First Time Home Buyer Programs

This is the complete list of programs for first time home buyers to help with the purchase of a first home. For complete details and information on participation in these programs, contact the organization directly.

• Richmond Redevelopment and Housing Authority (RRHA)
• Federal Home Loan (FHL) Bank Atlanta

Richmond Redevelopment and Housing Authority (RRHA)

Housing Choice Voucher Homeownership Program
The Housing Choice Voucher Homeownership Program permits eligible participants in the HCVP (Section 8) the option of purchasing a home with their HCVP assistance rather than renting. The home must pass an initial Housing Quality Standards (HQS) inspection conducted by RRHA and an independent home inspection before RRHA may approve the purchase by the family. Applicants for this program must meet certain guidelines, which maybe obtained from them at the RRHA web page or by calling the Housing Authority at (804) 780-4361.

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Neighborhood Housing Services of Richmond (NHSR)

Market Rate Homeownership Program
RRHA works with private developers to make newly constructed, high-quality, market-rate homes affordable for low- and middle-income families. RRHA creates financing packages that offer one or more of the following: grants, assistance with down payments and closing costs. These market-rate homes are located in neighborhoods throughout the city of Richmond. The homes, valued between $100,000 and $150,000 are made affordable by financing packages that may include grants and assistance with down payments and closing costs. More information on these homes maybe obtained from them at the RRHA web page or by calling the Housing Authority at (804) 780-4918.

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HOPE VI Homeownership Program
HOPE VI, a program that is revitalizing the Blackwell neighborhood in south Richmond, will bring 188 new, well-constructed single-family detached houses to Blackwell, along with apartments and other community and family services. Additionally, 120 single-family homes will be constructed in other neighborhoods in the city of Richmond - Randolph, Fulton, Carver, Old Manchester and Churchhill. Through RRHA's homeownership program, low- and moderate-income families will purchase these homes. The 3-, 4- and 5 -bedroom homes offer modern amenities and charming details such as porches, picket fences and back yards. Construction is underway. Additional information on these homes and the HOPE VI Program maybe obtained from them at the RRHA web page or by calling the Housing Authority at (804) 780-4293.

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Federal Home Loan (FHL) Bank Atlanta

First Time Homebuyer Program
A major challenge to any potential homeowner is the ability to accumulate enough savings to pay for down payment and closing costs. For low-income families, the ability to save enough funds may seem insurmountable. The Bank's First-Time Homebuyer Program (FHP) is designed to address the funding needs of families who earn 80 percent or less of the area median income and are seeking to become homeowners. Specially designed for first-time home purchasers, the FHP provides matching funds for down payment and closing costs. No more than three dollars of FHP subsidy funds can be used for each dollar of a household's cash funds. Each family must compete a mandatory homebuyer-counseling program prior to receiving FHP assistance. Member financial institutions are encouraged to involve non-profit organizations in the activities of their first-time homebuyer program. For more information contact the local member bank.

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Virginia Housing Development Authority (VHDA)

Home Repair Loans
VHDA offers low interest rate fixed loans for home improvement through the HUD Title 1 Home Improvement Program. Loans are available in amounts up to $25,000. For more information on this loan call VHDA at (804) 782-1986.

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