First Time Homebuyers - Downpayment and Closing Cost Assistance

First Time Homebuyers - Downpayment and Closing Cost Assistance is a deferred second loan for homebuyers in Henrico County, Virginia. Henrico County's First Time Homebuyers Downpayment and Closing Cost Assistance Program provides up to $15,000 as a 0% interest deferred-payment second mortgage for first-time homebuyers purchasing primary residences in Henrico County. Funds are sourced from HUD HOME and CDBG pass-through dollars. Administered by Henrico County Department of Community Revitalization. Up to $15,000 in down-payment and closing-cost assistance for first-time homebuyers purchasing in Henrico County. 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, CDBG, Federal, and Local Government.

First Time Homebuyers - Downpayment and Closing Cost Assistance 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.

First Time Homebuyers - Downpayment and Closing Cost Assistance 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 HUD-approved housing counseling agencies serving Henrico County; HOME of Virginia and project:HOMES homebuyer-education classes accepted. Residency requirement: Property must be located within Henrico County, VA, and be the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME / CDBG rules. Property must be located in Henrico County and be the buyer's primary residence. Buyer must be a first-time homebuyer (no ownership in prior 3 years). Household income between $61,800 (1-person minimum) and $116,500 (8-person maximum) tracking 80% AMI for the Richmond MSA. Minimum 620 FICO. Minimum borrower contribution $1,000. 8-hour HUD-approved homebuyer education required.

First Time Homebuyers - Downpayment and Closing Cost Assistance limits household income to 80% of the area median income, which varies by county and household size. Household income between $61,800 (1-person minimum threshold) and $116,500 (8-person maximum) at 80% AMI for Richmond MSA. Updated annually. 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.

First Time Homebuyers - Downpayment and Closing Cost Assistance caps the purchase price as follows: Tracks HUD HOME maximum sales price for Henrico County. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

First Time Homebuyers - Downpayment and Closing Cost Assistance serves homebuyers purchasing in Henrico County, Virginia.

Applications for First Time Homebuyers - Downpayment and Closing Cost Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through Henrico County Department of Community Revitalization; first-come, first-served subject to annual HUD HOME / CDBG funding 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.