First Time Homebuyers Program (FTHB)

What is 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.

Do you have to pay it back?

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.

Who qualifies?

First Time Homebuyers Program (FTHB) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies serving Prince William County; 8-hour homebuyer-education certificate required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application through Prince William County Department of Housing and Community Development; first-come, first-served subject to annual funding., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.