August 24, 2006
First time home buyers in Albemarle County have another tool to help them afford that new home.
The HomeStride Program offers moderate income households up to $20,000 in down payment assistance. The program is sponsored through the Virginia Housing Development Authority. Housing Director Ron White said this program will help some not eligible for other programs.
"This is a little bit of an expansion over most of our government funded programs that we have had in the past, whether federal, state, or locally funded program where we have had to use a lower income limit," explained White.
The income to be eligible for this program is $63,300 or less for two person families and $73,300 or less for three person families. The potential buyer must use a VHDA approved lender which includes a low fixed rate mortgage.