Home Loans Available for First-Time Homebuyers in Loudoun County, Virginia
The Virginia Housing Development Authority (VHDA) has announced Fiscal Year 08 funding allocations under its SPARC program (Sponsoring Partnerships and Revitalizing Communities), a below-market-rate loan program administered by the Loudoun County Department of Family Services. The funds will be available until fully utilized or through June 30, 2008. Applicants must be first-time homebuyers and meet VHDA's standard eligibility requirements. Sales price and income limits apply. The amounts available are as follows:
1. $3,000,000 at one-half percent (.50%) below VHDA's loan program rates and available to homebuyers with incomes from $39,700 to $66,150 (adjusted by family size; families of five or more may qualify at higher income levels). These loans are targeted only to households purchasing a home through the Loudoun County Affordable Dwelling Unit Homeownership Program.
2. $3,000,000 at one percent (1.0%) below VHDA's loan program rates and available to homebuyers with incomes below $39,700 to $56,700 (adjusted by family size; families of five or more may qualify at higher income levels). These loans are targeted only to households purchasing a home through the Loudoun County Affordable Dwelling Unit Homeownership Program.
3. $1,500,000 at one-half percent (.50%) below VHDA's loan program rates and available to homebuyers with incomes from $46,301 to $94,500 (adjusted by family size and not exceeding 100% of the Area Median Income). Additionally, homes purchased with this allocation must be resale (existing) housing.
More information about SPARC is available online from VHDA at www.vhda.com
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