Welcome to the one stop shop for Housing Opportunity programs in Prince William County, Manassas, Manassas Park, Virginia and the Nation. Please provide this information to you clients to aid them in the home buying process.

PW County Office of Housing and Community Development
Contact: Teresa Giesting or Kathi Tyrrell
15941 Donald Curtis Dr.
Woodbridge , VA 20108
Phone: 703-792-7535, 703-792-4392
Email: TGiesting@pwcgov.org, KTyrrell@pwcgov.org
 

Homeownership Assistance Program (HAP)

Designed for low-income first time homebuyers. Provides a deferred loan up to $35,000 for down payment and closing costs. Qualifications - Income, interest rate, and property eligibility.  Requirements -  applicant must live or work in Prince William County for at least 6 months, attend financial counseling and homeownership training.

HomeStretch Program

Prince William County will be participating in the (VHDA)'s new Home Stretch Program. Home Stretch is a special housing finance program aimed at assisting those who work in the County to purchase their first home or to relocate to the County.  (This program does not apply to persons working in the cities of Manassas or Manassas Park.)   Prince William County has received an allocation of this special second trust fund program which will be used to fund closing costs and down payments to enhance the affordability of the home  purchase.  The Home Stretch Program provides a 30 year second mortgage up to $20,000 with no interest or payments due in the first 3 years.  The elimination of the interest and payments during the first 3 years increases affordability for the borrower.  Loan payments begin in fourth year at an interest rate of 5%

Manassas Housing Trust Fund, Inc.
Contact: Joan S. Duckett    
8955 Center St.
Manassas , VA 20110
Phone: 540-341-0280
Email: jduckett@erols.com

 Manassas Housing Trust Fund, Inc. Homeownership Program

Housing Program designed for low to moderate income first time homebuyers, who wish to purchase in the City of Manassas.  The MHTF provides a deferred loan in the form of second deed of trust up to $ 25,000.00 for downpayment and closing costs assistance. There are educational classes required to include budgeting, homeownership and avoiding financial Trouble.  The client must be income eligible, have good credit, good job stability and property must  meet eligibility requirements. 

Habitat For Humanity
Contact: Habitat for Humanity
Prince William County, Manassas & Manassas Park
P.O. Box 3111
Manassas, VA 20108-0920
Phone: 703-369-6708
Fax: 703-393-2878
Email: h.humanity@gte.net 

 Habitat houses are sold to partner families at no profit, financed with affordable, no-interest loans. The homeowners' monthly mortgage payments are used to build still more Habitat houses.  Habitat is not a giveaway program. In addition to a down payment and the monthly mortgage payments, homeowners invest hundreds of hours of their own labor -- sweat equity -- into building their Habitat house and the houses of others.

Virginia Housing Development Authority (VHDA)
Contact: Janice Burgess    
601 S. Belvidere St
Richmond , VA   23220
800-227-8432 or (800-968-7837)
 Email: janice.burgess@vhda.com
Website: www.vhda.com

Fixed Rate Loans

Obtain 30-year loans at lower rates than through standard conventional programs; Available as Conv. Uninsured or w/ PMI , FHA, VA, or Rural Development loans; Temporary buydowns are avail. (Conv. Loans over 100% loan to value are not eligible) Loans up to 100% for FHA, VA, and Conventional (**may be subject to a recapture tax check with a tax advisor or IRS)

Step Rate Loans

Lower interest rates in the first 2 years of a loan term. (2% first year – 1% second year); In the 3-30 years the rate is fixed and is ½ percent above the standard; 100% maximum loan to value (**may be subject to recapture tax check with a tax advisor or IRS)

Regional Loan

Below market rate mortgage loans to lower-income (60% below median) first time homebuyers for primary residence; Down payment and closing costs assistance may be available.

FHA Plus Loan

VHDA financed – FHA insured program for qualified borrowers who need down payment assistance; Borrower must have minimum 1% of sales price (cash) available.

Second mortgage is limited to 5% of the sales price or appraised value (whichever is less); Interest rate for first and second mortgage is ½ % above VHDA standards for 30 years; All applicants must complete VHDA approved homeownership educational program. (** may be subject to recapture tax check with a tax advisor or IRS)

VHDA Flexible Alternative

Slightly higher interest rates in return for many benefits:

·          No down payment or mortgage insurance required

·          Lower monthly payments and expanded qualifying ratios

·          Flexible pricing options and tax advantages

VHDA Flexible Alternative Home Enhancer

(**Same guidelines as flexible alternative)

Up to 5% of sales price for improvements, repairs or upgrades (5% of appraised value for refinances);  Interest rate charged on the loan will be .25% above standard FA rate; Improvements to be done within 120 days of closing (an extension may be requested.)

VHDA Fresh Start

Designed for people with past credit issues; Must comply with extensive pre and post purchase counseling; Must meet all VHDA first time homebuyer requirements; Interest rate will be same as 1st time homebuyer programs; Must meet fresh start credit requirements; Originating lender must get PMI insurance from GE Mortgage Insurance.

Sponsoring Partnerships and Revitalizing Communities (SPARC)

Below market rate loans for first time buyers through special allocations made to local housing groups.

Flexible Alternative Condo Loan:

For buyers wishing to purchase a unit in a development that does not meet the secondary market investors’ requirements; Loan to value will be 97%; Interest rate will be the same as other Flexible alternative loans; ADDITIONAL DISCOUNT POINT CHARGED; NOT eligible for Delegated Underwriting.

 VHDA Homeownership Education:

Designed to prepare first-time homebuyers for homeownership and all the important choices relating; Topics discussed include – knowing your financial situation, credit and credit issues, choosing a REALTOR®, the roll of the lender, why you may want a home inspection, and understanding loan closing.

Housing and Urban Development/Federal Housing Administration (HUD/FHA)

Officer/Teacher Next Door Program

The homes available for this program must be in a designated "Revitalization" area which will be indicated on the First Preston website listings. The program has many restrictions. Complete information may be found on the HUD website as follows: www.firstpreston.com  Click on Community Advancement Programs (on bar at top.)

Nehemiah Program

Homebuyers—Customer Service
Phone: 1-877-634-3642
Fax 1-916-923-2457
Email: dap@nehemiahprogram.org

Real Estate Professionals - Marketing
Phone: 1-877-634-3642
Fax 1-916-923-2457
Email: dap@nehemiahprogram.org

Down Payment Assistance Program

Gift funds to qualified homebuyers anywhere in the U.S. who purchase participating homes using an eligible loan program such as Federal Housing Administration.  No repayment is necessary.  Designed for first time homebuyers but not limited to first time buyers. Gift money of 1% to 6% of the contract sales price or a flat.

Ameridream Downpayment Gift Program

Contact: Chris Russell
Chief Executive Officer
The AmeriDream Charity, Inc.
18310 Montgomery Village Ave., Ste.300
Gaithersburg, MD 20879
Phone: 301-977-9133 

Ameridream Downpayment Gift Program

Designed for low to moderate income homebuyers who need financial assistance in connection with home purchase. Qualifications:  Builders/Sellers must agree to the terms of the Seller Enrollment Form and pay a service fee up to 5.75% of contract sale price.