Credit Counseling Services
Is your credit not the best? Are you concerned that you may not be able to qualify for a loan because of your credit history or
credit problems? Contact the following organizations.
They can work with you on an individual counseling basis to get your credit back on track and help you get yourself ready for home
ownership.
Down Payment Assistance
HOME, Inc. offers forgivable loans of up to $10,000 for down payment and closing cost assistance to qualified applicants.
Contact HOME to see if you qualify.
Home Buyer Education Classes
Classes for first-time and experienced home buyers are available on a regular basis from the following organizations.
Richmond's Real Estate Tax Abatement Program
The city of Richmond offers partial exemption from real estate taxes for qualifying rehabilitated or replaced structures.
For properties that
qualify, the initial increase in real estate taxes caused by rehabilitation or replacement will be excused for 10 to 15
years, depending on the district. Property owners must apply to the program. For full information including provisions for
qualifying for this partial tax exemption program, and to get an application, contact the
Assessor's Office.
State and Federal Historic Tax Credits
The Commonwealth of Virginia offers a 25% investment tax credit to qualified rehabilitation work done to historic properties or
properties that contribute to the character of a recognized historic district. This tax credit is available to both owner-occupied
houses and income-producing (rental) properties.
The investment tax credit available from the federal government is 20% of qualified rehabilitation expenses. This can be used in
combination with the 25% state investment tax credit. The federal tax credit is only available to income-producing (rental) property.
For more information about the historic tax credits, contact the
Virginia Department of Historic Resources.
NOW Loans
NOW loans or first mortgage loans are available for both purchase and rehab at competitive interest rates, up to 98% loan to value.
Contact NHS of Richmond.
NeighborWorks Second Mortgage Loan Program
This loan program offers the applicant second mortgage financing between 6 to 8% which can be used for down payment and closing cost
assistance. This program is available with most first mortgage lenders on homes in low-to-moderate income census tracts within
the city of Richmond. Contact NHS of Richmond.
Virginia Housing Development Authority (VHDA) Loan Program
VHDA offers conventional and flexible financing options to help low and moderate income families become home owners. Many programs are
geared toward first time homebuyers. For more information contact VHDA.
