Fairfax County's Silver Lining Initiative Loan Program - formerly Homebuyer Equity Loan Program (HELP)
SILVER LINING INITIATIVE LOAN PROGRAM - FORMERLY HELP
**THIS PROGRAM IS CURRENTLY CLOSED**
SILVER LINING GOALS
- To enable First-Time Homebuyers who fit within the income limits to become homeowners
- To stabilize neighborhoods in Fairfax County where foreclosed properties may be located
WHAT IS THE SILVER LINING INITIATIVE LOAN PROGRAM?
- Provides no-interest, deferred, second trust loan from the Fairfax County Redevelopment and Housing Authority (FCRHA) for 30 years to qualified first-time homebuyers
- Second trust includes both down payment and closing costs assistance
- Be a first-time homebuyer
- Live or work in Fairfax County and purchase a home in Fairfax County
- Be U.S. Citizen or meet certain allowable legal status
- Have a certificate of completion from a homeownership education course such as the Virginia Housing Development Authority (VHDA) homeownership course
- Have 1% of purchase price for down payment and eligible closing costs
The property you purchase MUST BE:
- A single family detached house, townhouse, or condominium
- Bank-owned, foreclosed property
- Used as your primary residence as long as you own the home
SILVER LINING PRE-AWARD LOAN LIMITS
- Maximum sales price - $417,000
- Maximum Silver Lining Loan - $70,000 gap funds plus an additional 6% for down payment and closing costs
- Attend Silver Lining Orientation
- Attend Homeownership Education Class
- Meet with Lender to obtain Conditional Pre-approval letter
- Turn in all documentation. HCD determines your eligibility
Attend Pre-Award session 4 to 6 weeks after documents due
Pre-Award letter is good for six months or until funds are exhausted, whichever occurs first.
PROGRAM RESTRICTIONS REQUIREMENTS
There is a 30-year affordability period that begins when you purchase a
- If the house is transferred or sold at any time during this 30-year period, all Silver Lining funds must be repaid
- There is an equity split between the homeowner and the Fairfax County Housing Trust Fund according to the percentage of funds provided by the Fairfax County Redevelopment and Housing Authority (FCRHA).
- If the selling price is not sufficient for the loan to be paid in full, the balance owed will need to be paid by the seller.
- The FCRHA has Right of First Refusal.
- Buyers must occupy the home as their primary residence. Annual occupancy affidavits by signed purchaser will verify residency compliance with all zoning regulations, and restrictions against purchasing another property.
- After the 30-year period, there is not a split of funds made from the sale, and the Silver Lining Loan amount is forgiven.
Fairfax County is committed to nondiscrimination on the basis of disability in all County programs, services and activities. Special accommodations will be provided upon request. Please allow seven working days for preparation of materials. For information call 703-246-5101 or 703-385-3578 (TTY).