NNRHA - Public Housing Properties Page

PROGRAM 1

***ATTENTION FIRST TIME HOMEBUYERS***
And
APPROVED VHDA LENDERS

The Virginia Housing Development Authority (VHDA) has awarded Newport News Redevelopment and Housing Authority (NNRHA) $4,500,000 in SPARC funds for permanent mortgage financing. Funds have been awarded as follows:

$1,000,000 @ 1% below the VHDA standard rate
$3,500,000 @ ½% below the VHDA standard rate

Funds are available to qualifying first time homebuyers for purchase of property within the City of Newport News only.

To qualify you must:

BE A FIRST TIME HOMEBUYER
HAVE GOOD CREDIT
MUST BE EMPLOYED AT YOUR CURRENT POSITION FOR 1 YEAR

Based on family size, your income may not exceed the following income levels to qualify for the program.

Family Size	1	2	3	4	5	6	7	8
Income	36,450	41,700	46,900	52,100	56,250	60,450	64,600	68,750

PURCHASERS interested in obtaining a SPARC mortgage for the purchase of a home within the City of Newport News, please call 928-2649.

APPROVED VHDA LENDERS interested in obtaining SPARC funds for their clients please call 928-2648

PROGRAM 2

HOME BUYERS

Newport News Redevelopment and Housing Authority is accepting applications for the Authority’s HOME Builder Program for the 2009 – 2010 year. The HOMEbuilder program provides newly constructed homes in the Southeast Community of Newport News.

To pre-qualify

You must have excellent credit
You must have good job stability
You must have a minimum yearly income of $22,800

Only a limited number of applications can be processed during this application period.

Applications may be obtained from the Authority’s office at 227 27th Street NN, VA between the hours of 8 a.m. and 5 p.m. during the week of August 4, 2008 through August 8, 2008, or at any Newport News public library beginning Saturday August 2, 2008 through Saturday August 9, 2008.