Hampton Roads Loan Fund Partnership (HRLFP)

What is Hampton Roads Loan Fund Partnership (HRLFP)?

Hampton Roads Loan Fund Partnership (HRLFP) is a deferred second loan for homebuyers in Regional, Virginia.

• HRLFP is a regional HOME-funded loan partnership administered by HRPDC providing forgivable DPA to first-time homebuyers across participating Hampton Roads jurisdictions.
• Hampton Roads Loan Fund Partnership (HRLFP) is a HOME consortium-style program providing up to $20,000 in down payment and closing cost assistance to first-time homebuyers across participating Hampton Roads jurisdictions. Assistance is a 0% interest deferred second mortgage forgiven over the 5-year HOME affordability period.
• Funding comes from HUD HOME Investment Partnerships Program (regional consortium).

Do you have to pay it back?

Hampton Roads Loan Fund Partnership (HRLFP) 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 over 5 years.
• 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?

Hampton Roads Loan Fund Partnership (HRLFP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Hampton Roads Loan Fund Partnership (HRLFP) 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) for 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?

Hampton Roads Loan Fund Partnership (HRLFP) caps the purchase price as follows: HUD HOME max after-rehab value (HUD 203(b) Norfolk-VA Beach limit).

• 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?

Hampton Roads Loan Fund Partnership (HRLFP) 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?

Hampton Roads Loan Fund Partnership (HRLFP) serves buyers purchasing in Regional, Virginia.

How do you apply?

Applications for Hampton Roads Loan Fund Partnership (HRLFP) 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 HUD-approved homebuyer education provider; pre-purchase counseling required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served subject to available HOME funds via HRPDC, 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.