The City of Norfolk, as a boost to the "Come Home to Norfolk, Now" campaign, has $5 million available to assist eligible buyers purchasing properties in neighborhoods throughout the city.

Funded by the Virginia Housing Development Authority (VHDA), the "Sponsoring Partnerships and Revitalizing Communities" (SPARC) program encourages partnerships in the housing industry by allowing localities to custom design loan programs that will address critical needs of their communities.  The SPARC program offers qualified homebuyers in Norfolk an interest rate reduction up to 1% below VHDA’s going rate.

Program Benefits:

SPARC offers an interest rate reduction up to 1% below VHDA's going rate on a VHDA mortgage.

Assistance provided on qualifying new or existing homes anywhere in the City of Norfolk.

Program Requirements:

• Must be a first-time homebuyer
• Fall under VHDA maximum income guidelines based on household size
• 2 or fewer person household = $63,000
• 3 or more person household = $73,000
• Complete a VHDA Homeownership Class and obtain certificate
• Obtain a 30-year, fixed rate VHDA mortgage loan approval
• Purchase a single family home within the City of Norfolk
• The purchase price of the home you buy cannot exceed $352,600

Program Process:

1. You must complete a VHDA Homeownership Class and obtain certificate.
2. You must be approved for a VHDA fixed term mortgage by a VHDA approved lender (click here for the NDRC Lender Connection).
3. Once approved by your lender you can find a real estate agent and begin looking for a home (click here for the NDRC Real Estate Ambassadors).
4. Once under contract, your lender faxes a SPARC reservation form to the NDRC (757-441-1301).  If you meet the requirements above, your reservation form is approved and faxed back to your lender.  Your lender will then fax it to VHDA.  This will lock in your interest rate reduction.

SPARC loans must be originated by VHDA-approved lenders.  Processing, underwriting and closing will be handled by the lender as they do other VHDA loans.

For more information contact the

NDRC at 757-664-6770.