Maximum income limits are based on 70% of the current median income for the Washington D.C. Metropolitan Statistical Area. All sources of income for all adult household members should be reported.

FIRST-TIME HOMEBUYERS PROGRAM INCOME LIMITS
February 2008

Income from wages of full-time students who are age 18 and above and dependents will not be counted if verification of full-time student status is provided. You must also provide verification of the income to be excluded.

A first-time homebuyer is someone who has either never previously owned a home or who has not owned residential property in the past three years. If anyone in your household previously owned a home within the last three years, you are not eligible to participate in the sales program.

This waiver may apply to someone who has owned residential property within the most recent three year period if they owned the property with a spouse and the property had to be sold as a result of a divorce. Documentation would have to be presented to verify qualification for a waiver.

Yes. You will need to contact the Internal Revenue Service (IRS) at 1-800-829-1040 and request a summary for the items you are missing.

Your application must include a copy of your most recent federal income tax return with all attached schedules for each family member filing a return and W-2 forms. Copies of the three most recent paystubs for every wage earner in the family, verification of child support/alimony, and other sources of income, if applicable, are also required.

If you are self-employed, you must submit income and expense information for the most recent three-month period along with two years of federal tax returns with required schedules.

Probably not; tax returns are not used to determine your current income. Your tax return is used to verify other information on your application.

An executed copy of your divorce decree will serve as verification in case of divorce; in case of death, a death certificate.

No.

You must provide documentation to verify the date of your entry into the U.S. (a copy of immigration approval) and a letter from the IRS that you did not file a tax return after you have obtained a Social Security number or a tax identification number.

Yes, however, you must provide documentation to verify that they live with you, i.e., school records and/or your custody agreement.

You can have your employer verify your gross annual income and year to date (YTD) earnings on company letterhead, or request your employer to complete an Income Verification form (available from our office).

All of the properties offered through the FTHB program are located throughout Fairfax County. These properties are located in many new home communities as well as established communities.

You should only apply for those drawings for homes that you would be willing to purchase.

No, not unless you have signed a sales contract. In that case, it is the developer’s option whether to release you from your obligation to purchase under the contract. If you have not signed a contract of sale and something happens, you need to inform the builder or owner that you are no longer interested in the property. Your name will be removed from the drawing. This action will not adversely affect your opportunity in the next drawing.

Only drawing winners will be notified by mail within one week of the drawing. Please do not call the Department of Housing. Due to volume of applicants, we cannot respond to individual inquiries. Additionally, the drawing list is sent to the builder or owner the same date the drawing is conducted. In some cases you may receive a telephone call from the builder or owner before you receive your letter.

No. You will need to secure your own financing. For new developments, the builder is required to contribute up to 3% of the sales price toward closing costs. Regardless, you will need cash funds to go to closing. We strongly recommend that you contact a lender to get pre-approved for a loan before you submit a drawing application.

Yes. There are a number of organizations that provide homebuyer education programs. The Virginia Housing Development Authority (VHDA) offers homebuyers’ classes at a number of sites. You may contact the VHDA at 1-888-643-2696 for more information on the dates and sites for these classes. Homeownership education is critical to making sound decisions about buying a home.

You must be income eligible at the time of purchase. While your Certificate is good for one year, changes in income and family size may affect your eligibility at any time. Report all changes immediately so that the Department of Housing can make a determination of your continued eligibility.

Yes. Your home can be resold anytime. However, during the thirty-year (30) control period, the resale is subject to certain restrictions that are recorded with your deed. Make sure you clearly understand what controls are placed on the property. These controls are summarized in the First-Time Homebuyers brochure and are recorded in a covenant that is attached to your sales contract.

Yes. However only structural improvements can be counted toward the calculation of the resale price. Structural improvements include adding a deck, family room, bathroom, or patio. Replacements and upgrades do not count as structural improvements. Be sure that you keep all receipts, permits, and inspection reports to document your structural improvements.

Yes. Just be aware that upgrades such as carpeting, cabinets, etc. are for your enjoyment and do not count toward the resale price under this program.

No. The home must be occupied by the purchaser(s) as their primary residence. There are no provisions for renting. Additionally, owners of affordable dwellings units must execute a yearly affidavit certifying occupancy. Owners who fail to submit an executed affidavit and/or fail to reside in the home may be fined fifty ($50) dollars per day.