First-Time Homebuyers Program – Next Orientation Set for March 2
Did you know that the Fairfax County Department of Housing and Community Development offers homeownership opportunities for low- and moderate-income households purchasing in Fairfax County?
What is the First-Time Homebuyer Program?
Under the leadership of the Fairfax County Redevelopment and Housing Authority (FCRHA), the First-Time Homebuyers (FTHB) Program has been providing affordable for-sale homes for over forty years. Homes are offered at sale prices well below the sales price of other homes in the same development. Through homeownership, families are able to establish roots in communities where they work and their children go to school, while also building equity in their home. Mortgages on FTHB homes are often significantly lower than the rents families were paying.
FTHB homes are made available primarily through the Affordable Dwelling Unit provision of the Zoning Ordinance. As a result, the FTHB program provides affordable homes without the use of taxpayer funds. FTHB Program purchasers may also be eligible for down payment assistance through the program.
Hundreds of affordably priced 1-, 2-, 3-, and 4-bedroom townhouses and condominiums located throughout the county have been sold to first-time homebuyers who meet the program’s income and eligibility criteria. Families earning up to 70 percent of the federal Area Median Income (AMI) may be eligible for the FTHB program. The newer Workforce Dwelling Unit program serves incomes up to 120 percent of AMI.
Who is Eligible for Homeownership Opportunities?
First-time homebuyers and individuals who have not owned a home in three years. Certain exceptions apply, including for individuals or households buying in an age-restricted community.
Households with at least $25,000 in income and not more than the maximum income limits for the particular unit.
Households with conditional lender approval; meaning a lender has tentatively approved the home loan application under certain conditions. Households with potential buyers having a credit score of 620 and above.
Please see the complete list of underwriting and eligibility requirements on the Fairfax County website.
If you know someone who may be interested in the Fairfax County FTHB Program, please tell them about our upcoming orientation session:
Monday, March 2, 2020
7 to 9 p.m. Gerald Hyland Government Center, room 221 8350 Richmond Highway, Alexandria There is no registration necessary to attend the session, attendees will be seated on a first-come first-serve basis. Doors close at 7:00PM. Doors close promptly at 7:00 p.m. and no one will be admitted to the session after that time. No children are allowed to attend the session, as childcare will not be provided. There is no food and drink allowed in the auditorium.
A complete list of upcoming orientation sessions is available online. For more information about the FTHB program and requirements, visit Fairfax County’s Homebuyers website.