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What's New

VHCDC Launches Home Ownership Assistance Program

Date Published: Apr 04, 2016
VHCDC today launched its Home Ownership Assistance Program for first-time and second chance home buyers. The Program is a two year, pre-purchase assistance initiative that empowers first-time home buyers and helps prior homeowners get a second chance.  It gives participants access to a dedicated team of professionals with the expertise and resources to move from renter to home owner.  The program is especially helpful to individuals and families that are being negatively impacted by low credit ratings (FICO scores), or have lost a home due to foreclosure or a short-sale.

Participants can expect a written action plan designed to improve their credit rating (FICO score) and guidance to develop a household budget. The objective of the action plan is to provide a road-map to increase their credit score above 600, where they’ll find the best mortgage interest rates.  Most of clients will achieve this milestone within the first year of the program.  Once they've reached this milestone they will be aided in applying for mortgage financing and, upon approval, assisted by a dedicated team to help locate and secure a home in Hampton Roads.

Enrollment in the VHCDC Home Ownership Assistance Program is currently limited to residents of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach, and Isle of Wight and York counties. Enrollment Applications are available here.