Flexible Homeownership Assistance Program (FHAP)

Flexible Homeownership Assistance Program (FHAP) is a deferred second loan for homebuyers in Alexandria, Virginia. FHAP is the City of Alexandria's primary down-payment and closing-cost assistance program for first-time homebuyers, providing up to $50,000 as a 0% interest deferred-payment second mortgage. Funds are sourced from the city's Housing Trust Fund and HUD HOME pass-through dollars. Administered by the City of Alexandria Office of Housing. Up to $50,000 in down-payment and closing-cost assistance as a 0% interest deferred-payment second mortgage for first-time homebuyers purchasing in the City of Alexandria. No monthly payments. loan is repaid upon sale, refinance with cash-out, transfer, or loss of primary-residence status. Funding comes from HOME, Federal, Local Government, and Housing Trust Fund.

Flexible Homeownership Assistance Program (FHAP) 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.

Flexible Homeownership Assistance Program (FHAP) 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 the National Capital region; 8-hour homebuyer-education certificate required. Residency requirement: Property must be located within the City of Alexandria, VA, and be the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME rules. Property must be located in the City of Alexandria and be the buyer's primary residence. Buyer must be a first-time homebuyer (no ownership in prior 3 years). Household income between $68,500 (1-person minimum) and $179,500 (8-person maximum) tracking 100% AMI for the Washington-Arlington-Alexandria HMFA. Minimum 640 FICO. 8-hour HUD-approved homebuyer education required. Buyer must work with an Alexandria-approved lender.

Flexible Homeownership Assistance Program (FHAP) limits household income to 100% of the area median income, which varies by county and household size. Household income between $68,500 (1-person minimum threshold) and $179,500 (8-person maximum) at 100% 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.

Flexible Homeownership Assistance Program (FHAP) caps the purchase price as follows: Tracks Virginia Housing maximum sales price for the Washington-Arlington-Alexandria HMFA. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Flexible Homeownership Assistance Program (FHAP) serves homebuyers purchasing in Alexandria, Virginia.

Applications for Flexible Homeownership Assistance Program (FHAP) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through City of Alexandria Office of Housing; 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.