Make Isle of Wight HOME Program

What is Make Isle of Wight HOME Program?

Make Isle of Wight HOME Program is a deferred second loan for homebuyers in Isle of Wight, Virginia.

• Make Isle of Wight HOME is a HUD HOME program administered by HRPDC for Isle of Wight County, providing forgivable second-lien DPA to first-time homebuyers in the county.
• Make Isle of Wight HOME Program provides up to $20,000 of HUD HOME-funded down payment and closing cost assistance to first-time homebuyers purchasing in Isle of Wight County. Assistance is a 0% deferred second mortgage, forgiven over a 5-year affordability period.
• Funding comes from HUD HOME Investment Partnerships Program.

Do you have to pay it back?

Make Isle of Wight HOME Program 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.
• 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?

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

What are the income limits?

Make Isle of Wight HOME Program 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?

Make Isle of Wight HOME Program 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?

Make Isle of Wight HOME Program 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?

Make Isle of Wight HOME Program serves buyers purchasing in Isle of Wight, Virginia.

How do you apply?

Applications for Make Isle of Wight HOME 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 HUD-approved homebuyer education; pre-purchase counseling required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served 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.