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SunTrust Mortgage, Inc - Charlottesville, Virginia - Affordable Housing: Teachers, Firefighters, Police Officers & Nurses

10-08-08
Sandy Madison
Sandy Madison: Mortgage Company in Charlottesville, VA
  • view my blog
  • Office: (434) 566-2420
Local Heroes Affordable Housing

CAAR Work Force Housing Fund was established to help our teachers, nurses, firefighters and police officers purchase homes in the communities where they work.

To be eligible for assistance, you must:

  • Serve the community as a teacher, nurse, firefighter, or police officer

  • Have a household income of less than $63,300 a year (household of 2 or
    fewer) or $73,300 (household of 3+)

  • Meet standard Virginia Housing and Development Authority (VHDA)
    criteria

  • Purchase a home in the same jurisdiction in which you work

  • Serve in the City of Charlottesville, or the counties of Albemarle,
    Fluvanna, Greene, Louisa, or Nelson

Financial assistance of 5% from the Workforce Housing Fund is applied
with a down payment loan. The recipients pay no interest while they
own their home, so their monthly mortgage payments remain unchanged.

When the recipient sells the home, they return the loan to the Fund, plus a
percentage of the capital gains equal to the initial investment by the
Fund. For example, if the original WFHF loan was for 5% of the
purchase price then the recipient returns 5% of the appreciated value.
This "recycling" of the Fund's investment ensures that there will be
monies in future years to help other members of our work force achieve
home ownership. This return on investment is a guarantee that the Fund
keeps pace with appreciation in the real estate market, providing
assistance to greater numbers of applicants.

Interested in Learning More? Contact me today or click here to Apply Online
Sandy Madison
(434) 566-2420 Office
E-Mail: sandy.madison@suntrust.com


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Albemarle County - Host to Charlottesville

09-13-08
Charles McDonald / Your Trusted Broker for Charlottesville Real Estate
Charles McDonald / Your Trusted Broker for Charlottesville Real Estate: Real Estate Agent in Charlottesville, VA
  • view my blog
  • Office: (434) 981-1585
  • Mobile: (434) 981-1585

Charlottesville Town Center

I can still remember the first time I heard the name Albemarle. Not only did I mis-pronounce it, I could not spell it either.

Well the main thing to know is that Albemarle is in central Virginia and that Charlottesville is located almost exactly in the middle of Albemarle.

Home of Thomas Jefferson (his home was Monticello) and of course the University of Virginia, I beleive it is a true gem of this great country.

The city of Charlottesville has a population of approximately 40 thousand which is why we have the feel of a small town. However, we also have the amenities of a big city. We have theaters, art museums and even big name shows that come to Charlottesville.

Our downtown mall is a walking brick lined mall with shops, ice skating and an outdoor theater for weekly events!

Many visitors enjoy the wineries and top off their visit with a breath-taking hot air balloon ride!

If you ever want a treat, plan a trip to visit my town, you will be glad you did!

About The Author

Charles McDonald, Associate Broker at RE/MAX Assured Properties and dedicated Buyers Agent is the author of this blog, and several other sites on the Internet. Charles and his team of experts in the Charlottesville area are always available to help you with your Real Estate needs. Call our team anytime at 434-981-1585 or to search for homes visit: Charlottesville Real Estate

Copyright © 2008 Charles McDonald, All Rights Reserved.

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