Assistance available for first-time homebuyers

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Assistance available for first-time homebuyers
The Alexandria Office of Housing will provide an equity loan to first-time homebuyers looking to purchase 4862 Eisenhower Ave., #158. (Courtesy Photo)
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By Liana Hardy | [email protected]

Alexandria’s Office of Housing will provide an equity loan of up to $75,000 for first-time homebuyers looking to purchase 4862 Eisenhower Ave., #158.

The one-bedroom, one-bathroom house, located at Exchange at Van Dorn Condominiums, is priced at $262,634. The Office of Housing recently increased the city’s shared equity loan, provided through Alexandria’s Flexible Homeownership Assistance Program, from $50,000 to $75,000.

To be eligible to purchase the house, homebuyers must live or work within the City of Alexandria and have a gross household income below the area median income. For one-person households, this means an income of less than $99,700, while two-person households must be below $113,900, three-person households below $128,100 and four-person households below $142,300.

Condominium amenities include a pool, billiard room, clubhouse, indoor basketball court and two fitness rooms.

The home is also eligible for a reduced mortgage interest rate through Virginia Housing’s Sponsored Partnerships & Revitalizing Communities program. To qualify for the SPARC program or Alexandria’s FHAP program, participants must complete a Virginia Housing-sponsored homebuyer training class and a two-hour individual counseling session.

Homebuyers with questions about the property can contact the listing agent Jenny Betres Kirkland at 703-535-3610 or the Office of Housing’s Vicente Espinoza at 703-746-3087.

[email protected]

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