Arlington County Helps Low to Mid Income Family Purchase Homes.
by arbourrealty.com on May 4, 2009
Arlington County home prices doubled to a medium of $537,500 in 2008, which is great news for Arlington Home Owners. Unfortunately the
rapidly escalating home values are pricing low and middle income families out of the area.
In a new attempt to help all income levels afford to purchase a home in Arlington, Arlington County has increased their already existing plan to help low income and first time buyers. Apparently, Arlington have always had this assistance program for Low Income and First Time Buyers. The new revised plan provides up to 25% of the purchase price, with a cut off at purchase price limit of $362,790.
The revised changes to the plan also do not require the buyer to make monthly payments or pay interest on the loan amount, but simply states that once the home owner re-finances or sells the home, then the full principle amount needs to be re-paid. As an incentive for the home buyer to repay the loan amount quickly, Arlington County’s revised assistance program for low income and first time buyers, states that the home owner must give the Arlington County 25% of the appreciation value of the home. Once the loan is repaid the home owner is free to keep 100% of their homes appreciation.
I am sure you are all wondering what Arlington County is planning on doing with the money that is earned from the home appreciation. Arlington County will be reinvesting this money back into the program to provide further low income families with loan assistance for the purchase of their home.
Click here to read more about the Arlington County Assistance Program Low to Middle Income Families and First-time Homebuyers.
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