York County HOME Down Payment and Closing Cost Program

What is York County HOME Down Payment and Closing Cost Program?

York County HOME Down Payment and Closing Cost Program is a forgivable loan for homebuyers in Yorktown, Virginia, administered by York County Housing & Neighborhood Revitalization Division.

• The HOME Down Payment and Closing Cost Program, administered by York County's Housing & Neighborhood Revitalization Division using federal HOME Investment Partnerships funds, provides up to $10,000 in down payment and/or closing cost assistance to qualified first-time homebuyers purchasing a new or existing home in York County. Assistance is a forgivable loan secured by a promissory note that is cancelled after five years of continued ownership. Buyers must contribute 1% of the sales price, complete a Virginia Housing-approved homebuyer education class, and have household income at or below 80% AMI.
• Up to $10,000 toward down payment and/or closing costs as a 5-year forgivable loan with no monthly payments and no prepayment penalty.
• Funding comes from Federal HOME Investment Partnerships Program funds administered by York County.

How much assistance does it provide?

York County HOME Down Payment and Closing Cost Program offers up to $10,000 in assistance.

• Buyer contribution: Buyer contribution of 1% of the sales price required.
• Amounts are the program's published maximums, not an offer — York County Housing & Neighborhood Revitalization Division determines any individual award.

Do you have to pay it back?

York County HOME Down Payment and Closing Cost Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Note is in default if the homeowner sells, transfers, leases, deeds, or conveys all or part of the property or any interest within five (5) years from the date of closing; if no default occurs within five years, the note is cancelled and no repayment is owed.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

York County HOME Down Payment and Closing Cost Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

York County HOME Down Payment and Closing Cost Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income may not exceed 80% of the area median income limit based on household size. Published limits: 1p $55,450; 2p $63,400; 3p $71,300; 4p $79,200; 5p $85,550; 6p $91,900; 7p $98,250; 8p $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.

What kind of home can it be used for?

York County HOME Down Payment and Closing Cost Program can be used for Single Family.

• New construction is eligible.

Where does it apply?

York County HOME Down Payment and Closing Cost Program serves buyers purchasing in Yorktown, Virginia.

How do you apply?

Applications for York County HOME Down Payment and Closing Cost Program go through York County Housing & Neighborhood Revitalization Division, 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 Virginia Housing (VHDA) approved First-Time Homebuyer Education Class - Certificate of completion required.

2. 2

   Contact York County Housing & Neighborhood Revitalization Division to reserve funds

   Funds are reserved with the provider 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.