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).

First Time Homebuyer Assistance Program 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. 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.

First Time Homebuyer Assistance Program 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 NNRHA minimum; first-mortgage lender overlay typically 620-640. A homebuyer education course is required, through NNRHA pre-purchase homeownership counseling and HUD-approved homebuyer education. Residency requirement: Must occupy as primary residence; property in Newport News. Citizenship or immigration status: U.S. citizen or qualified alien per HUD HOME. Property must be in the City of Newport News. Borrower at or below 80% AMI for VA Beach-Norfolk-Newport News HUD MSA. Must complete 8-hour HUD-approved homebuyer education and one-on-one counseling. Minimum $1,000 buyer contribution. HUD HQS inspection. Owner-occupancy required during affordability period.

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.

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.

First Time Homebuyer Assistance Program 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.

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

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