Southside Outreach Group - HOMEownership Down Payment & Closing Cost Assistance (DPA)

Southside Outreach Group - HOMEownership Down Payment & Closing Cost Assistance (DPA) is a deferred second loan for homebuyers in South Boston, Virginia, administered by Southside Outreach Group, Inc. - regional DPA provider for VA DHCD. Southside Outreach Group is the Virginia DHCD HOMEownership DPA regional administrator covering Pittsylvania County and the broader Southside region. Income-eligible first-time homebuyers (<=80% AMI) receive a 0% deferred second loan of up to 10% (15% in approved areas) of the sales price plus up to $2,500 closing costs, max $40,000, forgiven after a 5-10 year affordability period. 0% interest, no payments, forgiven after affordability period. Up to $40,000 down payment + closing-cost help. Free HUD-certified housing counseling. Serves Pittsylvania and 14+ Southside localities. Funding comes from HUD HOME funds via Virginia DHCD HOMEownership DPA program.

Southside Outreach Group - 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 from personal funds if income 50-80% AMI; $500 if income under 50% AMI (receipts required). Amounts are the program's published maximums, not an offer — Southside Outreach Group, Inc. - regional DPA provider for VA DHCD determines any individual award.

Southside Outreach Group - 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.

Southside Outreach Group - 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 credit score of 620 or higher. A homebuyer education course is required, through HUD-certified Homebuyer Education via Virginia Housing or NeighborWorks-certified course; housing counseling from HUD-certified counselor.

Southside Outreach Group - 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. 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.

Southside Outreach Group - 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.

Southside Outreach Group - HOMEownership Down Payment & Closing Cost Assistance (DPA) serves homebuyers purchasing in South Boston, Virginia. The program targets specific areas: Pittsylvania and other approved Southside localities may receive up to 15% of sales price where DHCD-designated.

Applications for Southside Outreach Group - HOMEownership Down Payment & Closing Cost Assistance (DPA) go through Southside Outreach Group, 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. 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.