The CAAR Work Force Housing Fund
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Ø Established to help our teachers, nurses, firefighters and police officers purchase homes in the communities where they work.
Ø Down-payment & closing costs assistance of 5%
Ø Secured by a 2nd deed of trust of 5% with no monthly payment!
Ø Terms: Deferred payment loan shall carry a 6% simple interest rate with principle and interest due and payable upon sale of property or refinancing of debt.
Ø Do Not have to be a first time homebuyer!
Ø Primary residence
Ø Fixed Terms Only
Ø Eligible Counties: Fluvanna, Greene, Albemarle County, Charlottesville, Nelson, and Louisa.
To Be Eligible for Assistance, You Must:
Ø Serve the community as a teacher, nurse, firefighter, or police officer
Ø Have a household income of $70,000 (household of 2 or fewer) or $81,000 (household of 3+)
Ø Meet standard Virginia Housing and Development Authority (VHDA) criteria
Ø Purchase a home in the same jurisdiction in which you work
Ø Serve in the City of Charlottesville, or the counties of Albemarle, Fluvanna, Greene, Louisa, or Nelson
Ø Capable of investing 1% of the sales price from their personal funds towards the purchase of their
home
If you're interested in finding out more about the Work Force Assistance Program, email me at ChristinaA@remax.net or call 434-960-7259.