Do you have buyers looking to purchase in the City of Fredericksburg? If those buyers are low-to-moderate income individuals, they may qualify for a great program run by the City to provide down payment assistance or help with closings costs. The Direct Homeownership Assistance Program was developed to expand homeownership opportunities available to City residents of low- and moderate-income status, those whose incomes do not exceed 80% of the area median income, depending on household size. Assistance will be provided to qualifying households in the form of either payment of specific closing costs and/or up to 50% of down payment costs.
Assistance is also available to qualified households in the form of either the payment of a portion of an existing loan or closings costs to accomplish a refinance of an adjustable/high-rate mortgage to a conventional fixed-rate or equivalent mortgage. All of the homes must be purchased within the City limits (22401 zip code). If you would like more information on this program, please call the City of Fredericksburg at 540-372-1179 or click here to view the City’s program document.Tweet