First-time home buyer funds available

NORFOLK, Va. - The HomeNet Homeownership Center has provided the Norfolk Redevelopment and Housing Authority (NRHA) with over $7 million in low interest mortgage financing for first-time buyers.

Interest rates vary, but right now 30-year fixed rate mortgages stand at 4 percent.

Realtors dealing with first-time buyers who would like to take advantage of this great financing opportunity will have to agree to pay for the home buyer's home inspection. They must choose 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.

About HomeNet http://www.nrha.norfolk.va.us/housing/own/homenet.html#Anchor-SPARC-46919