Flexible Homeownership Assistance Program (FHAP)

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Flexible Homeownership Assistance Program (FHAP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies serving the National Capital region; 8-hour homebuyer-education certificate required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application through City of Alexandria Office of Housing; 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.