Homeownership Assistance Programs

December 23, 2010 by · Leave a Comment 

Thinking of buying a house in the City of Falls Church? Good news! The city’s Homeownership Assistance Programs still have funding available to qualified home-buyers looking to buy in Falls Church.

Two programs that help buyers are overseen by the Housing and Human Services Division: The Low-Interest Mortgage Program and the HomeStride Program.

The Low-Interest Mortgage Program provides an interest rate that is either one-half or one percent below the interest rate offered by the Virginia Housing Development Authority for first-time buyers.

The HomeStride Program offers a second mortgage to borrowers for up to $25,000. This money is then used to cover the down payment or cover the closing costs associated with the purchase. The loan is the repaid over a 30-year period, with no payments or interest for the first three years.

To qualify for assistance, you must be a first-time home buyer purchasing residential property in the City of Falls Church, and the purchase price must not exceed $408,000. The following income limits also apply: up to $86,000 for two people, or up to $100,000 for three or more people.

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