You must have a minimum FICO score (TransUnion) of 620 and minimum household income of $40,000 per year to participate in this program.
Effective September 1, 2022, no new applications are being accepted for Hampton Roads.
Our Lease Purchase Program is unlike anything available to prospective home buyers. The process is easy, and built on flexibility, choice, and transparency. It is designed to get you into a home, even if you aren’t ready or able to purchase it right now.
You have the ability to lease a qualifying home in select communities in the Richmond (metro area) and Northern Virginia / Washington, DC (metro area) for up to 5 years, with the exclusive Right to Purchase. You can purchase the home at any time during your lease period. The Lease and Right to Purchase amounts are provided up front before signing the lease. After closing, your Property Management Company becomes your point of contact. They handle monthly rent and utility payments, maintenance requests, and everything in between. Whether you exercise your Right to Purchase, renew your lease, or move out, VHCDC will be there to help you on your path to homeownership.
Who Can Qualify For The Lease Purchase Program?
- Your household earns a minimum of $40,000 per year.
- Your FICO score (TransUnion) is 620 or higher.
- No open or unsatisfied Chapter 7 bankruptcy.
- No Order of Eviction(s) granted within the past five (5) years or filed within the last 12 months.
- No unsatisfied judgement(s) for rent exceeding $250 originated within the last 3 years.
- No household member is on any OFAC sanctions list, including the Specially Designated Nationals and Blocked Persons lists, or a registered sex offender or sexual predator or otherwise subject to reporting requirements of any state, territorial, or tribal sex offendor registry.
- No felony conviction(s) within the last six (6) years.
Who Can Benefit From The Lease Purchase Program?
- First-time homebuyers who are cautious about buying a home now, but want to be able to purchase a home in the future.
- Potential homeowners who recently relocated and are unsure which neighborhood to live in.
- Potential homeowners who may not be mortgage ready, but want the benefits of living in a single family home.
- Households looking for a single family rental home.
Enrollment in the Lease Purchase Program is easy. First, we'll send you an invitation to apply. You'll complete a Pre-Qualification Application. If approved, you can proceed to complete the Full Application for a full credit and background check, upon paying an application fee. The Fee is $75 for Northern Virginia / Washington and the Richmond Metropolitan Area. If your Full Application is approved, you will be informed of your maximum monthly rent for which you qualify and assigned to a Lease Purchase Program Agent to find you a qualifying home, which you will have the exclusive right to purchase at any time during your occupancy at the pre-agreed purchase price.
Please read the FREQUENTLY ASKED QUESTIONS page for more information.
This page last updated: 09/19/2022