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City Views

City Views presents commentary from staff on the latest projects, initiatives, and successes.

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Jun 17

Looking to Purchase a New Home in the City?

Posted on June 17, 2014 at 4:42 PM by Susan Finarelli

By Kevin Denton, Housing Specialist

For income-eligible first time homebuyers looking for ways to make their purchase affordable, the City of Falls Church offers down payment and closing cost assistance. Now’s the best time to buy affordable homes in the city. The First Time Homebuyers Program is a no interest second mortgage loan for up to 20% of the primary loan with a deferred payment to be repaid upon resale of the home, refinance, discontinuation of primary residency, or payoff of the primary mortgage. Several homes are currently on the market for less than the maximum threshold of $450,000.

Who Qualifies:
  • First-time homebuyers who have not owned a home in the past three years.
  • Priority is given to individuals who live or work in the City.
  • Income may not exceed 120% of the Area Median Income (see below):    

    Number of People in Household 1 - 2 3 or more
    Maximum Household Income for 2014 $120,900 $140,000

The requirements for the program include:
  • Complete the Virginia Housing Development Authority First Time Homebuyers Course.
  • Secure a 30 year or less fixed rate mortgage loan.
  • Occupy the purchased home as the principal residence.
  • Contribute a minimum of 2% toward the down payment or closing costs.
  • Have a credit score of 620 or higher
For more information about the program, visit the Housing and Human Services homepage, call 703-248-5005 (TTY 711), or email HHSinfo@fallschurchva.gov.