Frequently Asked Questions

1. How do I qualify for a home?

a. Income. You may earn up to $48,300.00 per year for a family of four (80% of the median income). This amount will vary up and down depending on the number of people in your household. Your income also must not be so low that you can not pay the mortgage loan and maintain reasonable household expenses. Homes at market rates are also available for all income levels. For current applicable income levels click here or follow the link below: http://www.vhda.com/dynframe.asp?FP=/MultiFam/hudincome.asp

b. Good Credit. Your credit should be acceptable to the mortgage lender (VHDA). If your credit is not good there are several ways of fixing it. We will work with you.

c. If customary subsidies we receive from government sources continue to be available, you will be required to make a payment of only 1% of the appraised value. This is usually paid at closing.

d. Hope Community Builders enforces both the Federal and Virginia Fair Housing laws. If you qualify (income, credit history and other applicable regulations), you have a right to a house. We affirmatively market to prospective minority homebuyers in our community.

2. How does my home become affordable?

When available the following programs are what make homes we build affordable.

1. VHDA – “SPARC“ allocations: These funds provide below market mortgage loans to home buyers and are a major source of affordability. For 2009/2010 season qualified homebuyers can borrow at 0.5% below the VHDA fised rate.

2. HOME Funds, when available, pays 10%-20% of the selling price of the home for qualified buyers.

3. State/Federal Governments: Affordable Home Preservation & Production (AHPP): This Federal program administered by the VA department of Housing and Community Development helps with infrastructure construction.

4. FHLB Grants: This is a competivie grant. When we succeed it pays for part of the closing cost.

5. Our own hard work: The staff, assisted by the Board, ultimately makes the homes affordable through sheer hard work. We subsidize it, depending on our resources, as much as 30% of the value of the home.