First Time Homebuyer Assistance Program

What is First Time Homebuyer Assistance Program?

First Time Homebuyer Assistance Program is a deferred second loan for homebuyers in Newport News, Virginia.

• NNRHA-administered HOME-funded program providing forgivable DPA to first-time homebuyers purchasing in Newport News.
• Newport News Redevelopment & Housing Authority's First Time Homebuyer Assistance Program provides up to $10,000 in HUD HOME-funded down payment and closing cost assistance to income-eligible first-time homebuyers purchasing in the City of Newport News. Structured as a 0% interest deferred-payment second-lien forgivable loan.
• Funding comes from HUD HOME Investment Partnerships Program (City of Newport News PJ).

Do you have to pay it back?

First Time Homebuyer Assistance Program is forgiven after 5 years, so a buyer 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.
• 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.

Who qualifies?

First Time Homebuyer 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?

First Time Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• 80% AMI for VA Beach-Norfolk-Newport News HUD MSA; $56,400 (1-person) to $106,350 (8-person) 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.

What kind of home can it be used for?

First Time Homebuyer Assistance Program caps the purchase price as follows: HUD HOME max after-rehab value (HUD 203(b) Norfolk-VA Beach).

• Eligible property types include Single-family detached, townhomes, condos (must meet HUD HQS).
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

First Time Homebuyer Assistance Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers 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.

Where does it apply?

First Time Homebuyer Assistance Program serves buyers purchasing in Newport News, Virginia.

How do you apply?

Applications for First Time Homebuyer Assistance Program go through the administering agency, 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 NNRHA pre-purchase homeownership counseling and HUD-approved homebuyer education.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served subject to NNRHA HOME allocation, 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.