Financing opportunities for first-time homebuyers

Loudoun County just announced the availability of $10 million provided by Virginia Housing to help first-time homebuyers.

The allocation of funding through VH’s Sponsoring Partnerships and Revitalizing Communities 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 percent of the Area Median Income  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 atloudoun.gov/HomeLoanPrograms,or by contactingHannah Choi at hannah.choi@loudoun.gov or 571-258-3814. Program participation is subject to availability and approval.