NRHA HomeNet HOME Program

NRHA HomeNet HOME Program is a deferred second loan for homebuyers in Norfolk, Virginia, administered by Norfolk Redevelopment and Housing Authority (NRHA) - HomeNet Homeownership Center. The HOME Investment Partnership Program, implemented by the City of Norfolk and NRHA, provides up to $40,000 in down payment and closing cost assistance to first-time homebuyers with household income at or below 80% AMI buying in Norfolk. Administered through NRHA's HomeNet Homeownership Center, a one-stop shop offering credit counseling, homebuyer education, and access to qualified lenders, Realtors and attorneys. Up to $40,000 in down payment and closing cost assistance. Pre- and post-purchase counseling. Credit counseling and repair. Access to Virginia Housing SPARC 1% rate reduction. Stackable with VIDA. Funding comes from HOME Investment Partnerships Program (HUD) via City of Norfolk and NRHA.

NRHA HomeNet HOME Program offers up to $40,000 in assistance. The program can be combined with Virginia Housing SPARC (1% rate reduction for HomeNet DPA buyers); Virginia Individual Development Accounts (VIDA). Amounts are the program's published maximums, not an offer — Norfolk Redevelopment and Housing Authority (NRHA) - HomeNet Homeownership Center determines any individual award.

NRHA HomeNet HOME Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

NRHA HomeNet HOME Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Must not have owned a home within the past three years. A homebuyer education course is required, through Virginia Housing-approved first-time homebuyer education via NRHA HomeNet Homeownership Center. Must not have owned a home within the past three years; annual household income at least $25,000; no bankruptcy in the last two years. Property must be in the City of Norfolk. Required documentation: one month proof of income, supplemental income verification for all household members, current financial statements. Apply via https://www.homenetnorfolk.org/Forms/Homenet.

NRHA HomeNet HOME Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% AMI. 2025 limits (HomeNet): 1 $55,450; 2 $63,400; 3 $71,300; 4 $79,200; 5 $85,550; 6 $91,900; 7 $98,250; 8 $104,550. 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.

NRHA HomeNet HOME Program can be used for Single Family, Condo, and Townhouse. New construction is not eligible.

NRHA HomeNet HOME Program serves homebuyers purchasing in Norfolk, Virginia.

Applications for NRHA HomeNet HOME Program go through Norfolk Redevelopment and Housing Authority (NRHA) - HomeNet Homeownership Center, which publishes the current terms and the application steps on its own site. 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.