Skip to page body Home About Government Departments Services Visitors Residence Business
Mobile Access   |   Jobs   |   StarCam   |   Contact Us   |   540-853-2000   |  Employee   |      
Home
Department Picture

Down Payment Assistance Program

Print
Share

Down Payment Assistance Program

The City of Roanoke wants to help you obtain your dream of homeownership in the Star City. The City is providing funding for qualified participants on a first come, first served basis until funding is exhausted.

If you are a first time buyer, and you meet the eligible requirements provided in this program, this is a perfect opportunity to stop paying rent and own your own home.

These funds are available for up to 50% of the required down payment plus closing costs as determined by the lender. This program offers a 5 year, forgivable loan from $1,000 to $8,000. The home purchased must be the homebuyers primary residence and the buyer must contribute a minimum of $500 or 10% of the purchase price, whichever is greater.

If the home was built prior to 1978, the home will be required to pass a lead assessment inspection and/or clearance inspection to be funded. This program will cover the cost of one lead assessment and one clearance test only. All lead based paint repairs are the responsibility of the homebuyer or seller.

Eligibility depends on your total household income. Below are the current 2013 U.S. Housing and Urban Development (HUD) Maximums:
              Household SizeMaximum Income
              1
              $35,700
              2
              40,750
              3
              45,850
              4
              50,900
              5
              55,500
              6
              59,050
              7
              63,150
              8
              67,200

Potential homebuyers, Realtors and Lenders can download a PDF color brochure by selecting the following link: DPA Brochure

For more details on the lead requirements and to find out more about the program contact one of the participating lenders below or call Brenda Thornton at (540) 853-6879.
    Participating Lenders

    Alcova Mortgage
    Kent Blackburn (540) 815-9268

    Stellar One
    Carolyn Coles (540) 387-1168