1. What is HOAP?
HOAP is our Home Ownership Assistance Program, a comprehensive initiative to empower first-time homebuyers and help prior homeowners get a second chance at owning a home or condo. Back to top 2. What do I get for $99.95?
HOAP includes pre-purchase housing education (15 hours), housing counseling (including credit and financial counseling), technical assistance (call, text or email us with your questions, access to down-payment assistance, and a vast network of real estate professionals and consultants, as needed. Back to top 3. What professional services are available?
VHCDC's service partners include real estate agents, real estate attorneys, insurance agents, tax advisors, and accountants/bookkeepers serving all of Hampton Roads, Central Virginia, Northern Virginia, and Southside Virginia (Danville). Back to top 4. What other resources does VHCDC offer?
See our Resources page for a wide-range of educational, financial, housing, and small business resources. Back to top 5. What down-payment assistance programs does VHCDC offer?
VHCDC is an approved Intermediary for the Virginia Individual Development Account (VIDA) program. VHCDC offers clients the ability to reduce their mortgage interest rate by one (1) one point through a special allocation from Virginia Housing (state agency), and provides up to $2,500 transition assistance. Back to top 6. Can VHCDC help me secure a mortgage?
Yes. VHCDC maintains close relationships with more than a dozen mortgage lenders, offering a wide range of mortgages. Our lenders offer 203B, 203K, Commercial, FHA, Fix-N-Flip, Housing Choice Voucher (Section 8), Non-Qualified Mortgage (Cash Earners), USDA, VA, and Virginia Housing mortgage financing. Back to top 7. Is VHCDC is a HUD approved agency?
Yes. VHCDC is a HUD approved Local Housing Counseling Agency. Our agency identification number is #90617. Back to top 8. What does it mean to be "HUD approved"?
It means that our agency meets federal requirements to provide housing counseling and education, and that our housing counselors have been specially trained and certified by HUD to help you assess your financial situation, evaluate options if you are having trouble paying your mortgage loan, and make a plan to get you help with your mortgage. Each counselor has a unique certification number. Back to top 9. How do I get housing counseling?
If your need for housing counseling is urgent, such as rental housing counseling, contact our Housing Services Office (HSO) at 757.800.1647 for intake. You'll need to sign a Disclosure Statement and complete our Housing Counseling Intake form. We also may need you to complete a Release of Information form giving us access to your mortgage, rental, or other records. Depending on the circumstances, we may request authorization to obtain your credit reports (tri-bureau), and provide additional information for our counselors to review. However, in most cases, you will receive counseling AFTER completing the First-Time Home Buyers College. Back to top 10. Can I get housing counseling before completing the first-time home buyers college?
Yes. If you are facing a housing crisis inform us and we will schedule you to meet with a counselor to assess your situation and determine what action(s) are needed. Our counselors will be limited in their assessment as financial and credit information may be unavailable to them. We typically reserve these sessions for rental housing counseling. Back to top 11. What do I need to get rental housing counseling?
You should prepare to provide a copy of any late notices, court summons, your lease, and correspondence from your property manager/owner. If you are scheduled to go to court you should contact a lawyer or Virginia Legal Aid for assistance. See our Resources page for links to local agencies. Back to top 12. What is a Tri-Bureau Report?
A Tri-Bureau Report is what lenders, such as mortgage lenders and automobile finance companies, use to evaluate your credit. VHCDC obtains a tri-bureau report from all three credit bureaus for counseling purposes, so it does not create an inquiry or hit to your credit. The report shows us your debt utilization, credit scores, account history, creditor contact information, and much more. Consumer reports produced by Equifax, Experian, and Transunion do not provide the all of the information we need to properly evaluate your credit and develop an action plan. Back to top 13. Do I have to pay for the Tri-Bureau Report?
It depends. The cost of the report is included in your HOAP enrollment. We will obtain a report just prior to your counseling session and again once you've completed your action plan. The cost of the Report is $42 per person if you are not enrolled in HOAP. Back to top 14. Do you have a lease-purchase program?
Our lease-purchase program was suspended. Our finance company decided to pull out of Virginia. We are working on revising the program and hope to make an announcement within the next few weeks on the particulars and how to apply. Back to top 15. I have a question that isn't on this list. Now what?
We'll try to help. Just Contact Us for online assistance. Back to top--- |
