Loudoun County announces the availability of $8 million provided by the Virginia Housing Development Authority (VHDA) to help first-time homebuyers. The allocation of funding through the VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) program will provide lower interest rates on homeownership loans in the county.
To qualify for the program, the prospective homebuyer must:
- Have an annual household income between 70%-100% of the Area Median Income (AMI) for a household size of four. Currently, incomes must fall between $88,200 and $126,000.
- 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 for $525,000 or less, located in Loudoun County.
- Receive a mortgage loan from a VHDA-approved lender participating in the VHDA mortgage loan program.
Homebuyers do not have to participate in Loudoun County’s homeownership programs to use this VHDA program. Program participation is subject to availability and approval. For details on Loudoun County’s home loan programs, including SPARC, visit loudoun.gov/HomeLoanPrograms or contact Hannah Choi by email or phone 703-777-0353.
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