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City of Alexandria

 

HAP

  • No interest loan up to $50,000
  • Exception for teacher/city government employee
  • Income/net worth limits apply
  • $362,790 maximum purchase price
  • Lived or worked within city limits for 6 months or more
  • Buyer must take class prior to contract date
  • Buyer must contribute $2,000 of own funds
  • 99 year deferred payment financing

 

Moderate Income Ownership Program

  • $399,600 maximum purchase price
  • Buyer must take class prior to contract date
  • Other benefits for police
  • May be used with FHA fixed, VA, Rural Housing, and conventional
  • First time homebuyers only (past 3 years)
  • Primary residence only
  • Front ratio not to exceed 32%
  • Uses FHA guidelines
  • Loan up to $30,000 (condo conversion up to $40,000)
  • Buyer must contribute $3,000 of own funds
  • 99 year deferred payment financing
  • VHDA homeownership education class required
  • Net worth may not exceed 50% of sales price
  • Lot size not to exceed 2 acres
  • Back ratio not to exceed 40%
  • 620 mid-score required

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