Downpayment Assistance Available Throughout the Valley
The Downpayment Assistance program administered by People Incorporated of Virginia creates opportunity for first-time homebuyers. The funding may be used for closing costs and downpayment, which can be two major hurdles for first-time buyers.
People Incorporated’s President and CEO, Rob Goldsmith, explains that, “homeowners’ net worth is much greater than renters’ net worth. When homeownership is a good fit for a household, it is a successful way to help families build wealth. Pair this with the information that most Americans have only the equity in their home to supplement their social security benefits, and the importance of sustainable homeownership is unmistakable.”
The program serves eligible homebuyers on a first-come-first-served basis within their service area of Clarke, Frederick, Page, Shenandoah, and Warren Counties. The amount of assistance is capped at the lesser of either 10% of the sales price or $7,500. These funds can cover closing costs, or they may serve as a downpayment, and sometimes they help with both. This is secured as a second, interest-free lien against the property that is forgiven when the borrower fulfills the affordability period. Funding for the program will continue until all funds are committed.
Qualified households are first-time homebuyers, which includes Virginia residents who have not owned a home within the last 3 years. Eligible households also must contribute a minimum of 1% of the sales price toward the purchase, have the ability to receive a home loan as determined by a lender, complete a free homebuyer class, and earn a low or moderate income. The property being purchased must also meet program requirements.
For more information about homeownership contact our Homeownership Counselor, Valerie Roth, located at People Incorporated’s Woodstock office at 540-459-9096, email firstname.lastname@example.org, or visit the website: http://www.peopleinc.net/