Hampton Roads Planning District CommissionHRPDCVA
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HRLFP

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What do I need? I'm a:

  • Homebuyer

  • Realtor

  • Lender

Frequently Asked Questions

Maximum Household/Income

1 Person      $42,000

2 Persons     $48,000

3 Persons     $54,000

4 Persons     $60,000

5 Persons     $64,800

6 Persons     $69,600

7 Persons     $74,400

8 Persons     $79,200

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) through the Hampton Roads Loan Fund Partnership (HRLFP). These funds are part of the HUD HOME program, and their use is conditioned by federal regulations as well as DHCD program policies. The HOME Program assists eligible first-time homebuyers with down payment and closing cost assistance in the form of a forgivable, no interest and no monthly payment “soft second” mortgage loan with a principal residence requirement, affordability period, forgiveness term, recapture restrictions, and refinance restrictions.

The HRLFP supports local community development goals by targeting neighborhoods and demographic populations that are historically underserved by mortgage lenders and traditional homeownership programs. All HRLFP loan recipients are first-time homebuyers, two-thirds are racial minorities, and about half are female-headed single-parent families.

HRLFP Partner Organizations

The HRLFP is a group of local government agencies, nonprofit housing providers and mortgage lenders. Combining local, state and federal resources, the HRLFP has provided low interest mortgages and down payment assistance since beginning operations in January 1997.

Current HRLFP partner organizations and participating lenders include:

Partner organizations also ensure that the applicant is scheduled to attend a VHDA-approved homeownership course. When screening is complete, the partner organization notifies the Regional Administrator to ensure funding availability, then refers the applicant to a participating lender. The lender qualifies the buyer for a specific sales price limit, completes the loan application and forwards the application package to VHDA for approval. Virginia HOME fund loans for down payment and closing cost assistance are approved and provided through the Regional Administrator.

Program Description

How HRLFP works:

Potential loan applicants are identified and screened by one of the HRLFP’s partner organizations (Local Administrator). The screening process varies depending on the service capabilities of the partner organization.

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 (See Income Requirements)
  • Must qualify for first mortgage and have sufficient cash on hand to contribute at least $500 of 1% of the sales price to the 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.
  • The “property” purchased must be the principal residence of the “borrower” during the affordability period. The “borrower” is not allowed to temporarily sublease the “property”

Homebuyer

Image of HRLFP Flyer Image of HRLFP Regional Application
 Regional Hampton Roads Loan Fund Partnership Flyer  Regional Hampton Roads Loan Fund Partnership Application

Realtor

Image of HRLFP Regional Reservation Image of HRLFP Regional Application
  Regional Hampton Roads Loan Fund Reservation Form
 Regional Hampton Roads Loan Fund Partnership Application

Lender

Image of HRLFP Regional Reservation Image of HRLFP Regional Application
 Regional Hampton Roads Loan Fund Reservation Form
 Regional Hampton Roads Loan Fund Partnership Application

Frequently Asked Questions

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Contact Housing

Phone:
757.420.8300

Fax:
757.523.4881

TTY:
757.390.2578

Email:
sbethea@hrpdcva.gov

Hours:
8:00am to 4:30pm Monday - Friday

The Regional Building
723 Woodlake Drive
Chesapeake, VA 23320