redefining affordable housing
through homeownership
how much house can I afford?
HomeWorks of Virginia is available to assist anyone interested in financing a home in the state of Virginia either through our in-housing lending services or through one of our preferred lending partners. Our HomeOwnership/Lending Consultants will help you become mortgage-ready and teach you about the different mortgage options and see what best suits your needs. We will also discuss the monthly payment, interest rates, down-payment and other important costs and terms. Finally, if you qualify for the loan products we have available at that time you will be pre-approved for a purchase up to a specific price. Below are some of our mortgage loan programs:
first and second mortgage products
We offer loan programs that include excellent first mortgage programs through our lending partners and national non-profit affiliations. These low cost, below market interest rate programs feature from zero to low down-payments and flexible underwriting guidelines for moderate income customers and those who have received financial counseling and have repaired credit.
Eligibility for second mortgage loans is based on household size and income. These loans are made at either a 0% interest rate or very low interest rates, which mean lower monthly payments and great savings in interest over the life of the loan. The second mortgage loans are generally used as down-payment and closing cost assistance, limiting the amount of cash out of your pocket. CHP also partners with various housing authorities that allow us access to local down-payment and closing costs initiatives.
VHDA SPARC allocation
CHP has been awarded $3,000,000 in mortgage funds by VHDA for first-time homebuyers to
significantly boost home ownership among the nation’s most underserved buyers — women, minorities and families of modest means. Our 2007 allocation includes $2,000,000 in1.00% and $1,000,000 in 0.50% below the standard rate for VHDA first-time homebuyer program:
- Standard Fixed Rate Programs – Conventional, FHA, VA or RHS
- VHDA Step Rate Programs – Conventional, FHA, VA
- Conventional Fixed 103%
- FHA Plus - Can be used only with VHDA Standard Pricing - 1% Origination Fee and 1% Discount Points.
Qualifying Requirements:
- You must complete a First Time Homebuyer Educational (HBE) Class provided by either HomeWorks of Virginia or a VHDA approved provider.
- You must have acceptable credit, particularly over the last 12 months and have mortgage approval from a HomeWorks of Virginia SPARC Approved Lender
- You must meet VHDA income requirements of $63,000 for 2 person households and $73,000 for 3+ person households. ($1,000,000 of 1% and $500,000 of $0.50% available on first qualify-first reserve basis – 1.00% funds to be used first than 0.50% funds)
- Remainder of allocation for buyers at or below 80% HUD median income. Click here to find the HUD AMI for your locality.
partner lending products
Please ask us about our partner lending products:
Emerging Markets Loan Products
No credit score, thin credit file, alternative trade lines, 140% AMI, debt consolidation, purchase rate/term refinance, purchase rate/term refinance and rehabilitation
MCM 100% and 97% LTV Loans
43/43 ratios, 115% HUD median
REACH Loan Product
80% HUD AMI, 5.00% 30-year fixed first mortgage
Rural Housing Program
60% HUD AMI, 2.00% 30-year fixed first mortgage
City Down-Payment and Closing Cost Assistance
Program varies by city
