The HomeBuy5 program has been expanded into the metro Petersburg area. We are continually looking for organizations and congregations to partner with us to educate the community about financial stability and homeownership and prepare individuals and families for homeownership and long term housing and financial stability.

If you are interested in learning more about HomeBuy5 and exploring how we can partner to help meet the needs of families within your community- or, if you would like to apply for the HomeBuy5 program, please contact Salathia Johnson at 804-788-6825 ext 205 to schedule an appointment.

HomeBuy5 is a long-term, comprehensive, and holistic approach to homeownership and financial stability for income eligible families with children who are living in shelters, transitional housing or are at risk of becoming homeless.

Over a period up to five years families learn how to rebuild their credit, manage their monthly finances, eliminate outstanding debt, and build savings. They attend one-on-one sessions with a certified housing and credit counselor as well as monthly financial literacy and core belief training workshops. Once a participant has successfully met all of the requirements of the program HomeBuy5 will provide a lease-purchase option with an IDA savings match, coordinate down payment assistance, help them shop for a home and obtain an affordable mortgage loan.

The financial literacy workshops are Wachovia’s "Money Smart" curriculum. Families learn about banks and how to choose the best financial institution that will meet their needs, borrowing basics, how to rebuild credit, money management, debt reduction, savings, homeownership and insurance. Additionally, a unique component of HomeBuy5 is the "Core Belief "training workshops that help families identify negative thoughts and behaviors that affect and influence the decisions they make regarding their finances as well as other aspects of their lives. Families attend seven power packed sessions that will equip them with the knowledge and understanding of how to combat behaviors that prevent them from achieving their financial and personal goals. the down payment.

HomeBuy5 also administers the "Virginia Individual Development Account" program for the metro-Petersburg area. VIDA is a special $2 to$1 matched savings program for low income savers. Funds can be used to help purchase a first home, start a business or post secondary education. Separate eligibility criteria apply for participation in the VIDA program please contact HomeBuy5 for more information.

• A family must be homeless, participating in a transitional living program or at risk of becoming homeless
• A family must have legal custody of at least one child under the age of eighteen ( 18)
• Must be a Firs-Time Homebuyer
• A family must gross a minimum of $15,000 per year with the potential of earning more by the end of a five-year period. Maximum income for a family must not exceed 60% of gross area median income.
• The outstanding debt on the credit bureau report can not exceed the gross yearly income( Ex: If earn $15,000 gross yearly income, than the outstanding debt on the credit report an not be $20,000)* PLeae note, outstanding debt does not include a car note or student loans.
• A family must not have any outstanding judgment(s) with a previous landlord or any existing liens against any real property.
• Applicants must provide two most recent pay stubs and W-2s and/or Tax Returns for the last two years. Must be employed for six (6) consecutive months prior to application.
• If self-employed, must provide two years signed and dated federal income tax returns, most recent quarter signed and dated year-to-date profit and loss statement and proof of quarterly tax payments.
• Bankruptcies must eb discharged, must provide letter from court along with the list of creditors included in the bankruptcy.
• A family must be substance abuse free for at least one year.
• * A family may be eligible to use their Housing Choice Voucher for homeownership.

• U.S. citizen or legal alien
• Employed
• Must be a Firs-Time Homebuyer
• Have a dependent child under the age of 18 living with you if saving for a business or education
• Meet household income requirements:
  • A household of one earning a yearly income of no more than $20,420
  • A household of two earning a yearly income of no more than $27,380
  • A household of three earning a yearly income of no more than $34,340
  • A household of four earning a yearly income of no more than $41,300
  • For each additional person add $6,960 to the maximum yearly income
  • Must be able to save a minimum of $25 per month