CITY OF NORFOLK DOWN PAYMENT ASSISTANCE PROGRAM

 

           

*A CONTRACT CANNOT BE EXECUTED UNTIL THE BUYER IS APPROVED FOR BOTH THE MORTGAGE WITH ADVANCE MORTGAGE AND THE DOWN PAYMENT ASSISTANCE PROGRAM THRU HOMENET HOMEOWNERSHIP CENTER, A DIVISION OF NORFOLK REDEVELOPMENT AND HOUSING AUTHORITY (NRHA).

 

*THE CITY OF NORFOLK WILL OBTAIN AN INSPECTION OF THE PROPERTY AND THE COST OF THE INSPECTION IS PAID BY THE BUYER AT THE TIME OF THE INSPECTION.

 

*INCOME LIMITS: HOUSEHOLD SIZE

1 PERSON $38200     2 PERSON $43650     3 PERSON $49100    

4 PERSON $54550     6 PERSON $63300     7 PERSON $67650     8 PERSON $72050

 

*THE AMOUNT OF THE ASSISTANCE IS $30,000.00 – THAT’S RIGHT -- $30,000.00

 

*THE ASSISTANCE IS A FORGIVEABLE SECURED 2ND MORTGAGE LOAN …. NOT A SECURED DEFERRED INTEREST LOAN THAT MUST BE SATISFIED WHEN THE PROPERTY IS SOLD.

 

*HOUSEHOLD MUST HAVE VERIFIABLE SAVINGS OF AT LEAST $3000

(ON ACCOUNT AS OF APPLICATION TO HOMENET AND ADVANCE MORTGAGE AS DOCUMENTED BY BANK/CREDIT UNION STATEMENTS)

--SO, TO GET $30K, THE BUYER MUST SAVE $3K –NOT A BAD DEAL FOR THE BUYER!

 

*BORROWER MUST PROVIDE COPY OF CERTIFICATE FOR COMPLETING A VHDA HOMEOWNERSHIP EDUCATIONAL PROGRAM CLASS.

A FREE ONLINE CLASS IS AVAILABLE AT VHDA.COM

 

*THE BORROWER’S MINIMUM CASH INVESTMENT INTO THE PURCHASE OF THE HOME IS 1% OF THE SALES PRICE. $3000 IN THE BANK/CREDIT UNION FROM WHICH 1% OF THE SALES PRICE IS USED TO CONTRIBUTE TO BUYER’S CLOSING COSTS/PREPAIDS

 

*DAVID GILBERT IS YOUR CONTACT AT ADVANCE MORTGAGE AND SYNDEY PETTYFORD IS YOUR CONTACT AT HOMENET. CONTACT DAVID FIRST TO GET THE PROCESS UNDERWAY.

 

            David Gilbert                                                              Syndey Pettyford

Cell      757 286-6950                                                              Off       757 314-4202

Fax      1-866-559-3014                                                                      Fax      757 314-1305

EmL    david.gilbert@advancemortgage company.com       EmL    spettyford@nrha.norfolk.va.us