Arlington Offers Homebuyers Assistance Program for Qualified First-Time Homebuyers with Modest Incomes
If you have long dreamed of becoming a homeowner, but just need a bit of a boost in order to make your down payment, you’re in luck—the City of Arlington may be able to lend you a hand.
The City of Arlington offers a down payment and closing cost assistance program for qualified first-time homebuyers with modest incomes. For example, a family of four with a household income of no more than $64,650.
The Arlington Homebuyers Assistance Program (AHAP) offers a no-interest, deferred loan of up to $20,000 for income qualified buyers that is forgivable over ten years if you continue to reside in the home.
In an effort to contribute to long-term, sustainable homeownership, applicants are required to complete a series of homeowner education classes, covering topics like budgeting and home maintenance, offered by program administrator Housing Channel.
“There are many families in our community that are in a situation where they have the income to afford to pay the mortgage payments and they can qualify for the mortgage, but they just don’t have the savings to get over that hurdle to provide the down payment and cover closing costs” said Donna VanNess, president of Housing Channel.
Assistance is available on a first-come, first-served basis, so take advantage of the current low mortgage rates and lower home prices and fulfill your dream of owning your own home now.
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