🏡 Norfolk’s $60,000 Down Payment Assistance Program: Everything You Need to Know

If you’ve been dreaming of owning a home in Norfolk, Virginia, but thought it was out of reach—this could change everything.

The HOME Down Payment Assistance Program offers up to $60,000 in help toward buying your first home. But there are some important requirements and fine print to understand before jumping in. In this post, we’ll walk through the most frequently asked questions—so you know if you qualify and how to move fast before funding runs out.

✅ What is the HOME Down Payment Assistance Program?

The City of Norfolk is offering up to $60,000 in forgivable assistance to first-time homebuyers who meet income and eligibility requirements. The goal? Help residents overcome the biggest hurdle in homeownership—the down payment and closing costs.

🔍 Key Requirements & FAQs

🏠 Do I have to be a first-time homebuyer?

Yes. You must not have owned a home in the last three years.

📍 Do I have to buy in Norfolk, VA?

Yes. The property must be located within Norfolk city limits and be your primary residence.

💰 How much income can I make and still qualify?

Your household income must be at or below 80% of the Area Median Income (AMI) based on your household size:

🧾 What are the sales price limits?

• New construction: Max $340,000

• Resale: Max $280,000

🏡 What types of homes qualify?

You can purchase a single-family home, townhouse, or condo.
Fixer-uppers are not allowed—the home must pass Norfolk’s required HOME inspection.

💳 Do I need good credit?

You’ll need to qualify for a mortgage with a participating lender. Your credit must meet their loan requirements.

🏦 Do I need any savings?

Yes. You must have at least $3,000 in savings, and you’re required to contribute 1% of the purchase price out-of-pocket.

📑 How long do I have to live in the home?

You must occupy the home for 15 years. That’s the forgivable period—meaning if you stay for the full 15 years, you don’t have to repay the assistance.

📆 Can I apply after I find a home?

No. You must be approved before entering into a purchase contract.

💼 How long does the approval process take?

Up to 30 days after all documents are submitted.

🔚 Can the money run out?

Yes! Assistance is provided on a first-come, first-served basis and is only reserved once you’re under contract.
👉 So timing is everything.

💡 Other Key Guidelines:

• Funds can be used toward closing costs (up to $5,000)

• You’ll need an independent home inspection (paid out of pocket)

• Income is calculated for all household members, even if they’re not on the loan

• If separated, you must show legal documentation

🎯 How to Take Action Now

This program is one of the most generous in Virginia—and it can truly be a game changer. But the key is preparation. You’ll want to:

1. Confirm your eligibility

2. Get pre-approved with a participating lender

3. Work with a local REALTOR® who understands the program requirements

4. Apply before homes or funds run out

🗣️ Need Help Navigating the Process?

As a local Norfolk real estate expert, I’ve helped dozens of buyers take advantage of city programs just like this—and I can help you, too.

📞 Call or text me directly at (757) 821-5924
📧 Or email me at Jason@TrustworthyAgents.com
💬 Or schedule a free consult here

Don’t let this opportunity slip away.
Let’s get you home—with up to $60,000 of the city’s money helping you do it.