Who is qualified to apply for the program?

Your clients are eligible to apply for the Public Employee Homeownership Grant (PEG) Program if they meet all of the following qualifiers:

  • Able to contribute at least $1,000 of their own money towards down payment / closing costs.
  • Applicants who have been full or part-time employees (minimum 20 hours per week) of Loudoun County government, Courts and Constitutional Officers, or Loudoun County Public Schools for a minimum of 12 months (Temporary, seasonal and probationary employees are ineligible).
  • Applicants who are either first-time homebuyers or buyers who own property outside Loudoun County which will be sold prior to settlement...this also includes undeveloped land and inherited real estate, whether or not the property was occupied as their primary residence).
  • Applicants who have not been a resident of Loudoun County in the last 12 months...first-time homebuyers are exempt from the 12-month requirement (Proof of residency will be required)
  • Gross Annual Household Income between $45,650 - $106,500.
  • Middle credit score of at least 620.

Show All Answers

1. Who is qualified to apply for the program?
2. What are the terms of the loan?
3. Is this actually a grant or a loan?
4. My client’s debt-to-income ratios are higher than the listed maximums. Why are you looking at debt-to-income ratios if the funds are a grant and not a traditional loan?
5. My borrower is also participating in the Affordable Dwelling Unit (ADU) Purchase program. Can they use the PEG program in conjunction with their home purchase?
6. My borrower will need more the maximum $10,000 to cover all closing costs and down payment. They qualify for the DPCC program as well. Can they use both programs?