Get Up To 75000 For Closing

Dated: 03/16/2016

Views: 698


Prince William wants to help residents buy a home.

According to a Prince William County Government release, the county has a program – called the ‘First-Time Homebuyer Program – that monetarily assist residents in Prince William, Manassas, and Manassas Park that want to buy a home.

Applicants can receive up to $75,000 to go toward purchasing a home, if they meet program criteria, and fall within an income range, according to a release.

Funding for the program comes from the U.S. Department of Housing and Urban Development (HUD), stated a release.

More on eligibility requirements and funding, from a release:

To be eligible, prospective first-time homebuyers must have agross household income that does not exceed 80 percentof the area median income as determined by HUD.

Families with a gross income that is at or below 60 percent of the area median income could be eligible for up to 33 percent of the selling price with 30 percent going toward a down payment and 3 percent going toward closing costs, Duckett said. People with a gross income of more than 60 percent but less than 80 percent of area median income could receive up 23 percent of the selling price of the house with 20 percent going toward the down payment and 3 percent going toward closing costs.

People who participate in the program must also be willing to attend some classes to get up to speed on certain aspects of buying a home, such as working with lenders and realtors, finding the right property, financing, budgeting and maintaining a home, Duckett said.

“As one of the eligibility requirements for the program, there are educational and financial classes that are required. Those are given through Prince William County’s Virginia Cooperative Extension Office in a classroom setting. A certificate of completion is provided, and that certificate of completion is part of the eligibility requirement,” said Duckett.

In order to qualify as a ‘first-time’ homebuyer in the program, residents cannot have purchased or owned part of a home within the last three years, stated a release. Co-signing a home loan or inheriting property in that timeline would disqualify individuals from the program, according to a release. Residents also cannot rent the property out, and must live in the home where county funds from the program were used, stated a release.

According to Prince William Community Planning and Development division chief with the Office of Housing and Community Development Joan Duckett, if the residents stay in the house until the mortgage is paid off, then the county will not ask for any of the funds back.

“If you occupy for 30 years, the money becomes a gift,” stated Duckett in a release.

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Chuck Rifae

Chuck Rifae has been a leading Northern Virginia Realtor since 2002. Chuck holds the advanced designation of Broker of Real Estate for both Maryland and Virginia. When Chuck is not working with buyer....

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