First-Time Homebuyers Program


Development:

PENDERBROOK SQUARE
3920 Penderview Drive #324
Fairfax, VA 22033

3920 Penderview Drive #324

Sales Price:

 $186,700

(Purchaser must meet the income & underwriting criteria of the First-Time Homebuyers Program and be able to obtain a 1st Trust loan for at least $112,300)

Note: This is NOT an Affordable Dwelling Unit (ADU) property. As such, it is NOT subject to the same restrictive covenants and is therefore being sold at market value. Its future value will be determined by market pricing instead of controlled pricing as is the case with the ADU properties.

The Fairfax County Redevelopment & Housing Authority (FCRHA) will offer the purchaser of the property a 2nd trust in an amount up to $74,400. The 2nd trust will serve as gap financing equal to the difference between the 1st Deed of Trust amount that the Purchaser obtains from a lender and the purchase price of the property. This gap financing will be a recorded 2nd Deed of Trust. Again the amount of the 2nd trust will be up to $74,400. The Purchaser will not have to make any payments on the 2nd trust until the property is sold or transferred.

When the Purchaser sells the property, they will be required to split the resulting equity from the sale with the FCRHA. The equity split is based on the purchaser’s percentage of funds in the sales price and the FCRHA’s percentage of funds provided in the 2nd trust.

The Purchaser must occupy the property as their primary residence and provide an occupancy certificate to the FCRHA each year. They must also first offer the property to the FCHRA when they decide to resell it.

Bedrooms:

 1

Bathrooms:

 1

Square Footage:

 700

Estimated Down Payment and Closing Costs:

*$13,069

*may vary according to lender and type of loan and credit score and reserves; estimate is based on required downpayment of 3% and up to 4% for closing costs.

This estimate includes a $1,000 Good Faith Deposit which will be required at the time the contract is signed

Homeowners Assoc./Condo Fees:

$249 per month which includes water, trash, parking, pool, community center & exercise room, snow removal, grounds maintenance.

Good Faith Deposit

$1000.00

Features:

  • Beautifully Maintained 2nd Floor Unit. Renovated within the Last 6-Years

    Fantastic Living Room with Laminate Hardwood Floor, Woodburning Fireplace & Sliding Door to Large, Peaceful Balcony Looking onto Trees

    Updated Kitchen with Newer Appliances, Maple-Wood Cabinets & Corian Countertops

    Nicely Painted Bedroom is Carpeted and has a Large Window, Tray Ceiling & Ceiling Fan giving it a Sense of Spaciousness

    Large Bathroom with Nice Tile, Cabinets and Countertop

    Stackable Washer/Dryer Conveniently Located in Bathroom

    Security system (requires activation & monthly fee)

    Community Pools, Fitness Centers, Golf Course (Discounted Green Fees), Clubhouses, Basketball & Tennis Courts, Tot Lots

    Close to Major Commuting Routes, Bus Service to the Vienna Metro Station
    One Assigned Parking Space with Additional Guest Parking Nearby

Schools:

  • Elementary: Waples Mill
    Middle: Lanier

    High: Fairfax

Directions:

From Route 66, take the Route 50 exit (#57) heading towards Winchester. From Route 50, exit onto West Ox Road heading towards Reston. From West Ox Road, turn right at the 1st light onto Penderbrook Drive. From Penderbrook Drive, turn right onto Penderview Drive. Follow Penderview Drive until you come to building 3920 on your right.

APPLICATION INFORMATION:

Special Conditions:

This listing is subject to the new drawing procedures for resales.  You may not apply online.  You must attend the open house to be eligible to purchase and you must bring a copy of your First-Time Homebuyer Eligibility Certificate for admission to the open house.   Please read How Do I Get into the Drawing to Buy a Home? for more information.

The Open House to select a buyer for the property will be on August 1, 2013 from 5:00 pm to 7:00 pm.

Please do not attend the open house if you do not meet the Household Size, Purchase Limit and you do not have a valid certificate issued within the past 12 months. 

Households Sizes:

 1-2

Purchase Limit:

 $112,000

 


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