Determine the date you want to move into your new home. If you are in a lease, the date may be within the month your lease ends. You should allow at least seventy-five (75) days to complete the home purchase process. So, if your move-in date is July 1st, you want to kick-off the process no later than April 15th. This will give you plenty of time to complete steps 5 thru 10. Ideally, you will have plenty of time to move out of your apartment into your new home. If you have not already done so, set up your account profile and communicate this date to the Housing Services Office (HSO).

VHCDC maintains a regular schedule of live, virtual training for first-time homebuyers—about once per month. Plan to complete the entire course before you kick off your home search.

• Secure copies of all three credit reports and learn to address inaccuracies.
• Construct a Personal Financial Statement (PFS) and Household Budget (HHB).
• Review sample documents you’ll encounter in the loan process.
• Complete all modules and submit your participant questionnaire to receive your Certificate of Completion.

Contact Housing Services at 757-800-1647 to register for the next class and save the fee!

Your FICO score is among the most important factors in securing a mortgage. Stop spending and do not open new lines of credit while preparing for home ownership. Instead, focus on raising your score by reducing debt and resolving open collections, garnishments, judgments, and liens.

If you desire assistance, schedule an appointment with a Housing Counselor by submitting:

• HCE Disclosure Statement (Complete and Submit Online)
• Housing Counseling Intake Form (Complete and Submit Online)
• Equifax, Experian, and Transunion Credit Reports (Complete and Submit Online)
• Click here for instructions on how to complete the PFS
• Most Recent Personal Financial Statement (Download & email to HSO)
• Household Budget (Download & email to HSO)

Email your PFS & HHB to hso@vhcdc.org with your full name and phone number.

NOTE: If you spot errors on your credit report, use our Debt Collection Dispute Letter and freeze your reports before mailing - then send copies to each bureau.

Eliminate unnecessary expenses. Re-evaluate subscriptions, get an insurance check-up, dine in more, quit smoking, and cut vanity costs. Every dollar saved accelerates your path to homeownership.

Consider boosting your income:

• Freelancing on platforms like Fiverr, Freelancer, Guru, SimplyHired, TopTal, UpWork
• Remote jobs - see Penny Hoarder or Rat Race Rebellion for listings

Enroll in VIDA to supercharge your savings: every $1 you save earns a $10 match (up to $10,000). Click here for program details

Send your updated Personal Financial Statement and Household Budget to your HSO Representative by the 15th of each month. This documents your progress, keeps you mortgage-ready, supports your eligibility for down-payment, closing cost, and other financial assistance programs available through VHCDC. Reach out if you have questions or delays.

Apply to at least three mortgage lenders within a 14-day window to compare rates without hurting your credit. See our Preferred Lenders and use the Mortgage Comparison Worksheet to compare lender offers. Your Counselor will work with you to identify the best loan options and make the referrals for each lender to contact you directly. Once you have received a Pre-Approvals and Good Faith Estimate from each lender, notify HSO which lender you’ve chosen and forward a copy of your worksheet to the HSO representative and proceed to the next step...

Once pre-approved, immediately apply for any and all Down-Payment and Closing-Cost Assistance programs you may qualify for. Submit your applications with your Pre-Approval letter. Notify HSO upon approval.

Once you have pre-approval and approval for down-payment and closing cost assistance, let your HSO representative know you’re ready to start your home search. Your HSO Representative will assign your Real Estate Team, consisting of an In-house Real Estate Agent and Closing Agent/Real Estate Attorney, to aide you in your home purchase. Do not engage an outside agent - doing so breaches your Enrollment Agreement.

Work with your In-house Agent to tour homes that meet your criteria. When you find “the one” and ratifed Purchase Agreement, notify HSO of the anticipated closing date. If enrolled in VIDA, submit your Purchase Agreement so we can release your funds at closing (10-day minimum notice). If applying you are requesting down-payment assistance from VHCDC send a copy of your Purchase Agreement to HSO for processing.

After closing, provide a copy of your Closing Disclosure or HUD-1 Settlement Statement to HSO for processing. This confirms your purchase and triggers your Transition Assistance Grant (TAG), which will be mailed to your new address within 30 days.