New Program to Boost Buying Power of First-Time Homebuyers

FCRHA program offers new financial tools to help moderate-income households realize homeownership in Fairfax County

The Fairfax County Redevelopment and Housing Authority (FCRHA) announced today that it is offering down payment loans to qualified individuals for first-time home purchases. These loans are made possible by a grant from Virginia Housing.

Households with incomes at or below 80 percent of the Area Median Income (AMI) – which is about $131,000 for a family of four – are qualified to apply for down payment loans. Households must also meet other requirements.

Up to $50,000 is available for down payment assistance and to remove barriers to homeownership. The funds can be used to reduce a first mortgage principal amount, pay closing costs, pay points to reduce the mortgage interest rate, or buy out private mortgage insurance. Available funds are limited, and applications will be reviewed on a first-come, first-served basis.

“Homeownership has been out of reach for many Fairfax County families. It is our hope that families who previously dismissed homeownership as financially out-of-reach might be able to use this program to buy their first home and start growing equity,” said Lenore Stanton, Chair, FCRHA.

Apply for Fairfax County Homeownership Loans Through Your Lender

Interested individuals may apply to the program through a Virginia Housing-approved lender. The lender submits the application to FCRHA on behalf of the buyer, and the FCRHA processes applications as they are received. The loan includes a shared equity commitment upon repayment.

Additional program information, including eligibility requirements, equity share details, and how to apply is available on the website.

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