Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA)

Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) is a deferred second loan for homebuyers in Wytheville, Virginia, administered by Open Door Community (Helping Overcome Poverty's Existence, Inc.) - regional DPA provider for VA DHCD. Open Door Community (formerly HOPE) is the Virginia DHCD HOMEownership DPA regional administrator for Wythe, Bland, Carroll, Grayson, Smyth counties and the City of Galax. Income-eligible first-time homebuyers (<=80% AMI) receive a 0% deferred second loan of up to 10% (15% in these high-cost areas) of the sales price plus up to $2,500 closing costs, max $40,000, forgiven after 5-10 years. Open Door is a HUD-approved housing counseling agency and JustChoice/Fahe lending affiliate. 0% interest, no payments, forgiven after affordability period. Up to $40,000 in down payment + closing-cost help. Free HUD housing counseling. Can layer with USDA 502 Direct and VIDA savings match. Funding comes from HUD HOME funds via Virginia DHCD HOMEownership DPA program.

Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) offers between $1,000 and $40,000 in assistance. The program asks homebuyers to contribute 1% of sales price if income 50-80% AMI; $500 if under 50% AMI. Amounts are the program's published maximums, not an offer — Open Door Community (Helping Overcome Poverty's Existence, Inc.) - regional DPA provider for VA DHCD determines any individual award.

Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, or loss of owner-occupancy during affordability period; HOME investment recaptured from net proceeds. The assistance is recorded in Second (silent/deferred deed of trust) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No primary ownership in most recent 3 years counts as first-time. On credit, the program states: Median FICO 620; >=3 open/current trade lines (alternative credit possible). A homebuyer education course is required, through Open Door Community is a HUD-approved housing counseling agency; HUD-certified homebuyer education via Virginia Housing/NeighborWorks/HUD-certified course.

Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% AMI by HUD household size/locality (Section 8 income definition). The limit applies to total household income, not only the borrower&rsquo;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.

Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) caps the purchase price as follows: Home value <=95% of area median sales price (HUD 203(b) limits). Eligible property types include Single Family, Townhouse, Condo, Modular, and Manufactured. New construction is eligible. Manufactured homes are eligible.

Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) serves homebuyers purchasing in Wytheville, Virginia. The program targets specific areas: Wythe, Bland, Carroll, Grayson, Smyth are DHCD-designated high-cost/chronically depressed localities eligible for up to 15% of sales price.

Applications for Open Door Community (HOPE) - HOMEownership Down Payment & Closing Cost Assistance (DPA) go through Open Door Community (Helping Overcome Poverty's Existence, Inc.) - regional DPA provider for VA DHCD, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served; reserved after lender pre-approval. 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.