Norfolk Program Offers First Time Homebuyers $40,000

At a time when Commerce Department records show the economy is vigorous and the GDP expanded 3.1 percent in 2023, some first-time homebuyers in Norfolk may qualify for $40,000 to buy their first home.It’s a big increase from the $20,000 previously offered over the past few years through Homeward Norfolk, a program of the Norfolk Redevelopment and Housing Authority and the city. Norfolk City Council approved $959,000, which recently took effect.Here are the guidelines for potential first-time Norfolk homebuyers. To qualify, a one-person household can make between $55,450 and $83,150; a two-person household can make between $63,400 and $95,050; and a three-person household can make between $71,300 and $106,900. First-time homebuyers can choose homes in three neighborhoods: Ingleside, Monticello Village and Oakdale Farms.The initial costs and the down payment are “typically the biggest stop,” said local realtor Ashley McDougal. “This is a much-needed increase to help families gain access to homeownership in a real estate market where low inventory and high interest rates are pricing out middle-income families.”