Income, Asset, & Rent Limits for Home Buying & Renting Programs to Reduce Costs in SE VA
- Adam Garrett
- Aug 2, 2024
- 5 min read
Updated: Jun 20
Many seek to save and increase their income before buying a home, and many fail to realize that the most lucrative programs to reduce home cost are primarily geared toward those of low income and low assets. Because these limits fluctuate typically on an annual basis, below I've created a guide to help you in the process as a frame of reference since often public websites where these programs may be found aren't updated on an annual basis and don't have links to where to find the most up to date information.
HUD Income Limits by MSA
Hampton Roads: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
Per HUD, this MSA contains the following counties:
Currituck County, NC; Gloucester County, VA; Isle of Wight County, VA; James City County, VA; Mathews County, VA; York County, VA;
& the following cities:
Chesapeake city, VA; Hampton city, VA; Newport News city, VA; Norfolk city, VA; Poquoson city, VA; Portsmouth city, VA; Suffolk city, VA; Virginia Beach city, VA; and Williamsburg city, VA.
Greater Richmond
Per HUD, The Richmond, VA MSA contains the following counties:
Amelia County, VA; Charles City County, VA; Chesterfield County, VA; Dinwiddie County, VA; Goochland County, VA; Hanover County, VA; Henrico County, VA; King William County, VA; New Kent County, VA; Powhatan County, VA; Prince George County, VA; Sussex County, VA;
& the following cities:
Colonial Heights city, VA; Hopewell city, VA; Petersburg city, VA; and Richmond city, VA.
State Income Limits (2024)
HUD Fair Market Rents
Per HUD, this MSA contains the following counties:
Currituck County, NC; Gloucester County, VA; Isle of Wight County, VA; James City County, VA; Mathews County, VA; York County, VA;
& the following cities:
Chesapeake city, VA; Hampton city, VA; Newport News city, VA; Norfolk city, VA; Poquoson city, VA; Portsmouth city, VA; Suffolk city, VA; Virginia Beach city, VA; and Williamsburg city, VA.
Per HUD, The Richmond, VA MSA contains the following counties:
Amelia County, VA; Charles City County, VA; Chesterfield County, VA; Dinwiddie County, VA; Goochland County, VA; Hanover County, VA; Henrico County, VA; King William County, VA; New Kent County, VA; Powhatan County, VA; Prince George County, VA; Sussex County, VA;
& the following cities:
Colonial Heights city, VA; Hopewell city, VA; Petersburg city, VA; and Richmond city, VA.
Section 8 Income Limits
See "HUD Income Limits by MSA" above.
Per HUD:
"In general, the family's income may not exceed 50% of the median income for the county or metropolitan area in which the family chooses to live. By law, a PHA must provide 75 percent of its voucher to applicants whose incomes do not exceed 30 percent of the area median income."
Asset Limits
There are certain asset limits that vary by state, such as medicaid asset limits (state by state list by Choice Mutual).
Section 8 Asset Limits - $100k w exclusions
Per National Low Income Housing Coalition, "Section 104 of HOTMA established asset limits for households seeking or retaining federal rental assistance. In short, those limits are $100,000 in net household assets and/or ownership of real property that is suitable for occupancy by a household as a residence. Final HOTMA regulations (see Memo, 2/27/23) include a list of required exclusions from the calculation of net household assets, as well as exclusions of necessary and non-necessary personal property. Importantly, the final HOTMA rule also provides Multifamily owners and PHAs the discretion not to enforce the asset limits provisions at the time that a household’s income undergoes a periodic income reexamination or an interim income reexamination. It is important to note that a new applicant for rental assistance must meet the asset limits test: Multifamily owners and PHAs do not have the discretion to waive the HOTMA asset limits for households seeking rental assistance for the first time."
Asset limits for programs to reduce home costs vary substantially, often being program-specific and city-specific, if applicable. For instance in Newport News, for down payment assistance, it's $25k as of 8/2/24, not including retirement accounts.
Poverty Guidelines
2024 POVERTY GUIDELINES FOR THE 48 CONTIGUOUS STATES AND THE DISTRICT OF COLUMBIA | |
Persons in family/household | Poverty guideline |
1 | $15,060 |
2 | $20,440 |
3 | $25,820 |
4 | $31,200 |
5 | $36,580 |
6 | $41,960 |
7 | $47,340 |
8 | $52,720 |
For families/households with more than 8 persons, add $5,380 for each additional person. |
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About the Author: Adam Garrett - 3rd Generation REALTOR®
Adam is the 3rd generation in a line of award-winning real estate agents serving SE VA. He has served full time at Garrett Realty Partners since May 2014 when he joined the marketing department before transitioning to full-time sales to assist buyers and sellers in February 2015. He believes that an educated buyer or seller makes the best decisions, & is dedicated to helping with that both digitally & on-site physically for buyers & sellers. He's also available for referrals to real estate agents around the globe. In several capacities, his resources & direct offerings for assisting sellers & assisting buyers are either unmatched or are top 1% for the SE VA area, and in some cases, nationwide. Not stopping after closing, he also provides information for tenants, landlords, & homeowners.
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While Adam can refer buyers and sellers elsewhere, Adam’s direct coverage includes most of SE VA including Hampton Roads (VA Peninsula, Southside, & Middle Peninsula), the Northern Neck, & Greater Richmond.
Adam's Coverage Map with Adam's 5 Multiple Listing Services highlighted in orange & areas without good MLS coverage excluded:
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