Habitat for Humanity of Goochland County Homeownership Program

What is Habitat for Humanity of Goochland County Homeownership Program?

Habitat for Humanity of Goochland County Homeownership Program is down payment assistance for homebuyers in Goochland, Virginia, administered by Habitat for Humanity of Goochland County.

• Habitat for Humanity of Goochland County partners with low-income families from application through construction to provide affordable homeownership in Goochland County. Selection is based on need for safe, affordable housing, willingness to partner (sweat equity), and ability to repay an affordable mortgage of roughly $1,000-$1,400 per month. Buyers finance the home through the USDA Section 502 Direct Loan program and submit a USDA pre-qualification letter.
• Affordable monthly mortgage ($1,000-$1,400).
• Sweat equity replaces cash down payment.
• USDA 502 Direct financing.
• Homebuyer preparation on finances, mortgages, and maintenance.
• Funding comes from Donations, sweat equity, ReStore (Basement Boutique) proceeds; home financed via USDA Section 502 Direct Loan.

Do you have to pay it back?

Habitat for Humanity of Goochland County Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity of Goochland County.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity of Goochland County Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity of Goochland County Homeownership Program sets its income limit as follows: Income limits follow USDA Section 502 Direct Loan eligibility and Habitat selection criteria (typically low-income). Exact dollar limits by household size are not published on the Goochland affiliate page (confirm USDA 502 Direct income limits for Goochland County by household size).

• 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?

Habitat for Humanity of Goochland County Homeownership Program can be used for Single Family.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity of Goochland County Homeownership Program serves buyers purchasing in Goochland, Virginia.

• The program targets specific areas: Goochland County, Virginia.

How do you apply?

Applications for Habitat for Humanity of Goochland County Homeownership Program go through Habitat for Humanity of Goochland County, 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 Habitat homebuyer preparation (personal finances, mortgages, home maintenance and upkeep).

2. 2

   Contact Habitat for Humanity of Goochland County to reserve funds

   Funds are reserved with the provider 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.