Central Virginia Housing Coalition DOWN PAYMENT ASSISTANCE RULES

Down Payment Assistance This is a federally funded program offered by the Department of

All lenders must be VHDA approved All loans must be fixed rate All

All applicants must have 45 days to closing when applying for the Down Payment

Localities CVHC’s Down Payment Assistance program is available in: Stafford Spotsylvania King George Caroline

Documents with Application All documents on the required document list MUST be submitted to

Eligibility is income and asset based If client has more than 10% of purchase

Income guidelines # People 1 2 3 4 5 6 7 8 Fredericksburg Spotsylvania

Application The application can be accessed online at www. centralvahousing. org or contact Brian

Purchase Price The purchase price cannot be more than five (5) times the client’s

Client’s Money The client must have some money in the deal 1% of the

Appraisal A complete FHA appraisal must be conducted. Home value may not exceed 95%

Environmental Review Property addresses will have to be verified with DHCD to ensure property

Home Inspection All properties must have a home inspection completed by a certified home

Lead-Based Paint If the property being purchased was built in 1978 or earlier: Must

Information Sharing The program administrator will be in contact with the lender, realtor and

Closing Please be aware that all closing documents will need to be sent back

Questions or Concerns? Program Administrator Housing Counselor Brian Phelps Sara Alemany bphelps@centralvahousing. org salemany@centralvahousing.

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Central Virginia Housing Coalition DOWN PAYMENT ASSISTANCE RULES AND GUIDELINES FOR LENDERS, REALTORS, SETTLEMENT COMPANIES AND HOMEBUYERS

Down Payment Assistance This is a federally funded program offered by the Department of Housing and Community Development (DHCD), and administered by Central Virginia Housing Coalition (CVHC) This program can offer up to $10, 000 down payment assistance and up to $2, 500 closing cost assistance All funding is first-come, first-serve CVHC cannot guarantee funding availability

All lenders must be VHDA approved All loans must be fixed rate All loans must be 30 years+

All applicants must have 45 days to closing when applying for the Down Payment Assistance program *No exceptions allowed by policy*

Localities CVHC’s Down Payment Assistance program is available in: Stafford Spotsylvania King George Caroline City of Fredericksburg

Documents with Application All documents on the required document list MUST be submitted to CVHC to have an intake appointment scheduled. CVHC will NOT contact the client for missing intake documents Client appointments will only be scheduled for: Thursday between 8 am and 4 pm *or* Friday between 8 am and 1 pm.

Eligibility is income and asset based If client has more than 10% of purchase price in assets, they will not be eligible for the program. Assets include savings, checking, CD’s, Money Market accounts, 401 k, and retirement Personal property is not included in the asset category

Income guidelines # People 1 2 3 4 5 6 7 8 Fredericksburg Spotsylvania Stafford $47, 600 $54, 400 $61, 200 $68, 000 $73, 900 $78, 900 $84, 350 $89, 800 King George $41, 550 $47, 500 $53, 450 $59, 350 $64, 100 $68, 850 $73, 600 $78, 350 Caroline $47, 550 $47, 500 $53, 450 $59, 350 $64, 100 $68, 850 $73, 600 $78, 350 Locality

Application The application can be accessed online at www. centralvahousing. org or contact Brian Phelps or Sara Alemany directly, bphelps@centralvahousing. org salemany@centralvahousing. org

Purchase Price The purchase price cannot be more than five (5) times the client’s income E. g. - client’s income is $30, 000; the purchase price for this client cannot exceed $150, 000 for Down Payment Assistance

Client’s Money The client must have some money in the deal 1% of the purchase price *or* $500 The expected client contribution is based on household income; this can include money spent on the inspection, the earnest money deposit, or the appraisal

Appraisal A complete FHA appraisal must be conducted. Home value may not exceed 95% of the median sales prices (203 b limits established by HUD)

Environmental Review Property addresses will have to be verified with DHCD to ensure property meets program guidlines The program does NOT allow for assistance in flood plains

Home Inspection All properties must have a home inspection completed by a certified home inspector Any required repairs notated on the inspection report will have to be repaired and a re-inspection must be done to determine that all repairs were completed prior to closing * items required to be repaired violate the Uniform Physical Condition Standards, and are health, safety or sanitation related.

Lead-Based Paint If the property being purchased was built in 1978 or earlier: Must have a lead based paint inspection by a certified lead based paint inspector or VA risk assessor

Information Sharing The program administrator will be in contact with the lender, realtor and settlement company for the purpose of disseminating and collecting documentation. All DPA clients will sign a CVHC release for the sharing of information

Closing Please be aware that all closing documents will need to be sent back to CVHC within 7 days after closing. This is a federally funded program with definite time frames for reporting and closing out files.

Questions or Concerns? Program Administrator Housing Counselor Brian Phelps Sara Alemany bphelps@centralvahousing. org salemany@centralvahousing. org Phone: (540) 604 -9943, ext. 214 Phone: (540) 604 -9943, ext. 226 Central Virginia Housing Coalition 208 Hudgins Road Fredericksburg, VA 22408 Phone: (540) 604 -9943 Fax: (540) 604 -9949