DC’s leading “DC Open Doors” $0 Down Program has a close cousin across the line in Northern Virginia. The VHDA (Virginia Housing Development Authority) has a Down Payment Grants program live for qualified buyers. The state-funded program started quietly in Spring 2015 with a $5 million allocation for down payment funding. The initial expiration date and review period on the program is 9/30/2015 (this September!). The program still has some funding still available, so it’s important to go after it soon if you want a chance at using the funds.”
“This program may or may not continue past September 30. We have a huge amount of real world experience with these funded programs in Maryland and DC. Maryland had several programs go in and out of existence in a 6 month period with Double Play and Triple Play, and now has fallen back to the standing Maryland MMP Mortgage program. DC’s program started in 2013 and is moving along strong. They recently announced $100 million in funded mortgages over 2 years and there’s no announced end in sight. We’ll see how NOVA plays its hand with $0 Down and extensions,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company.
The VHDA program is called a 3% Down Payment Assistance Grant. It lets qualified buyers receive up to 3% of their purchase price (up to $500,000 sales price) as a forgivable Down Payment Grant. “Forgivable” means it’s not a loan and you do not have to ever back these funds. It is essentially, free money. “The main qualifier is your income. If you’re in Northern Virginia including Arlington/Ballston/Rosslyn, you can be single or in a 2 person household and earn $97,520 per year on your tax return. For 3 or more household members, the limit is $113,840.
How do you start using this program? We’ve set up an informational website with pre-enrollment for assistance that is available here. “We’ve set up one of our popular financing portals for the VHDA $0 Down program. You can pre-enroll in our pipeline for assistance, and can see all of our upcoming Free Workshop dates. It’s best to get in contact right away. September 30 is a close deadline,” said Gerard.
UrbanLand Company offers free Buyer Workshops on Tuesdays and Saturdays that explain area $0 Down and other low Down Payment programs that are available. “We go over the basic program information and then we spend a lot of time on HOW to successfully use the mortgages. There’s an art and a science to using 100% financing programs when actually trying to purchase a home. There’s certain things 100% financing buyers must know re: competing with buyers using traditional financing for homes. $0 Down is great but only when you actually win on offers on homes or condos,” concluded DiRuggiero.
To confirm the next Workshop dates, please RSVP by email. Space can be limited!