Virginia’s housing finance authority is adding a new program to serve higher income levels with housing loans in Northern Virginia.
Households that make more than $228,000 a year can now qualify for first-time homebuying assistance in Alexandria, Arlington and other counties or cities near the District. The housing loans help with the down payment and closing costs on a home.
“More buyers will qualify for our loan products,” said Mike Urban, managing director of homeownership at Virginia Housing, the state’s housing finance authority. “It’s not just lower income folks who are struggling to buy a home in today’s market. It’s really the middle income folks who are struggling to buy in this market as well.”
The homebuying program varies by region, with the housing finance authority analyzing housing markets across Virginia each year and announcing limits for applicants’ income, household size and housing sale prices in specific metropolitan areas across the state.
“I mean, the market has changed pretty drastically over the last several years,” Urban explained. “So it tries to keep up with the market.”
The sales price limit for a loan for homes in Northern Virginia also increased to $725,000.
Urban said the state wants to meet the needs of the housing market.
“Home prices have been on the rise, rates are up, and inventory is limited,” he said. “With inflation, the increase in home prices, interest rates — buying a home in today’s market is tough.”
For more information on the different housing loan programs offered in Virginia, check out the Virginia Housing website.
WTOP’s Ciara Wells and Emily Venezky contributed to this report.
