THE FY19 CHRP ALLOCATION HAS BEEN EXPENDED. THERE ARE NO REMAINING FUNDS FOR THIS PROGRAM. WE ANTICIPATE NEW FUNDS FOR THIS PROGRAM IN OCTOBER 2019. PLEASE CHECK BACK FOR UPDATES.
This program provides an opportunity for first-time homebuyers with low to moderate incomes to purchase in Arlington. Loans are provided through the Virginia Housing Development Authority (VHDA) Community Homeownership Revitalization Program (CHRP) for households at or below 120% of the Area Median Income (see the chart below).
Qualified buyers receive a 1% rate reduction from the standard VHDA mortgage interest rate, with as little as 1% down, for home purchases in the 22203, 22204 and 22206 zip codes. Homebuyers have various mortgage financing options with any VHDA-approved lender. Since it began in 2005, the program has helped more than 400 Arlington families purchase their first homes, providing more than $80 million in low-interest mortgages.
- Property must be located in Arlington County
- Applicants must not have owned a home during the previous three years
- Type of mortgages available: conventional, FHA, and VA
- Property price may not exceed $500,000
- Income limits apply: CHRP Income Limits FY19
How to Apply
If you are interested in applying for CHRP:
- Attend a home ownership class, available for free through Arlington Home Ownership Made Easier (AHOME) or any other VHDA approved Home-ownership Counseling Agency.
- Follow-up with your lender to determine if CHRP is right for you.
Lenders using the CHRP program may access required documents below: