mortgage leadership options day
When the clients sell or refinance, they pay the second trust amount plus a portion of the home’s appreciation. The unique feature of the program is that you don’t have to live or work in Arlington to be eligible; you just have to buy a home there. The income limit is no more than 80 percent of the area median income and the purchase price ceiling for utilizing this program’s down payment is $362,790. The average loan amount is $70,000. Funding through MIPAP is available by lottery. To apply for any Arlington County Program, the borrower needs to submit a homebuyer’s assessment form. This is a onepage intake form to determine whether they qualify for Arlington County or VHDA programs. Borrowers are required to take the VHDA homeownership education course, have a minimum credit score of 620, and get a good faith estimate from a mortgage lender showing that they qualify for a first trust that can be from VHDA, VA, FHA or a conventional lender. Like Alexandria, Arlington has a program for city and public school employees called Live Near Your Work. It offers a forgivable loan for 1 percent of the purchase price of a home in Arlington County. The loan, which can be for as much as $5,000, is forgiven over a three-year period as long
as the buyer remains in the property and continues to be employed by Arlington County. Myrick works to ensure that all of Arlington’s population knows about its affordable housing programs. Many young professionals assume that they would not qualify for these programs. To raise their awareness, the County, working with VHDA and some lending partners, sponsors a series of housing expos and training sessions called “Housing for Hipsters.” Social media is used to attract young professionals. Myrick noted that these events are great opportunities for Realtors®. Their last event attracted 175 people. Ninety percent of them were 35 years old or younger with incomes from $30,000 to more than $130,000.
Washington, D.C.: Using Tax Credits to Make Housing Affordable Unlike the other localities panelists mentioned, D.C. offers tax credits in addition to second trust funding and counseling services. In D.C., says Brenda Small of Prudential PenFed Realty, there is considerable overlap in services and there is no single source for information. Mortgage Options, continued on page 37
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NVAR Realtor® update
May :: June 2012
Contact Tom today for financing options o: 703.564.9117 c: 703.472.4242 or tspengler@firstphc.com http://go.nvar.com/1203 35