Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot Program

Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot Program is een kwijtscheldbare lening voor huizenkopers in Norfolk; Virginia Beach, Virginia, uitgevoerd door Urban League of Hampton Roads, Inc. (ULHR). The Urban League of Hampton Roads (ULHR), a HUD-approved housing counseling agency, is a designated regional administrator of the Virginia Down Payment Assistance (VA DPA) Pilot Program for the Hampton Roads region, serving Chesapeake, Franklin, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Smithfield. The VA DPA Pilot, funded by the Commonwealth of Virginia (not federal HOME funds) and administered through DHCD, provides down payment and closing-cost assistance to first-time homebuyers earning up to 60% of Area Median Income. Assistance is a forgivable second mortgage of $20,000 to $50,000 (including up to $2,500 in closing costs), secured for a 15-year affordability period and forgiven 1/15 per year; it can be fully forgiven if the buyer keeps the home as their principal residence for 15 years. ULHR also provides one-on-one pre-purchase counseling, first-time homebuyer classes, and access to Virginia Housing's SPARC 1% rate-reduction program. Forgivable second mortgage of $20,000-$50,000. Up to $2,500 toward closing costs. 0% interest, no monthly payments. Forgiven 1/15 per year; fully forgiven after 15 years. HUD-certified pre-purchase counseling and homebuyer education. De financiering komt van Commonwealth of Virginia general funds (state-funded VA DPA Pilot), administered by Virginia DHCD.

Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot Program biedt tussen $20,000 en $50,000 aan hulp. Toekenningscategorieën: Single tier; up to 60% AMI; assistance $20,000-$50,000. Eigen bijdrage van de huizenkoper: Borrower must contribute 1% of the sales price from personal funds if income is 50%-60% AMI; if income is below 50% AMI, contribution is $500 (receipts required). 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. NOT stackable with: DHCD HOME DPA (federal), CDBG, or ASNH. De bedragen zijn de maximumbedragen die het programma publiceert, geen aanbod: Urban League of Hampton Roads, Inc. (ULHR) bepaalt een eventuele toekenning per persoon.

Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot Program wordt na 15 jaar kwijtgescholden, dus een huizenkoper die zo lang blijft, betaalt het niet terug. Terugbetaling wordt in gang gezet door If the household moves out or sells before the end of the 15-year affordability period, a prorated portion of the assistance (the unforgiven balance, forgiven 1/15 per year) must be repaid from net proceeds after the first mortgage is satisfied. Failure to occupy as principal residence triggers repayment of the entire outstanding VA DPA investment. De hulp wordt ingeschreven met rangorde Second (forgivable second mortgage / 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.

Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot 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: Median FICO of 620 with 3 open, current trade lines. Exception to 580+ permitted if using an FHA fixed-rate product (or provider in-house fixed-rate financing) and meeting FHA guidelines, or with documented alternative credit. Een cursus voor huizenkopers is verplicht, via HUD-certified homebuyer education through Virginia Housing, NeighborWorks, or a HUD-certified agency; ULHR offers its own first-time homebuyer classes and one-on-one counseling. Woonplaatsvereiste: Property must be purchased in ULHR's VA DPA Pilot service area (Chesapeake, Franklin, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Smithfield). Loan TERM: forgivable 0% second mortgage, $20,000-$50,000, 15-year affordability period, forgiven 1/15 per year, fully forgiven after 15 years of principal-residence occupancy; not assumable; max direct assistance cannot exceed 30% of sales price. Buyer must be pre-qualified with an FHA-approved lender, complete HUD-certified homebuyer education and counseling, have 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. For Sale by Owner ineligible (except landlord-to-tenant, case-by-case). No cash back at closing.

Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot Program beperkt het huishoudinkomen tot 60% van het mediaan inkomen in het gebied, dat verschilt per county en grootte van het huishouden. Total household income up to 60% of HUD Area Median Income for the locality and household size, per HUD HOME income limits. Dollar limits vary by jurisdiction and household size across the Hampton Roads service area; see HUD/DHCD HOME income limit tables. (Unconfirmed: ULHR does not publish a per-household-size dollar chart on its site.). De grens geldt voor het totale huishoudinkomen, niet alleen voor dat van de lener. 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.

Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot 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. Property must be turnkey at settlement. Toegestane woningtypen zijn onder meer Single-family detached (one unit), Duplex/Triplex (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.

Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot Program is er voor huizenkopers die kopen in Norfolk; Virginia Beach, Virginia.

Aanvragen voor Urban League of Hampton Roads — Virginia Down Payment Assistance (VA DPA) Pilot Program lopen via Urban League of Hampton Roads, Inc. (ULHR), 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 VA DPA eligibility. 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.