How First-Time Homebuyers Can Get a $50,000 Down Payment Loan
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The Fairfax County Redevelopment and Housing Authority (FCRHA) offers down payment loans to qualified individuals for first-time home purchases. Up to $50,000 is available for down payment assistance to help remove barriers to homeownership. These loans are made possible from Virginia Housing.
Check your eligibility: Households with incomes at or below 80 percent of the Area Median Income (AMI) and who meet other requirements are eligible to apply. All details are on the website.
Contact a Virginia Housing-approved lender: The lender submits the application to the FCRHA on behalf of the buyer, and the FCRHA processes applications as they are received.
Get pre-approved: Buyers who are pre-approved receive a loan commitment and complete homebuyer education and counseling. Next, they work with the lender and real estate agent to obtain a ratified sales contract to purchase a home in Fairfax County.
Close on your new home! Once you have a ratified contract to purchase, your lender will submit the complete application package for final approval. After it is approved, the purchase of your new home is coordinated with the lender, Fairfax County staff, and the title company.
Tip: consider the options for how you would use a loan: A Fairfax County Down Payment Loan may be used to reduce your first mortgage principal amount; pay reasonable and allowable closing costs; pay points to reduce the mortgage interest rate; or buy out private mortgage insurance (PMI). Work with your lender to determine the best use of the loan for you and your household.
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