Richmond Metropolitan Habitat for Humanity Homeownership Program

What is Richmond Metropolitan Habitat for Humanity Homeownership Program?

Richmond Metropolitan Habitat for Humanity Homeownership Program is a first mortgage for homebuyers in Richmond, Virginia, administered by Richmond Metropolitan Habitat for Humanity.

• Richmond Metropolitan Habitat for Humanity's Homeownership Program offers affordable, sweat-equity homeownership to qualifying households at or below 80% AMI in the City of Richmond, Chesterfield County, and Henrico County, VA. Selected partner families purchase a Habitat-built or rehabilitated single-family home with an affordable mortgage (payment capped at 30% of gross income), originated and serviced by the affiliate, after completing 350 sweat-equity hours, Homebuyer Club classes, and budgeting meetings. The program is active and recruiting (Homeowner Orientation classes held regularly; homes currently for sale; FY25 HUD income guidelines).
• Affordable mortgage payment capped at 30% of gross income.
• no traditional down payment (sweat equity substitutes).
• Habitat-built/rehabbed single-family home.
• homebuyer education and budgeting support.
• Funding comes from Donations, recycled mortgage payments, grants, and ReStore proceeds.

Do you have to pay it back?

Richmond Metropolitan Habitat for Humanity Homeownership Program is a first mortgage and is repaid under the terms set by Richmond Metropolitan Habitat for Humanity.

• Repayment is triggered by Affordable Habitat mortgage payments (payment not exceeding 30% of gross income); the home is purchased, not granted.
• The assistance is recorded in First position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Richmond Metropolitan Habitat for Humanity Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Richmond Metropolitan Habitat for Humanity Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• Serves households at or below 80% AMI for the Richmond MSA (FY25 HUD). Max annual income: 1=$63,600; 2=$72,650; 3=$81,750; 4=$90,800; 5=$98,100; 6=$105,350; 7=$112,600; 8=$119,900. Minimum income also applies (1-5=$40,000; 6=$43,150; 7=$48,650; 8=$54,150).
• 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?

Richmond Metropolitan Habitat for Humanity Homeownership Program caps the purchase price as follows: Homes sold with an affordable mortgage (payment not exceeding 30% of gross income); specific max not published.

• Eligible property types include Single Family.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Richmond Metropolitan Habitat for Humanity Homeownership Program serves buyers purchasing in Richmond, Virginia.

How do you apply?

Applications for Richmond Metropolitan Habitat for Humanity Homeownership Program go through Richmond Metropolitan Habitat for Humanity, 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 Richmond Metropolitan Habitat for Humanity (Homeowner Orientation, Homebuyer Club classes, one-on-one budgeting)..

2. 2

   Contact Richmond Metropolitan Habitat for Humanity to reserve funds

   Funds are reserved through Attend a Homeowner Orientation class, then apply; Homeowner Selection Committee assesses need, ability to pay, and willingness to partner., 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.