HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program

HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program is een uitgestelde tweede lening voor huizenkopers in Richmond, Virginia, uitgevoerd door Housing Opportunities Made Equal of Virginia, Inc. (HOME of VA). Housing Opportunities Made Equal of Virginia (HOME of VA), a HUD-approved nonprofit founded in 1975, administers the Virginia DHCD HOMEownership Down Payment & Closing Cost Assistance Program (HUD HOME funded) as the regional provider for the Richmond metro area, serving the City of Richmond and the counties/cities of Chesterfield, Colonial Heights, Goochland, Hanover, Henrico, Hopewell, and Powhatan. The DPA is a deferred, 0% second loan for income-eligible first-time homebuyers at or below 80% AMI, providing funds for a required full house inspection, down payment, and closing costs. Assistance is up to 10% of the sales price (up to 15% in DHCD-designated high-cost areas) plus up to $2,500 toward closing costs, to a maximum of $40,000, secured by a deed of trust for a 5- or 10-year affordability period and forgiven if the home remains the buyer's principal residence. HOME of VA pairs the assistance with free one-on-one pre-purchase counseling, group homebuyer education, money-management and credit-recovery classes. Up to 10% of sales price (15% in high-cost areas) toward down payment. Up to $2,500 toward closing costs. Funds for required full house inspection. Deferred 0% loan, fully forgiven after affordability period. Free pre-purchase counseling and homebuyer education. De financiering komt van U.S. HUD HOME Investment Partnerships Program, administered by Virginia DHCD.

HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program biedt tussen $1,000 en $40,000 aan hulp. Toekenningscategorieën: Up to 10% of sales price for standard localities; up to 15% for DHCD-designated high-cost/chronically economically depressed localities. Eigen bijdrage van de huizenkoper: Borrower must contribute 1% of the sales price from personal funds if income is 50%-80% AMI; if income is below 50% AMI, contribution is $500 (receipts required; may include appraisal, insurance, inspection, credit report, closing costs). Het programma kan worden gecombineerd met VIDA, ARS, Virginia Housing DPA, Virginia Housing SPARC, FHLB programs, USDA programs, Freddie Mac/Fannie Mae assistance, lender/employer/housing-authority programs. De bedragen zijn de maximumbedragen die het programma publiceert, geen aanbod: Housing Opportunities Made Equal of Virginia, Inc. (HOME of VA) bepaalt een eventuele toekenning per persoon.

HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program wordt na 5 jaar kwijtgescholden, dus een huizenkoper die zo lang blijft, betaalt het niet terug. Terugbetaling wordt in gang gezet door Sale or transfer of title (voluntary or involuntary), or failure to occupy as principal residence, during the affordability period triggers recapture/repayment of the entire outstanding HOME investment from available net proceeds. De hulp wordt ingeschreven met rangorde Second (silent second / deferred loan behind first trust mortgage). De voorwaarden voor kwijtschelding en terugbetaling worden door het programma vastgesteld en kunnen veranderen: controleer ze op de officiële pagina van het programma voordat je aanvraagt.

HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program staat open voor starters op de woningmarkt en huizenkopers die zelf in het huis gaan wonen als hoofdverblijf. "Starter" kent hier uitzonderingen: First-time homebuyer = never owned a home OR has not held primary ownership in a principal residence within the most recent 3-year period. Mobile homes titled as personal property and investment/inherited property not occupied as principal residence in the last 3 years still qualify the buyer as first-time. Over krediet zegt het programma: DHCD HOME DPA requires a median FICO of 620 with at least 3 open, current trade lines (alternative credit considered with 3 trades). (Unconfirmed: HOME of VA does not publish a separate credit-score minimum on its homeownership page.). Een cursus voor huizenkopers is verplicht, via HOME of VA's own homebuyer education course (HUD-certified); also accepts Virginia Housing, NeighborWorks, or HUD-certified agency courses. Woonplaatsvereiste: Property must be purchased in HOME of VA's service area: Chesterfield, Colonial Heights, Goochland, Hanover, Henrico, Hopewell, Powhatan, or City of Richmond. Loan TERM: deferred 0% second with 5-year affordability period for $1,000-$14,999 and 10-year for $15,000-$40,000; fully forgiven at end of term; not assumable. Buyer must have at least $40,000 combined annual household income, complete HOME of VA homebuyer education and counseling, have a 90-day minimum work history, pay off collections of $1,000+ and all judgments before closing, and hold cash assets below 10% of sales price. No cash back at closing.

HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program beperkt het huishoudinkomen tot 80% van het mediaan inkomen in het gebied, dat verschilt per county en grootte van het huishouden. Household income must be at least $40,000 combined annual income AND at or below 80% of HUD AMI per HOME of VA's published chart: 1 person $63,600; 2 persons $72,650; 3 persons $81,750; 4 persons $90,800; 5 persons $98,100; 6 persons $105,350; 7 persons $112,600; 8 persons $119,900. De grens geldt voor het totale huishoudinkomen, niet alleen voor dat van de lener. Het programma noemt een maximale huishoudgrootte van 8. Cijfers over het mediaan inkomen in het gebied worden door HUD gepubliceerd en jaarlijks bijgewerkt, dus bekijk de actuele tabel voor de county voordat je op een bedrag vertrouwt.

HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program begrenst de koopprijs als volgt: Home value may not exceed 95% of the area median sales price (HUD 203(b) limits), established annually by HUD per locality. Toegestane woningtypen zijn onder meer Single-family detached (one unit), Duplex/Triplex/Fourplex (assisted unit individually sold and deeded, owner-occupied), Townhome, Condominium, Modular home en Manufactured home (post-June 15, 1976; permanent utility hookups; owned land or long-term lease). Nieuwbouw is toegestaan. Prefab woningen zijn toegestaan.

HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program is er voor huizenkopers die kopen in Richmond, Virginia.

Aanvragen voor HOME of Virginia HOMEownership Down Payment & Closing Cost Assistance Program lopen via Housing Opportunities Made Equal of Virginia, Inc. (HOME of VA), die de actuele voorwaarden en de stappen voor de aanvraag op de eigen site publiceert. Het geld wordt gereserveerd via First come, first served; funds reserved only after lender pre-approval and DPA eligibility. Apply via HOME of VA online homeownership application (allow up to 10 business days to process). Hey Prescott is geen kredietverstrekker en neemt geen aanvragen aan; deze pagina beschrijft het programma zodat een huizenkoper ermee naar een kredietverstrekker of woonadviseur kan gaan.