The VBCDC has provided homeownership opportunities in the City
of Virginia Beach since 1987 and has sold over one hundred twenty
homes to low and moderate income first-time homebuyers. Initially,
the VBCDC’s homeownership program focused
on new construction in designated neighborhoods.
In1992, VBCDC began using the extensive inventory of FHA foreclosed
properties in Virginia Beach to provide affordable housing.
VBCDC purchased the properties at a significant discount from
HUD, rehabilitated the structures and provided below-market
rate mortgages to the new homeowners. With the addition of grant
funds from the U.S. Department of Housing and Urban Development,
VBCDC continues to purchase government-foreclosed homes, extensively
rehabilitate them, and sell them to qualified first-time homebuyers.
VBCDC’s homeownership program works with special programs
of the Virginia Housing Development Authority (VHDA) and local
lenders to provide buyers with below market rate financing.
In addition, buyers receive down payment and closing cost assistance
through VBCDC, the City of Virginia Beach Department of Housing
and Neighborhood Preservation, or the State of Virginia. Buyers
also receive homeownership education and counseling before and
after they purchase a home through the program.
The mortgage process
and responsibility of homeownership
Click here for details on current homeowership opportunities!
The VBCDC staff is trained and certified to teach these seminars
and requires that each of the VBCDC buyers complete the two-part
course. Homeownership education seminars are conducted by VBCDC
staff and are held bi-monthly at the VBCDC office. The seminars
provide valuable information on the home purchase process for
first-time homebuyers. If you are interested in attending a
class, please contact VBCDC at 463-9516. Reservations are required
as seating is limited. Click here for a schedule of upcoming Homeownership Education Seminars.