First Time Homebuyers Program (FTHB)

First Time Homebuyers Program (FTHB) is a deferred second loan for homebuyers in Prince William County, Virginia. Prince William County's First Time Homebuyers Program (FTHB) provides up to $15,000 as a 0% interest deferred-payment second mortgage for first-time homebuyers purchasing primary residences in Prince William County. Funds are sourced from HUD HOME and CDBG pass-through dollars and from county general fund appropriations. Administered by Prince William County Department of Housing and Community Development. Up to $15,000 in down-payment and closing-cost assistance for first-time homebuyers purchasing in Prince William County. Provided as a 0% interest deferred-payment second mortgage. No monthly payments. repaid upon sale, refinance with cash-out, transfer, or loss of primary-residence status. Funding comes from HOME, CDBG, Federal, and Local Government.

First Time Homebuyers Program (FTHB) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Deferred 0% second-mortgage repayable in full upon sale, refinance with cash-out, transfer, or loss of primary-residence status. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

First Time Homebuyers Program (FTHB) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership of residential real estate in prior 3 years). On credit, the program states: 640 minimum FICO. A homebuyer education course is required, through HUD-approved housing counseling agencies serving Prince William County; 8-hour homebuyer-education certificate required. Residency requirement: Property must be located within Prince William County, VA (or applicable cities of Manassas / Manassas Park) and be the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME / CDBG rules. Property must be located in Prince William County (or the cities of Manassas / Manassas Park where applicable) and be the buyer's primary residence. Buyer must be a first-time homebuyer (no ownership in prior 3 years). Household income between $74,800 (1-person minimum) and $141,000 (8-person maximum) tracking 80% AMI for the Washington-Arlington-Alexandria HMFA. Minimum 640 FICO. Minimum borrower contribution $1,000. 8-hour HUD-approved homebuyer education required.

First Time Homebuyers Program (FTHB) limits household income to 80% of the area median income, which varies by county and household size. Household income between $74,800 (1-person minimum threshold) and $141,000 (8-person maximum) at 80% AMI for Washington-Arlington-Alexandria HMFA. Updated annually. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

First Time Homebuyers Program (FTHB) caps the purchase price as follows: Tracks Virginia Housing maximum sales price for Prince William County. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

First Time Homebuyers Program (FTHB) serves homebuyers purchasing in Prince William County, Virginia.

Applications for First Time Homebuyers Program (FTHB) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through Prince William County Department of Housing and Community Development; first-come, first-served subject to annual funding. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.