Loudoun County has been awarded $8 million by Virginia Housing to help first-time homebuyers. This allocation, through the Sponsoring Partnerships and Revitalizing Communities (SPARC) program, will provide lower interest rates on homeownership loans in the county.
Eligibility
To qualify for the Sponsoring Partnerships and Revitalizing Communities (SPARC) Program, the prospective homebuyer must meet the following criteria:
- Have an annual household income maximum of:
- $162,000 for a household of two or fewer people ($129,600 if using a Virginia Housing Down Payment or Closing Cost Assistance Grant)
- $189,000 for a household of three or more people ($151,200 if using a Virginia Housing Down Payment or Closing Cost Assistance Grant)
- 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.
- Purchase a new or existing home for $665,000 or less, located in Loudoun County.
- Receive a mortgage loan from a Virginia Housing-approved lender participating in the Virginia Housing mortgage loan program.
- Meet all Virginia Housing requirements for eligibility.
How to Apply
Submit required documents to Loudoun County’s Department of Housing and Community Development. Required documents are: