Assistance Programs
We partner with several organizations to provide resources to our homebuyers in the form of training, counseling, and financial assistance. Once you have participated in one of our information sessions and are working with a lender, you can explore which of these resources are right for you.
HUD-certified Homeownership Classes
All MWCLT applicants are required to participate in a HUD-certified homeownership training program. These are available from several different providers, both online and in-person. Once you’ve completed a class and received your certificate, it will remain valid for up to 2 years.
We accept HUD-certified Homeownership Certificates from:
Housing Opportunities
Made Equal
(HOME of VA)
Virginia
Housing
Southside Community
Development and Housing Corporation
Credit Counseling
Contact: 804.285.5986, hfcsupport@cccofva.org
Down Payment Assistance
MWCLT partners with other organizations that provide down payment assistance to our homebuyers, depending on income eligibility and fund availability.
Housing Opportunities Made Equal (HOME)
To participate in HOME’s homeownership program and qualify for down-payment assistance, applicant(s) purchasing the home are required to have at least $30,000 in combined annual income AND be under 80% of the area median income.
To be eligible for DPA, applicants must attend a homeownership course with HOME, meet with a HOME counselor, establish and follow a spending plan, and any additional requirements as determined by HOME. Please note, accessing DPA is dependent on availability of funds, locality of the home you are purchasing, and the homebuyer’s individual situation. MWCLT does not determine the eligibility or amount of funding for DPA with HOME.
| Household Size | 80% AMI Income Limit 2023 |
|---|---|
| 1 person | $59,750 |
| 2 people | $68,250 |
| 3 people | $76,800 |
| 4 people | $85,300 |
| 5 people | $92,150 |
Southside Community Development and Housing Corporation
Depending on funds available, SCDHC offers DPA to eligible buyers. Applicants must be first time home buyers, have a credit score above 640, at least $2,000 in savings, an annual income of at least $40,000, and be purchasing a home in Henrico County or Richmond City.
If you meet the eligibility criteria, you must submit an application to SCDHC, meet with a housing counselor and participate in any other requirements as determined by SCDHC.
Please note, accessing DPA is dependent on availability of funds, locality of the home you are purchasing, and the homebuyer’s individual situation. MWCLT does not determine the eligibility or amount of funding for DPA with SCDHC.
Next Steps: Submit Your Application
Additional Funding Opportunities
Virginia Individual Development Account (VIDA)
The VIDA program is a matched savings program our applicants can enroll in to get savings for down payment and closing costs. Eligible participants receive training, support and match funding on their savings. The current match rate is $8 for every $1 the participant saves, up to $4,000 in match.
You must meet their eligibility requirements and apply through Southside Community Development and Housing Corporation.
Sponsoring Partnerships & Revitalizing Communities (SPARC)
SPARC is a special allocation of reduced rate funding made available by Virginia Housing to local governments, non-profits and housing industry partners to support special housing needs.
It works by reducing the interest rate of the mortgage by one percentage point (e.g., if your regular interest rate is 6.5%, a SPARC loan reduces it to 5.5%). The interest rate reduction can save buyers money on their monthly mortgage payment as well over the lifetime of their mortgage loan.
Many SPARC loans have some type of other down payment assistance associated with the transaction. Your lender must use a Virginia Housing loan product to be eligible for SPARC. Talk to your lender to find out if SPARC is an option for you.