>>VA Lawmakers Consider New Grants to Assist First-Time Homebuyers
(Richmond, VA) -- State lawmakers in Virginia are proposing a new grant program to assist first-time homebuyers in purchasing a home.
Scott Kimbler has the details.Preview: Voicer Script:
The program, similar to those in other states, would provide a grant equal to 5% of the purchase price of the home, up to $10,000, for eligible buyers with a household income of less than $100,000. While the program aims to help buyers with closing costs, there are concerns that it could exacerbate the affordable housing shortage by driving up prices in the market. Realtor Nicole Best tells 8News the median sales price in Richmond is already high at $401-thousand dollars. Homeowners receiving the grant would need to repay the amount if they sell their home within three years.
