Virginia Housing has begun offering down payment and closing cost assistance grants last year through the Community Heroes program to help them buy affordable homes.
Now, in addition to teachers, fire fighters, and law enforcement professionals, all public school employees and health care workers who provide medical care are also eligible for the program.
“Our community heroes do so much to improve our lives, and we are proud to support them through this program,” said Dan Kern, Virginia Housing Business Development & Training Manager. “By providing these grants, we can help them purchase affordable homes in the communities where they live and work.”
Created in partnership with the Federal Home Loan Bank of Atlanta, the Community Heroes program provides grants of $8,000 each that are available to eligible borrowers earning between 80.01 and the lesser of 120 percent of area median income or Virginia Housing’s income limits. These grants are offered by Virginia Housing-approved lenders that are also FHLBank Atlanta members.
“What makes this grant different from others on the market is that it does not have to be repaid, and the income limits are substantially higher than most other grants,” said Kern. “We are pleased to help some of our most deserving citizens become homeowners, and I encourage them to apply for this program if they are in the market to purchase their first home.”
Virginia Housing has set aside $750,000 of its REACH Virginia funds for this program, which is a 3-to-1 match with FHLBank Atlanta’s $250,000 contribution. Virginia Housing’s REACH Virginia program provides financial assistance to serve targeted areas of need, which include assisting first-time homebuyers, rent-burdened populations, people with disabilities, as well as the elderly and military veterans.
Community Heroes grants are for first-time purchases only (no refinances), they must be used with a Virginia Housing first mortgage product, and borrowers must work with Virginia Housing-approved lenders.
To see a list of approved lenders offering the Community Heroes grants, visit VirginiaHousing.com/CHLenders. Grant funds for the program are limited.
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