Loudoun County government has announced the availability of $8 million from the Virginia Housing Development Authority to help first-time homebuyers.
The, funding, from the VHDA’s Sponsoring Partnerships and Revitalizing Communities program, is meant to provide lower interest rates on homeownership loans in the county.
To qualify for the program, the prospective homebuyer must have an annual income between 70 percent and 100 percent of the Area Median Income. For a household of four, that is a range of $88,200 to $126,000.
They must also have not owned real property in the past three years, must have lived or worked in Loudoun County for a minimum of six months, and receive a mortgage loan from a VHDA-approved lender participating in the program. The program applies to homes costing $525,000 or less.
Homebuyers do not have to participate in Loudoun County’s homeownership programs to use this VHDA program, although 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 at firstname.lastname@example.org or 703-777-0353.