Please Note:
Home Stride Funds Available
As of August 1, 2007, Fairfax County has been awarded an allocation of $1,750,000 in Home Stride funds.

Home Stride
Home Stride is a loan program available to first-time homebuyers using a Virginia Housing Development Authority (VHDA) loan product for their first trust mortgage. Home Stride allows eligible buyers to borrow up to the lesser of 10% of the sales price or $25,000 to pay downpayment and closing costs. Payments and interest are deferred for the first 3 years of the loan. After this deferment period, the interest rate of the loan is 5% for the remaining 27 years of the loan. The loan has no pre-payment penalties and can be paid in full at any time.

How does Home Stride work?
The VHDA has provided the Fairfax County Department of Housing and Community Development (VHDA) $1.75 million of funds to be used to help eligible first-time homebuyers with their downpayment and closing costs. While these funds are awarded to Fairfax County DHCD, the County does not directly loan these funds to homebuyers. Instead, the VHDA underwrites these loans through private lenders. Fairfax County DHCD is responsible for seeing that these funds are loaned to eligible homebuyers for eligible home purchases. These funds are available until June 30, 2008 or until all of this money is loaned to home buyers.

How do I use Home Stride for my down payment and closing costs?
To use Home Stride for your down payment and closing costs, you must have a home to purchase. Once you have found a home to purchase and signed a sales contract, you will need to apply for your mortgage. When you meet with your lender for your mortgage application, you should notify him or her that you intend to use Fairfax County's Home Stride program to assist with your downpayment and closing costs.

Your lender will need to fax Fairfax County DHCD a reservation form requesting that some of the County's Home Stride funds be used for your downpayment and closing costs. In addition to the reservation form, he or she will need to submit copies of the following documentation:

• Your sales contract for the property you are purchasing
• Your loan application (called a Uniform Residential Loan Application)
• Your current VHDA Homeownership Education certificate

All reservations are reviewed within 2 business days of receipt. If you are also using the SPARC program for your first trust mortgage, both forms should be submitted together (using the same documentation).

How do I apply for Home Stride?
The Home Stride application process is completed along with your mortgage application process. All reservation forms must be submitted by a mortgage lender and funds are only reserved for pending sales on properties with a ratified sales contract. Home Stride funds cannot be reserved in anticipation of a purchase at some indeterminate future date.

Because of these restrictions, the only application step for eligible buyers interested in using Home Stride is informing their mortgage lender. If your lender has questions or needs a copy of the reservation form, have them visit our website and click on the 'LENDER INFORMATION' link in the Quick Links tool bar.

Home Stride Eligibility
Home Stride loans are available if you and the home you are purchasing meet the following eligibility requirements:

• You must be using a VHDA loan product for your first trust mortgage.
• You must live and/or work in Fairfax County (Fairfax and Falls Church Cities excluded).
• You cannot have owned a home for the past three years.
• You must have a current VHDA Homeownership Education certificate.
• The home you are buying must be located within Fairfax County (Fairfax and Falls Church Cities excluded).
• The home you purchase must be you primary residence (you cannot buy vacation, second, or investment properties)

VHDA Eligible Loans
The VHDA offers a variety of loans programs which are eligible for use with the Home Stride program. However, please note that the following VHDA loans cannot be used with Home Stride: FHA Plus, 1st Choice Interest Only Loan, and Flex/Alt. Learn more about the VHDA's loan programs or visit the VHDA website at www.vhda.com.

Download and/or print a copy of the Home Stride brochure

Download and/or print a one-page information sheet about the Home Stride program

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).