Hampton Roads Loan Fund Partnership
The HRPDC is a regional administrator for down payment and closing cost assistance (DPA) funds from the Virginia Department of Housing and Community Development (DHCD). These funds are part of the HUD HOME program, and their use is conditioned by federal regulations as well as DHCD program policies.
Buyer Eligibility
- U.S. citizen or legal resident
- No ownership interest in primary residence for past 3 years unless home is in a VHDA-designated area
- Household income at or below 80% AMI
- Must qualify for first mortgage and have sufficient cash on hand to contribute at least $500 to home purchase
- Must be sponsored by a lender or local sponsoring agency.
Property Eligibility
- There must not be a sales contract on an existing property prior to requesting assistance.
- Existing housing units must meet HUD Housing Quality Standards (HQS). Certificate of Occupancy Certificates are acceptable on new construction.
- Condominium or manufactured units subject to VHDA restrictions
- Properties built before 1978 will be subject to a visual lead inspection.
Loan Terms
- DPA loan amount will be approximately $10,000 for entitlement jurisdictions--up to 10% of sales price plus $2,500 for non-entitlement localities. There must not be assistance available through the local entitlement locality in order to apply for HOME Funds through HRPDC.
- Loan term is 5 years for amounts less than $15,000, 10 years above $15,000-$40,000 and 15 years for over $40,000. Payments deferred.
The entire grant loan amount is due in full if the property is sold or refinanced within the affordability period.
