If you are looking in Arlington and haven’t yet saved up the money for a down payment or closing costs, Arlington County has a program that may help. Arlington’s MIPAP program offers a deferred 0% interest rate loan to first-time homebuyers to help cover a down payment or closing costs of up to 25% of the purchase price. You make no monthly payments on the subordinate loan from the County until you sell or refinance. The County does get a shared interest in any potential appreciation of the property down the road when you go to sell or refinance. At the sale, you split any appreciation, up to 25% (determined by an appraisal), proportionally with the county in addition to paying off the original loan. If the property hasn’t appreciated, you simply repay the original loan, interest free.
- Moderate income, currently limited to $62,100 for 1 person or $69,920 for a household of 2
- Property must be located in Arlington County
- Buyer must contribute at least 1% as a down payment
- Maximum purchase price is $362,790, maximum loan amount is $90,700.
If you are interested in learning more about this or other programs available to homebuyers, please do reach out. We are happy to help you understand your options and find the right place for you.