In order to be deemed an eligible buyer of a workforce housing unit, a household must meet all of the following criteria at the time of application and through the time of settlement:
- Must live or work full-time in Virginia Beach, or have a bona fide offer of full-time employment in Virginia Beach within 3 months of the time of application;
- Cannot own, or have a controlling interest in, other real estate property;
- Household’s annual gross income must be between 80% and 120% of area median income (AMI), adjusted for household size (click here for the Workforce Housing Program Income Guidelines); and
- Net worth cannot exceed 50% of the sales price of the workforce housing unit.
For information on calculating annual gross income and net worth, click here
Additionally, the buyer must be able to secure their own first mortgage from a mortgage lender acceptable to the city. The city reserves the right to deny the application of any household if it determines that such mortgage contains deceptive, predatory or abusive terms.
Also for first-time homebuyers, the head of household and spouse and any other adult, non-dependent member of the household to be shown on the deed of trust note as a borrower are required to attend a Virginia Housing Development Authority (VHDA)-certified Home Ownership Educational Seminar class and receive a certificate.
To view a list of Virginia Housing Development Authority (VHDA)-certified classes, visit www.vhdafreeclass.com.