Homeward Norfolk Program

Homeward Norfolk Program is a deferred second loan for homebuyers in Norfolk, Virginia. DUPLICATE LISTING: NRHA-administered processing partner version of the City of Norfolk's Homeward Norfolk Program. Two PDF source entries exist for the same underlying program with slight variance in upper income bound ($156,800 vs $156,850). Both kept for source fidelity. Homeward Norfolk Program (NRHA listing) provides up to $40,000 in down payment and closing cost assistance to first-time homebuyers purchasing in the City of Norfolk, tiered for households up to 120% AMI. Structured as a 0% deferred-payment forgivable second-lien loan over a 5-year affordability period. NRHA is the program's processing partner for the City of Norfolk. Funding comes from City of Norfolk general fund / local housing trust / federal stimulus (ARPA), processed by NRHA.

Homeward Norfolk Program is forgiven after 5 years, so a homebuyer 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.

Homeward Norfolk 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 required (no ownership in past 3 years); standard exceptions. On credit, the program states: No published NRHA minimum; first-mortgage lender overlay typically 620-640. A homebuyer education course is required, through NRHA Homeownership Center / HUD-approved homebuyer education; 8-hour pre-purchase course required. Residency requirement: Must occupy as primary residence; property in Norfolk. Citizenship or immigration status: U.S. citizen or qualified alien. DUPLICATE: This is the NRHA-listed entry for the same Homeward Norfolk Program also listed under City of Norfolk - kept for source fidelity from the original PDF source. Property must be in Norfolk; income up to 120% AMI ($55,450 - $156,850 - note slightly higher upper bound vs. City listing due to PDF rounding); 8-hour HUD-approved homebuyer education required; minimum $1,000 buyer contribution.

Homeward Norfolk Program limits household income to 120% of the area median income, which varies by county and household size. Tiered AMI up to 120% AMI for VA Beach-Norfolk-Newport News HUD MSA. Range $55,450 (1-person) to $156,850 (8-person). NOTE: this entry shows $156,850 upper bound vs. $156,800 on City of Norfolk listing - reflects PDF source variance. 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.

Homeward Norfolk Program caps the purchase price as follows: City-set affordable purchase price limit. Eligible property types include Single-family detached, townhomes, condos. New construction is eligible. Manufactured homes are not eligible.

Homeward Norfolk Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers 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.

Homeward Norfolk Program serves homebuyers purchasing in Norfolk, Virginia. The program targets specific areas: Priority neighborhoods may receive higher assistance.

Applications for Homeward Norfolk Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served via NRHA Homeownership Center. 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.