Norfolk, VA – July 13, 2009 – (RealEstateRama) — Norfolk Redevelopment and Housing Authority (NRHA) has over $7 million in low interest mortgage financing available for first-time buyers up to 120% of Area Median Income (AMI) provided through the HomeNet Homeownership Center.
Interest rates vary day-to-day, but currently the 30-year fixed mortgage rate is 4%.
Realtors dealing with first-time buyers who would like to take advantage of this great financing will need to agree to pay for the home inspection (the home inspector must be selected from a list of qualified contractors kept by HomeNet).
Realtors will need to provide the following information in order to process the application:
• HomeNet Application
• Application Fee
• VHDA FHA approval letter
• GFE
• Loan Application
• Credit Report
Funding is provided through the Virginia Housing Development Authority SPARC grant and therefore can only be utilized in the following conservation and redevelopment areas:
• Ballentine
• Bayview
• Bell Diamond
• Berkley
• Broadcreek
• Campostella Heights
• Central Brambleton
• Chesterfield Heights
• Colonial Place
• Cottage Line
• East Ocean View
• Fairmount Park
• Ghent
• Haynes Tract
• Huntersville
• Lamberts Point
• Kensington
• Park Place
• Titustown
• Villa Heights
• West Ocean View
This available funding runs out September 30.
HUD income limits are available here.
About HomeNet http://www.nrha.norfolk.va.us/housing/own/homenet.html#Anchor-SPARC-46919
About NRHA
Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA plays a key role in making Norfolk the city of choice to build, work, live and play.
