Home Ownership

 

Qualifications

  • Candidate must meet the terms and goals spelled out in the Urban Hope Social Contract
  • Income is no more than 80% of the Area Median Income (AMI)

Is your annual household income below 80% of the Area Median Income (AMI)?

 

If you are a:                                No less than:                   No more than: 

Household of 1                                     $15,300                                   $41,550 

Household of 2                                    $17,500                                    $47,500 

Household of 3                                    $19,700                                    $53,450 

Household of 4                                    $21,850                                    $59,350

 ***For each additional member, add $1750.***

 


Candidate Application Process

  1. Call Urban Hope- 804-396-2198DSC_0947
  2. Complete the application for home ownership Click Here
  3. Financial Meeting with Candidate, financial counselor, and Urban Hope Representative to review financial situation of candidate (includes budget and debt reduction plan review)
  4. Complete Financial Freedom Course
  5. Candidate continues meeting with their financial counselor once a month, every month for at least the first year in the program.
  6. Candidate meets with Urban Hope Representative to review and sign the Urban Hope Social Contract.
  7. Candidate saves 2-3 months of “safety-net” rent before they are typically placed into an Urban Hope home.
  8. An individual homeowner mentor is assigned to the Candidate to walk with them in order to meet some defined goals on the Candidate’s road towards ownership.
  9. Candidate completes HOME’s homeownership class.
  10. Once these steps are fully completed, the Candidate has demonstrated stability in income and budgeting, and their projected monthly mortgage payments are at or below their current rent payments, Urban Hope will begin to discuss the Candidate’s purchase of the home.

***Expected length of the process is typically 30-36 months but will vary depending on each Candidate’s unique situation.***

Urban Hope, Inc.


P.O. Box 23171
Richmond, VA 23223
804-396-2198

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