Home Ownership Assistance Program
The decision to purchase a home is probably one of the most significant financial decisions you will make in your lifetime. We believe it is not only important you understand the essential steps to achieving your dream, but that you are properly equipped with the tools, resources, and professional expertise to make it a realty.
The VHCDC Home Ownership Assistance Program (HOAP) is a comprehensive initiative to empower first-time homebuyers and help prior homeowners get a second chance at owning a home or condo. The Program combines a rigorous fifteen (15) hours of instruction with one-on-one pre-purchase housing counseling, technical assistance, down-payment and transition assistance, and access to a broad network of mortgage lenders, real estate and financial professionals, legal and tax services, and business consultants..
HOAP consists of four (4) components: Education, Pre-Purchase Housing Counseling and Technical Assistance, Financial and Professional Services, and Post-Closing Financial Assistance.
Education - Program participants will complete the VHCDC First-Time Home Buyers College. This fifteen (15) hour, comprehensive course provides a thorough discussion of personal finance and budgeting, credit and collections, mortgage financing options, buyer disclosure requirements, down-payment assistance programs, conducting a housing search, negotiating with sellers, home inspections, contract essentials, home appraisals and assessments, property surveys, title options, insurance, common interest communities, and settlement. You are NOT required to enroll in the Home Ownership Assistance Program to participate in our pre-purchase housing education/training. HOAP enrollees should contact their Housing Services Representative before registering to attend training. Pre-purchase education/training is offered independent of the Program.
Pre-Purchase Housing Counseling and Technical Assistance - Program participants will attend one-on-one counseling with a VHCDC Housing Counselor. During this process, participants will develop a household budget, create a personal financial statement (PFS), secure their tri-bureau credit reports (Equifax, Experian, and TransUnion), establish a plan to improve their credit and resolve any discrepancies and negative entries, and develop and implement a long-term savings and investment plan. Counselors will assist participants to become mortgage ready, apply for down-payment assistance, and access other assistance and resources, as needed.
Professional Services - Program participants have access to a range of mortgage lenders, down-payment assistance programs, real estate professionals, and other resources achieve their goal of home ownership. The range of professional services includes mortgage lenders, real estate (buyers) agents, home inspectors, real estate attorneys, insurance agents, financial advisors, accountants, business advisors, tax preparers (enrolled agents), and more.
Pre- and Post-Closing Financial Assistance - Program participants may access several down-payment and closing cost assistance programs, interest rate reduction, and post-closing transition assistance:
- VIDA - The Virginia Individual Development Account program helps qualified individuals save for a down payment on a home. Eligible participants receive training, support and match funding on their savings. The current match rate is $10 for every $1 the participant saves, up to $10,000 in match
- SPARC - This Sponsoring Partnerships and Revitalizing Communities grant from Virginia Housing helps qualified buyers receive a 1% rate reduction on Virginia Housing mortgage bond financed loans.
- TAG - Program participants may receive a Transition Assistance Grant of up to $2,500. Participants are required to utilize VHCDC’s in-house service partners. The grant is intended to offset the cost of moving, utility deposits, home security installation, minor home improvement, etc..
The objectives of the VHCDC Home Ownership Assistance Program are to help you to become a homeowner, improve your household finances, and build wealth. We bring together an army of professionals, tons of resources, and a dedicated, staff with one goal in mind – YOURS!.
The Enrollment Fee is $99.95 per household. The fee is Non-Refundable. Enrollees receive free registration for VHCDC First-Time Home Buyers College Course and a complimentary Tri-Bureau Credit Report..
NOTE: You are NOT required to enroll in the Home Ownership Assistance Program to receive pre-purchase housing counseling. Counseling is offered independent of the Program.
Click here to enroll and get started. Click here to request pre-purchase housing counseling and rental counseling only.
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