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Calling All Realtors: NRHA Has Money Available for First-Time Buyers

For More Information: 

Kelly R. Williams
kwilliams@nrha.us
757.314.1645

For Immediate Release
Release Date: 
Mon, 07/13/2009

Norfolk, VA (July 13, 2009) – 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 mustbe 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 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.

©2012 Norfolk Redevelopment and Housing Authority  NRHA Webmail

NOTICE OF NONDISCRIMINATION - NRHA provides equal housing and employment opportunities for all persons. NRHA does not discriminate against any applicant, resident or employee on the basis of disability, age, race, color, religion, gender, familial status or national origin in the admission, access or operations of programs, services or activities. An internal grievance procedure is available to resolve complaints. Qualified individuals who need communication aids, services or other accommodations to participate in programs and activities are invited to make your needs known to the 504/ADA Coordinator. Please give NRHA at least seven to ten days advance notice to meet your needs.