Down Payment Assistance Grant for Alexandria VA Buyers
Down Payment Grant - One of the biggest hurdles that first-time buyers face is saving money for the down payment. The Virginia Housing Development Authority (VHDA) is removing this hurdle by offering Down Payment Assistance grants. VHDA has set aside $5 million for this program, but buyers will have to act quickly, these funds are only available until June 30, 2015 and are awarded on a first-come, first-serve basis.
Grants will be limited to 3% of the lesser of the purchase price, or the appraised value. This is a significant help to renters who are saving up for the down payment. In many cases, the closing costs can be negotiated and paid by the seller, but when the Alexandria VA real estate market heats up, things get more competitive, and buyers vying for the same home will want to make offers as attractive as possible, and that means not asking for seller concessions. With grant funds being used toward the down payment, buyers won't have to worry about possibly missing out on a home.
Another benefit of this grant is the borrower is under no obligation to repay, this is not a loan or any type of lien against the property. If you are buying a home in Alexandria VA, call me today at 703-623-8759 to see if you qualify, or complete this form for additional information.