Moderate Income Purchase Assistance Program (MIPAP)

What is Moderate Income Purchase Assistance Program (MIPAP)?

Moderate Income Purchase Assistance Program (MIPAP) is a shared-appreciation loan for homebuyers in Arlington, Virginia.

• MIPAP is Arlington County's flagship moderate-income first-time-homebuyer program, providing up to 25% of the purchase price as a shared-appreciation second mortgage. Funds are sourced from the Arlington Affordable Housing Investment Fund (AHIF) and HUD HOME pass-through dollars. The program is administered by CPHD's Housing Division. Maximum purchase price $500,000. Borrowers repay at sale, refinance, or transfer, returning the original principal plus the county's proportional share of appreciation.
• Up to 25% of purchase price as a shared-appreciation second mortgage to assist moderate-income first-time homebuyers purchasing in Arlington County. Loan is interest-free with deferred payments.
• repaid at sale, refinance, or transfer of property along with a proportional share of appreciation equal to county's share of original purchase price.
• Funding comes from HOME, Federal, Local Government, and AHIF.

How much assistance does it provide?

Moderate Income Purchase Assistance Program (MIPAP) provides assistance worth 25% of the purchase price, as set by the program.

• Buyer contribution: Minimum 1% of purchase price from borrower's own funds.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Moderate Income Purchase Assistance Program (MIPAP) is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Shared-appreciation second mortgage repayable upon sale, refinance, transfer, or loss of primary-residence status. Repayment includes original principal plus county's proportional share of property appreciation.
• 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?

Moderate Income Purchase Assistance Program (MIPAP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Moderate Income Purchase Assistance Program (MIPAP) limits household income to 80% of the area median income, which varies by county and household size.

• Household income between $86,640 (1-person minimum threshold) and $163,440 (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?

Moderate Income Purchase Assistance Program (MIPAP) caps the purchase price at $500,000.

• Eligible property types include Single-family detached, Townhouse, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Moderate Income Purchase Assistance Program (MIPAP) serves buyers purchasing in Arlington, Virginia.

How do you apply?

Applications for Moderate Income Purchase Assistance Program (MIPAP) 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; AHC, Inc. and Virginia Cooperative Extension homebuyer education classes accepted..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application through Arlington County CPHD Housing Division; 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.