HOME Homeownership Program

What is HOME Homeownership Program?

HOME Homeownership Program is a deferred second loan for homebuyers in Richmond, Virginia.

• HOME of Virginia's HOME Homeownership Program is a regional first-time-homebuyer program providing up to $20,000 as a 0% interest deferred-payment second mortgage. HOME of VA is a HUD-certified housing counseling agency and a Virginia statewide leader in fair-housing services. Funds are sourced from HUD HOME pass-through dollars and from private and philanthropic sources. Includes wraparound services - homebuyer education, individual counseling, fair-housing assistance, and post-purchase support.
• Up to $20,000 in down-payment and closing-cost assistance for first-time homebuyers purchasing in the Richmond region. 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. Includes free fair-housing counseling and homebuyer-education services.
• Funding comes from HOME, Federal, Private, and Philanthropic.

Do you have to pay it back?

HOME Homeownership 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.

Who qualifies?

HOME Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

HOME Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income between $63,600 (1-person minimum threshold) and $119,900 (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.

What kind of home can it be used for?

HOME Homeownership Program caps the purchase price as follows: Tracks HUD HOME maximum sales price for Richmond MSA.

• Eligible property types include Single-family detached, Townhouse, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

HOME Homeownership Program serves buyers purchasing in Richmond, Virginia.

How do you apply?

Applications for HOME Homeownership Program 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 HOME of Virginia (HUD-certified housing counseling agency); 8-hour homebuyer education and one-on-one counseling provided in-house..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application through HOME of Virginia; counseling appointments scheduled directly with HOME of VA staff. First-come, first-served subject to annual funding., 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.