Loudoun County has announced the availability of $10 million provided by Virginia Housing to help first-time homebuyers.
The allocation of funding through Virginia Housing’s Sponsoring Partnerships and Revitalizing Communities or SPARC program will provide lower interest rates on home loans in Loudoun for qualifying buyers.
To qualify for SPARC, the prospective homebuyer must meet several criteria. They must have an annual household income between 70%-100% of the Area Median Income for a household size of four, currently between $90,300 and $129,000 a year. They must be a first-time homebuyer, which is defined as someone having had no ownership interest in real property in the past three years. They must have lived or worked in Loudoun County for a minimum of 6 months before applying. They must purchase a home in Loudoun for $525,000 or less, and they must receive a mortgage loan from a Virginia Housing -approved lender participating in the mortgage loan program.
Loudoun County also offers two other homeownership loan programs for moderate income first-time homebuyers, including loans for down payments and closing costs, and forgivable loans of $10,000 for public employees purchasing a home.
Information on all three homeownership loan programs, including eligibility criteria and how to apply, is online at loudoun.gov/HomeLoanPrograms or by contactingHannah Choi at firstname.lastname@example.org or 571-258-3814.