FAIRFAX COUNTY, Va. (WDVM) — Qualified first-time homebuyers in Northern Virginia can now receive some extra assistance in purchasing a property.
The Fairfax County Redevelopment and Housing Authority (FCRHA) was awarded an allocation of $10 million to help buy down the interest rates by 1%.
The funding, set aside from Virginia Housing through the Sponsoring Partnerships and Revitalizing Communities Program (SPARC), can reduce interest rate mortgage loans originated through the organization, as well as their monthly mortgage payment.
Ben Boxer from the Fairfax County Department of Housing and Community Development says the program will set home buyers up for success for the future.
“These funds, available through the SPARC program, represent a tremendous opportunity for first-time home buyers to get a foothold in what is a challenging housing market here in the county,” said Boxer.
The county recommends contacting Virginia Housing to find a lending partner as a first step.
“First-time homebuyers interested in learning more about the availability of these funds and their eligibility may contact a Virginia Housing lending partner listed on their “Find a Lender” web page,” read a press release about the program.
The maximum sales price for new and existing homes under the program is $500,000.