First-Time Buyers Can Celebrate Homeownership Month with $30K Closing Cost Assistance

Norfolk, VA – June 19, 2012 – (RealEstateRama) — June is Homeownership Month and  Norfolk Redevelopment & Housing Authority’s (NRHA) HomeNet program is offering $30,000 in closing cost assistance to first-time buyers.

To qualify, buyers must have an annual household income of at least $30,000. Buyers who have filed bankruptcy must wait two years from the date it was charged to apply.

HomeNet offers a range of services to first-time buyers who want to purchase a residence in Norfolk.

From credit counseling to closing, HomeNet’s demystifies the home-buying process and empowers participants to make informed decisions during the often complex home buying process.

HomeNet also participates in the Virginia Housing Development Authority’s (VHDA) Sponsoring Partnerships and Revitalizing Communities (SPARC) program which offers homebuyers who obtain VHDA loans a mortgage interest rate discount of up to one percent.

The Virginia Individual Development Account (VIDA) is another resource for homebuyers in the HomeNet program. VIDA is a special savings account program for low-income households that triples participants’ savings to be used toward home ownership. VIDA matches $2 for every $1 homebuyers save in a VIDA account. Matching funds are limited to $4,000 per participant with a maximum of two participants per household.

There are currently 26 residences listed for sale on NRHA’s website at http://www.nrha.us/homes-for-sale. The homes range in price from $174,000 for four bedrooms and two baths to $342,000 for four bedrooms and three baths. Each home was constructed by NRHA Builders and Designers Guild members. To learn more about the Guild and its quality standards in design and craftsmanship, visit http://www.nrha.us/content/builders-and-designers-guild.

For more information on HomeNet, visit http://www.nrha.us/own/homenet or call (757)314-4202.