payment Programs is a deferred second loan for homebuyers in Charlottesville, Virginia. Piedmont Housing Alliance is the Charlottesville region's primary nonprofit housing counseling and DPA provider. Their Down Payment Programs umbrella includes multiple HUD HOME-funded products serving low- to moderate-income first-time homebuyers in the Thomas Jefferson Planning District (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, Nelson). Provides up to $40,000 as a 0% interest deferred-payment second mortgage depending on tier. Funds are sourced from HUD HOME pass-through dollars, City of Charlottesville general fund, Albemarle County, and private/philanthropic sources. Down-payment and closing-cost assistance up to $40,000 (varies by program tier) for low- to moderate-income first-time homebuyers purchasing in the Charlottesville/Thomas Jefferson region. Provided as a 0% interest deferred-payment second mortgage. No monthly payments. repaid upon sale, refinance with cash-out, transfer, or loss of primary-residence status. Funding comes from HOME, Federal, Local Government, Private, and Philanthropic.

Down Payment Programs is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Deferred 0% second-mortgage repayable in full upon sale, refinance with cash-out, transfer, or loss of primary-residence status. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Down Payment Programs is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership of residential real estate in prior 3 years). On credit, the program states: 620 minimum FICO. A homebuyer education course is required, through Piedmont Housing Alliance (HUD-certified housing counseling agency); 8-hour homebuyer-education classes provided in-house in English and Spanish. Residency requirement: Property must be located within the Thomas Jefferson Planning District (Albemarle, Charlottesville, Fluvanna, Greene, Louisa, Nelson) and be the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME rules. Property must be located in the Thomas Jefferson Planning District region (Albemarle, Fluvanna, Greene, Louisa, Nelson counties; City of Charlottesville) and be the buyer's primary residence. Buyer must be a first-time homebuyer (no ownership in prior 3 years). Household income between $18,900 (1-person minimum) and $161,200 (8-person maximum) tracking up to 120% AMI for the Charlottesville MSA. Minimum 620 FICO. Minimum borrower contribution $1,000. 8-hour HUD-approved homebuyer education required (provided in-house by Piedmont Housing Alliance).

Down Payment Programs limits household income to 120% of the area median income, which varies by county and household size. Household income between $18,900 (1-person minimum threshold) and $161,200 (8-person maximum) tracking up to 120% AMI for Charlottesville MSA. Multiple program tiers serve different income brackets. 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.

Down Payment Programs caps the purchase price as follows: Tracks HUD HOME and Virginia Housing maximum sales price for the Charlottesville MSA. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Down Payment Programs serves homebuyers purchasing in Charlottesville, Virginia.

Applications for Down Payment Programs go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through Piedmont Housing Alliance; counseling appointments scheduled directly with PHA staff. First-come, first-served subject to annual funding. 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.