 | Affordable MAP | Market Rate MAP |
Income Requirements |
Family Size | Maximum Income |
1 | 33,700 |
2 | 38,500 |
3 | 43,350 |
4 | 48,150 |
5 | 52,000 |
Not to exceed HUD income guidelines
Note: A family consists of all persons who will be living in the subject dwelling unit. |
Maximum Gross Household Income |
| | 2 or Fewer Persons | 3 or More Persons |
Conservation/Rehab Dist. | $63,000 | $73,000 |
Federal Targeted Areas* | $76,300 | $89,600 |
Not to exceed VHDA’s Income
Requirements
* Determined by VHDA - To help stimulate economic growth within these areas, income limits are raised. Contact the City to determine if property is w/in this area. |
Interest Rate | 0% Interest, forgiven at a rate of 10% of original loan each 12 month period. | 0% Interest, forgiven at a rate of 10% of original loan each 12 month period. |
Repayment Term | No Monthly Payment
Remaining loan due upon sale or conversion of the property into rental unit(s) before the 10 year term expires | No Monthly Payment
Remaining loan due upon sale or conversion of the property into rental unit(s) before the 10 year term expires |
Loan Amount | Minimum Loan Amount $1,000
Maximum Loan Amount $8,000 | Minimum Loan Amount $1,000
Maximum Loan Amount $8,000 |
Buyer Investment | Homes under $60,000 – contribution of at least $400
Homes over $60,000 – contribution of at least $600 | Minimum of $1000 toward purchase |
Secured by | Deed of Trust | Deed of Trust |
Eligible Areas | Citywide | Conservation/Rehab District |
Primary Residence | Home must be primary residence for the borrower | Home must be primary residence for the borrower |
Lead Requirements | The property must pass a lead inspection.
CONTACT 853-5647 for details. | The property must pass a lead inspection.
CONTACT 853-5647 for details. |
Type of Home | Any type of home is eligible - except mobile homes. | No more than 4-unit property (1 unit must be owner occupied). Mobile Homes are not eligible. |
Maximum Price | Purchase Price cannot exceed $172,632
(per HUD guidelines) | No maximum sales price |
Homebuyer Status | Must be first time homebuyer
(have not owned a home in 3 years) | Does not have to be a first time homebuyer. |