Fairfax County Awarded $6 Million to Assist First-Time Homebuyers
The Fairfax County Redevelopment and Housing Authority (FCRHA) has been awarded an additional allocation of $6 million in funding to help qualified first-time homebuyers purchase a home in Fairfax County. The funding, set aside by Virginia Housing through the Sponsoring Partnerships and Revitalizing Communities (SPARC) program, can be used to buy down the interest rate by 1% for first-time homebuyers who meet Virginia Housing’s eligibility and underwriting requirements.
“We are proud to be working alongside Virginia Housing to make the American Dream of homeownership attainable for households with low- and moderate-incomes,” said FCRHA Chairman Melissa McKenna. “While having a stable home contributes significantly to every aspect of our lives, owning a home provides a critical asset that grows long-term personal wealth that can be passed down from generation to generation.”
As of May 2022, all but $156,734 of the original Fiscal Year 2022 SPARC Funds – totaling $10 million – had been expended. The funds have supported 28 households in purchasing a home with some able to lower their interest rates below two percent. The average home mortgage for these purchases is $351,545. It is anticipated that this allocation of $6 million will be able to assist 17 families to purchase a home in Fairfax County.
Through the SPARC program, the FCRHA is able to sponsor prospective homebuyer loan applications for reduced interest rate mortgage loans originated through Virginia Housing and its lending partners. These loans are not issued by the FCRHA. A reduced rate loan enhances a qualified buyer’s purchasing power and reduces their monthly mortgage payment.
The SPARC program is self-funded by Virginia Housing, using its own resources (no state taxpayer dollars are needed). Virginia Housing lenders in Fairfax County have been advised of the availability of funds through the FCRHA. First-time homebuyers interested in learning more about the availability of these funds and their eligibility may contact a Virginia Housing lending partner listed on their “Find a Lender” web page.