HOME First-Time Homebuyers Program

HOME First-Time Homebuyers Program is a deferred second loan for homebuyers in Augusta|Bath|Highland|Rockbridge|Rockingham County, Virginia. The Central Shenandoah PDC HOME First-Time Homebuyers Program is a regional DPA program serving the five-county Central Shenandoah PDC service area plus the cities of Buena Vista, Harrisonburg, Lexington, Staunton, and Waynesboro. Provides up to $30,000 as a 0% interest deferred-payment second mortgage. Funds are sourced from HUD HOME pass-through dollars. Maximum sales price $209,000 for existing homes and $271,000 for new construction. Up to $30,000 in down-payment and closing-cost assistance for first-time homebuyers purchasing in the Central Shenandoah Planning District. 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 and Federal.

HOME First-Time Homebuyers Program 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.

HOME First-Time Homebuyers Program 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 the Shenandoah Valley; CSPDC partner counseling providers. Residency requirement: Property must be located within the CSPDC service area (Augusta, Bath, Highland, Rockbridge, Rockingham counties; cities of Buena Vista, Harrisonburg, Lexington, Staunton, Waynesboro) and be the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME rules. Property must be located in the Central Shenandoah PDC service area (Augusta, Bath, Highland, Rockbridge, Rockingham counties; cities of Buena Vista, Harrisonburg, Lexington, Staunton, Waynesboro) and be the buyer's primary residence. Buyer must be a first-time homebuyer (no ownership in prior 3 years). Household income between $41,100 (1-person minimum) and $94,950 (8-person maximum) tracking 80% AMI. Minimum 620 FICO. Minimum borrower contribution $1,000. Maximum sales price between $209,000 and $271,000 depending on property type (existing vs. new construction). 8-hour HUD-approved homebuyer education required.

HOME First-Time Homebuyers Program limits household income to 80% of the area median income, which varies by county and household size. Household income between $41,100 (1-person minimum threshold) and $94,950 (8-person maximum) at 80% AMI for the CSPDC service area. 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.

HOME First-Time Homebuyers Program caps the purchase price at $271,000. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

HOME First-Time Homebuyers Program serves homebuyers purchasing in Augusta|Bath|Highland|Rockbridge|Rockingham County, Virginia.

Applications for HOME First-Time Homebuyers Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through CSPDC; first-come, first-served subject to annual HUD HOME 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.