Page Title
Financing
DOWN PAYMENT & CLOSING COST ASSISTANCE
Better Housing Coalition (BHC) provides down payment and closing cost assistance to purchasers of BHC homes. The amount varies based on the buyer's need and availability of grant resources.
ElderHomes offers grants to cover closing costs for persons whose income is 80% or below area median income for the City of Richmond.
Housing Opportunities Made Equal, Inc. (HOME Inc.)
- Forgivable Loans: Offers forgivable loans for down payment assistance. This program is currently available throughout the City of Richmond to qualifying homebuyers.
- Down Payment Assistance Plus: A program that is available to help purchasers in the Neighborhoods in Bloom areas, regardless of incomes. (Up to $10,000.00)
Highland Park Community Development Corporation (HPCDC) offers down payment and closing cost assistance for homebuyers. Available to families buying homes in Highland Park.
Neighborhood Housing Services of Richmond (NHSR) offers grants and loans to cover closing and down payment costs for homebuyers. Availability is limited to targeted geographic areas in the City of Richmond, call for more information.
Southside Community Development & Housing Corporation (SCDHC) offers down payment and closing cost assistance, as well as rental delinquency and default mortgage assistance for SCDHC properties
Virginia Supportive Housing (VSH) provides down payment assistance to families participating in the First Homes program, a unique homeownership program for homeless families in the Greater Richmond area.
LENDING:
Local specialized lenders provide additional mortgage products for first-time homebuyers.
NHSR NOW Loan (First Mortgage with Rehab): NHS has a first mortgage product that allows homeowners to purchase or refinance and rehabilitate their home with competitive rates and flexible terms. Homeowners are able to borrow up to 120% loan to value. Allows homeowners in depressed real estate markets within the City to borrow above appraisal to renovate homes. Construction management services are included. Can be combined with down payment and closing cost assistance.
HOME, Inc. has 30-year, fixed rate first mortgage funds available to first-time homebuyers. There are income eligibility restrictions for these funds.
Virginia Housing & Development Authority (VHDA): VHDA offers a variety of home loan options designed to meet the needs of Virginia's homebuyers. Read the information at the VHDA web site to learn about the special features of VHDA's loan programs.
Richmond Local Initiatives Support Corporation (LISC) Sponsoring Partnerships and Revitalizing Communities (SPARC) loan program: Richmond LISC is an administrator of this VHDA loan program for first-time homebuyers in Neighborhoods In Bloom (NIIB) areas of the City of Richmond. Borrowers may have incomes up to 100% of the Area Median Income (AMI). These thirty-year loans have an interest rate of one-half percent (.50%) below the VHDA bond rate, which is determined at the time funds are reserved for the individual borrower. Call LISC for more information.
Regional Loan Fund LISC is an administrator for this VHDA loan program for first-time homebuyers, with incomes not exceeding sixty percent (60%) of the Area Median Income (AMI). These thirty-year loans have a 4.25% fixed interest rate. Call LISC for more information.
RRHA (Richmond Redevelopment & Housing Authority) provides low-interest rehabilitation loans for homebuyers in Conservation areas and in the Urban Homesteading program. RRHA provides mortgage financing for participants in the Lease-Purchase program.
RESIDENTIAL LENDING CONTACTS:
Tracy Ward ~ Banking Officer, Mortgage Loan Officer
823 East Main Street, Richmond VA 23219
Phone: 804-787-1160
FAX: 804-787-1162
Email: tward@bbandt.com
Web Site: www.bbandt.com/mio/tward
BB&T offers Construction-To-Perm loans that can work for residential renovation projects.
Home Lending Web site: Home Mortgages at BB&T
Jeanie Lumpkin ~ Renovation Loan Specialist
Monument Avenue Corporate Centre 5014 Monument Avenue Richmond, VA 23220
Phone: 804-254-6140
FAX: 804-340-1892
24 Hour Renovation Hot Line: 800-402-RENO (7366)
Email: Jeanie.J.Lumpkin@wellsfargo.com
Renovation Lender
Richard Day ~ Renovation Mortgage Consultant
6802 Paragon Place, Suite 410
Richmond, VA 23230
Phone: 804-441-6191
FAX: 877-456-6515
Mobile: 804-855-4421
Email: richard.day@prospectmtg.com
HOMEOWNERSHIP PROGRAMS:
Better Housing Coalition (BHC) Offers a post-purchase counseling program regarding maintenance issues, warranties, and long-term household budgeting to all its buyers.
Housing Opportunities Made Equal (HOME) Provides pre-purchase, budget and credit, and default counseling, fair housing/ discrimination counseling and general housing counseling and information services. As a comprehensive housing counseling agency, HOME attempts to assist with any housing related problem or make referrals to another appropriate resource.
Neighborhood Housing Services of Richmond (NHSR):¨ Provides homebuyer orientation sessions, full-day homebuyer education classes and free individual counseling sessions.
Richmond Redevelopment & Housing Authority (RRHA): RRHA Homeownership Coordinator provides homeownership and credit counseling services to first-time homebuyers.
Southside Community Development & Housing Corporation (SCDHC)
Offers counseling services to first-time home buyers, monthly homebuyer education seminars credit repair and money management education, and reverse mortgage counseling for seniors.
FINANCIAL INCENTIVES FOR RENOVATION
& RELATED RESOURCES ON THE INTERNET:
Virginia Deptartment of Historic Resources
DHR is the state historic preservation office. Applications for both federal and state tax credits are submitted to DHR. DHR staff members review the federal applications and forward them to the National Park Service with a recommendation regarding approval. The Park Service makes final decisions about the federal credits. Decisions about state credits are made by DHR. For information about both the state and federal programs, click on the URL above, and follow the links for Incentives and Grants, then Rehabilitation Tax Credits. State application forms can be downloaded from the website in PDF format, or requested by e-mail in Word. Information on other state preservation programs is also available through DHR’s website. Richmond Office: (804) 367-2323 2801 Kensington Avenue Richmond, VA 23221
National Park Service
This URL goes to the section of the National Park Service website that deals with the federal Rehabilitation Tax Credit program. From here you can view basic information about the program, download application forms, check the status of an ongoing project, or click on the IRS Connection link for tax-related information. You can also view and download the Park Service Preservation Briefs, a series of over 40 guidance documents to assist property owners with technical preservation issues. For information on other NPS programs, including the National Register of Historic Places, click on www2.cr.nps.gov
Secretary of the Interior’s Standards for Rehabilitation
In order to qualify for either the federal or state tax credit, all rehabilitation work must be consistent with the Secretary’s Standards. Look here for a copy of the standards for rehabilitation as well as the other Standards for the Treatment of Historic Properties (standards for preservation, restoration, and reconstruction).
IRS Connection
The National Park Service reviews projects for designation as certified rehabilitations. It is the IRS, however, that administers the use of the credit that can be claimed when a project is so designated. Check this URL for a list of frequently asked questions about the credit, as well as topical tax briefs and a link to the IRS Code and Treasury regulations governing the use of the credit.
OTHER RESOURCES:
National Trust for Historic Preservation
HUD Virginia
National Housing and Rehabilitation Association
Partners for Sacred Places
(The above list includes information was provided by rehab lenders operating in Richmond and does not represent all available programs. A.C.O.R.N. invites other lenders to contact us about their programs. Inclusion of information on this site does not constitute an endorsement)