Loudoun County Announces Financing Opportunities for First-Time Homebuyers
The following is directly from the Loudoun County Government’s website:
Loudoun County announces the availability of $10 million provided by Virginia Housing (VH) to help first-time homebuyers. The allocation of funding through VH’s Sponsoring Partnerships and Revitalizing Communities (SPARC) program will provide lower interest rates on home loans in Loudoun County for qualifying buyers.
- To qualify for SPARC, the prospective homebuyer must meet the following criteria:
- Have an annual household income between 70%-100% of the Area Median Income (AMI) for a household size of four (currently between $90,300 and $129,000);
- Be a first-time homebuyer, which is defined as someone having had no ownership interest in real property in the past three years;
- Currently live and/or work in Loudoun County for a minimum of six months immediately prior to submission of the application;
- Purchase a new or existing home located in Loudoun County for $525,000 or less; and
- Receive a mortgage loan from a VH-approved lender participating in VH mortgage loan program.
In addition, Loudoun County offers two other homeownership loan programs to help moderate-income, first-time homebuyers purchase a home in the county:
- Down Payment/Closing Costs Assistance Program: Loans are used for down payment and closing costs.
- Public Employee Homeownership Grant Program: Forgivable loans of $10,000 are used for a purchase of a home located within Loudoun County.
Information on all three homeownership loan programs, including eligibility criteria and how to apply, may be found online at loudoun.gov/HomeLoanPrograms or by contacting Hannah Choi by email or by calling 571-258-3814. Program participation is subject to availability and approval.
For questions, reach out to DAAR’s Government Affairs Director.
August 20, 2021