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Alexandria launches program for first-time home buyers

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Alexandria has announced a program to encourage first-time home buyers to settle in the city .

The effort is called the Community Homeownership Revitalization Program. The new funding program does not require repayment.

Alexandria was awarded $4 million through a competitive solicitation administered by the Virginia Housing Development Authority. Alexandria’s new funding only applies to VHDA mortgages and can reduce VHDA loans to 1 percentage point less that the state agency’s published first-time home buyer mortgage rate.

To qualify for Alexandria’s new funding, prospective homebuyers must meet the following criteria

·         Have lived or worked in Alexandria for six months before requesting the funding;

·         Have an annual household income at or below 100 percent of the area median, which ranged from $82,100 for a household of one to $126,600 for a household of five in 2018, according to Alexandria;

·         Be a first-time homebuyer;

·         Receive a first trust VHDA mortgage from a city of Alexandria-designated “Participating Lender;” and

·         Purchase a home located within the city of Alexandria.

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