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.

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.

Richmond Metropolitan Habitat for Humanity Homeownership Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: No specific minimum published. Credit criteria: no unpaid non-medical charge-offs; no collections or unpaid judgments; pays rent on time; bankruptcy/foreclosure stipulations apply. A homebuyer education course is required, through Richmond Metropolitan Habitat for Humanity (Homeowner Orientation, Homebuyer Club classes, one-on-one budgeting). Residency requirement: Serves City of Richmond, Chesterfield County, and Henrico County, VA. Citizenship or immigration status: Must be a US Citizen or Permanent Resident. Three guidelines: need, ability to pay (income within guidelines, payment <=30% gross, clean credit, two years stable income, non-mortgage debt <=13% of income), willingness to partner (350 sweat-equity hours, classes, budgeting). Must be US Citizen or Permanent Resident; criminal background check; cannot serve applicants with a registered sex offender in the household. Distinct from Habitat of Greater Charlottesville and Maggie Walker CLT.

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&rsquo;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.

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.

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

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