1. Central Virginia Housing Coalition DOWN PAYMENT ASSISTANCE RULES AND GUIDELINES FOR LENDERS, REALTORS, SETTLEMENT COMPANIES AND HOMEBUYERS

2. Down Payment Assistance  This is a federally funded program offered by the Department of Housing and Community Development (DHCD), and administered by Central Virginia Housing Coalition (CVHC)  This program can offer up to $10,000 down payment assistance and up to $2,500 closing cost assistance  All funding is first-come, first-serve  CVHC cannot guarantee funding availability

3.  All lenders must be VHDA approved  All loans must be fixed rate  All loans must be 30 years+

4. All applicants must have 45 days to closing when applying for the Down Payment Assistance program *No exceptions allowed by policy*

5. Localities  CVHC’s Down Payment Assistance program is available in:  Stafford  Spotsylvania  King George  Caroline  City of Fredericksburg

6. Documents with Application  All documents on the required document list MUST be submitted to CVHC to have an intake appointment scheduled.  CVHC will NOT contact the client for missing intake documents  Client appointments will only be scheduled for:  Thursday between 8am and 4pm *or*  Friday between 8am and 1pm.

7. Eligibility is income and asset based  If client has more than 10% of purchase price in assets, they will not be eligible for the program.  Assets include savings, checking, CD’s, Money Market accounts, 401k, and retirement  Personal property is not included in the asset category

8. Income guidelines # People 12345678 Locality Fredericksburg Spotsylvania Stafford $47,600$54,400$61,200$68,000$73,900$78,900$84,350$89,800 King George $41,550$47,500$53,450$59,350$64,100$68,850$73,600$78,350 Caroline $47,550$47,500$53,450$59,350$64,100$68,850$73,600$78,350

9. Application  The application can be accessed online at www.centralvahousing.orgwww.centralvahousing.org  or contact Brian Phelps or Sara Alemany directly,  bphelps@centralvahousing.org bphelps@centralvahousing.org  salemany@centralvahousing.org salemany@centralvahousing.org

10. Purchase Price  The purchase price cannot be more than five (5) times the client’s income  E.g.- client’s income is $30,000; the purchase price for this client cannot exceed $150,000 for Down Payment Assistance

11. Client’s Money  The client must have some money in the deal  1% of the purchase price *or*  $500  The expected client contribution is based on household income; this can include money spent on the inspection, the earnest money deposit, or the appraisal

12. Appraisal  A complete FHA appraisal must be conducted.  Home value may not exceed 95% of the median sales prices  (203b limits established by HUD)

13. Environmental Review  Property addresses will have to be verified with DHCD to ensure property meets program guidlines  The program does NOT allow for assistance in flood plains

14. Home Inspection  All properties must have a home inspection completed by a certified home inspector  Any required repairs notated on the inspection report will have to be repaired and a re-inspection must be done to determine that all repairs were completed prior to closing  * items required to be repaired violate the Uniform Physical Condition Standards, and are health, safety or sanitation related.

15. Lead-Based Paint  If the property being purchased was built in 1978 or earlier:  Must have a lead based paint inspection by a certified lead based paint inspector or VA risk assessor

16. Information Sharing  The program administrator will be in contact with the lender, realtor and settlement company for the purpose of disseminating and collecting documentation.  All DPA clients will sign a CVHC release for the sharing of information

17. Closing  Please be aware that all closing documents will need to be sent back to CVHC within 7 days after closing.  This is a federally funded program with definite time frames for reporting and closing out files.

18. Questions or Concerns?  Program Administrator  Brian Phelps  bphelps@centralvahousing.org bphelps@centralvahousing.org  Phone: (540) 604-9943, ext. 214  Housing Counselor  Sara Alemany  salemany@centralvahousing.org salemany@centralvahousing.org  Phone: (540) 604-9943, ext. 226 Central Virginia Housing Coalition 208 Hudgins Road Fredericksburg, VA 22408 Phone: (540) 604-9943 Fax: (540) 604-9949