Fairfax County passed legislation today that will help the real estate market deal with the many foreclosures in the county. The county is purchasing 10 foreclosed homes outright and helping middle income people, with incomes up to about $75,000 purchase foreclosed homes also.
The 10 properties the county is planning to purchase will be chosen by the impact the purchase will have on neighborhoods in Fairfax County. The goal of purchasing the homes is to keep specific homes from driving down the values of other homes in Fairfax County neighborhoods.
The other initiative, helping middle income people purchase foreclosed homes, will be done through existing loans available through the VHDA (Virginia Housing Developement Authority). This program is available to first-time buyers on purchases up to $385,000. The program is a shared equity program, where Fairfax County will have equity in homes purchased that will be repayed when the homes are sold. If you are interested in looking into the program, find a good loan officer at a local mortgage company to help you navigate the program. If you email or call me I will be glad to help you find one.