We all know that Arlington County is an ideal place to live, but also acknowledge that it can be an expensive place to buy a home. Arlington County also understands this and work hard to ensure that there are different programs in place to ensure that everyone regardless of their salary income can afford to live in Arlington County.
Today there was more good news for first time home buyers looking to purchase a home in Arlington County.? The Arlington County Board approved an additional allocation of $500,000 for down payment and closing cost assistance for low- and moderate- first time home-buyers. Arlington County estimate that this allocation of funds can help assist between 10 and 15 families or households purchase a home.?
Through the Moderate Income Purchase Assistance Program (MIPAP), the County can lend up to 25 percent of the purchase price of the property. This second trust mortgage has no payments or interest charged through the 30 year loan period.? When a home-buyer chooses to sell or refinance the property an appraisal of the property will be done to determine if the property has increased in value; if so, then the home-buyer would owe the County the original loan amount plus a proportionate share do the net appreciation, if any.?
The maximum purchase price is $362,790 (for calendar year 2012); with the maximum MIPAP loan amount at $90,700.
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Applications for financial assistance will begin December 3, 2012.? For more information, visit Arlington County?s Housing Division Home Ownership website.
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Source: http://arbourrealty.com/2012/12/03/500000-to-help-first-time-home-buyers-purchase-in-the-county/
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