Do you want to purchase a home inArlington but cannot come up with the money for a down payment? If theanswer is yes, then the MODERATE INCOME PURCHASE ASSISTANCE PROGRAM (MIPAP) maybe for you. MIPAP is a second trust loan providedby Arlington's housing division to qualified first time homebuyers that want tobuy real estate - single-family homes, townhomes and condos in Arlington County.
This program allows low and moderate-income first time homebuyersto borrow a loan up to 25% of the purchase price to assist with the downpayment and closing costs. Theborrower will pay no interest or no monthly loan repayments with this program. So, what's the catch? If the homeowner chooses to refinance or salethe property, then he or she must repay the principal of the loan plus aproportionate share up to 25% of the appreciation; In other words, thedifference between the original purchase price and the new sales price (minusseller's concessions).
To learn more about this program feel free to contact me at 703-217-2077 or email me at Renata@TheArlingtonExpert.com
Householdeligibility:
First-time Homebuyers (have not owned a home in theprevious three years)
HouseholdIncome Limits (2011)
| Household Size | Maximum Household Income |
| 1 | $59,440 |
| 2 | $67,920 |
| 3 | $76,400 |
| 4 | $84,880 |
| 5 | $91,680 |
| 6 | $98,480 |
| 7 | $105,280 |
| 8 | $112,080 |