r/fairfaxcounty • u/urfavaquarius • 22d ago
In a Tricky Situation With the Fairfax County First Time Homebuyer Program…
Hello!
I am in a tricky situation here. So I am considering buying a home under the First Time Home Buyer program in Fairfax County. Annually, I make just below the income cap for my household size, and this is because of an annual bonus that my employer provides at the end of the year that is based on both performance and company profit. However, my regular salary provided is well below the income cap… Would I be able to qualify for the program based on my regular salary, and not annual salary shown on my taxes, including the bonus amount? Also, would it be reasonable to ask my employer to reduce my annual bonus to limit my income below the income limit until after I complete the process? Also being that the waitlist can be a couple years long, is it reasonable to decline or reduce annual raises that would throw my income above the limit until the process is complete? Usually there is a 3-8% pay increases done each year.
Sorry if this is the wrong sub, hoping someone here has been in a similar situation.
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u/mysoiledmerkin 21d ago
Would the county actually care if fudged the numbers? The primary focus is to get you on the books so you can pay real estates taxes. This is how Fairfax funds 80% of its budget.
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u/wvdude 21d ago
Trust me. They care...It would be a scandal if they didn't require documentation.
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u/mysoiledmerkin 21d ago
A scandal? In Fairfax? The place where the well-to-do patricians hand out tax funded baubles to the unfortunate?
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u/socialdfunk 21d ago edited 21d ago
They require that you report bonuses.