[Archived] Alexandria Sponsors Homeownership Fair

City Press Release


	City of Alexandria, Virginia Office of the City Manager Alexandria City Hall 301 King Street, Suite 3500 Alexandria, Virginia 22314-3211 www.alexandriava.gov Telephone: 703.838.4300 Fax : 703.838.6343

Alexandria Sponsors Homeownership Fair

To help potential homebuyers navigate the challenges of the homebuying process, the City of Alexandria is sponsoring its tenth annual Homeownership Fair on April 3 from 9:30 am to 1 pm at T.C. Williams High School, 3330 King St.

The City’s Homeownership Fair will feature local real estate professionals, lenders, and housing counselors who can help home buyers along the path to homeownership. These representatives can assist potential buyers in finding the right home, shopping for an affordable home loan, and in addressing potential pitfalls in the home purchase process .

For persons interested in purchasing a home in Alexandria, the Homeownership Fair provides an invaluable opportunity to gather a range of information in one location - at no cost to the participant. Last year’s fair attracted over 400 potential homebuyers who took advantage of the Fair’s information booths and homeownership seminars. Seminars, are offered in both English and Spanish, cover a range of topics critical to the first-time homebuyer.

Renters often believe that homeownership is out of reach for a range of reasons. However, an Alexandria renter paying the 2003 average monthly rent of $1,327 for a two-bedroom apartment could purchase a home valued at approximately $150,760, with no increase in monthly payments.

Perhaps the biggest benefit available to those living or working in Alexandria is the City’s homeownership assistance programs. The City offers no-interest, deferred payment loans for downpayment and closing costs. Depending on the household income, participants may receive assistance of up to $20,000 or $35,000 through these 99-year deferred payment programs. Eligible participants must provide a cash contribution ($2,000 to $3,000) toward the purchase of their home. In addition, the City currently has approximately $3.8 million set-aside by the Virginia Housing Development Authority for first trust loans at interest rates as low as 3.875% for a conventional 30-year mortgage. These funds are available to all lower-income applicants and to income-eligible school and government employees.

Purchasers participating in the City of Alexandria’s programs have the added benefit of free housing counseling services. The counseling program features a group training, followed by two hours of individual counseling. These counseling services are also available in Spanish.

For more information, call 703.838.4622.

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