Did you know that Loudoun County Employees are eligible for a special Down Payment Assistance Program through the county?
Here are the highlights:
Eligibility: The program is for all full or part time employees of the Loudoun County Government, Courts and Schools who have household income of 30%-70% of Area Median Income (currently $32,200 through $75,100) who purchase a primary residence in Loudoun County.
Amount: $5,000-25,000
The program is a grant which works as a secured interest free loan for 5 years, and is forgivable at a rate of 20% per year over the five year period. If, for example, they sold the home or changed employers 3 years after receiving a grant of $15,000, the amount that would need to be repaid is $6,000. Even if it might need to be repaid at some point, an interest free loan is a hard offer to pass up… but it might not need to be repaid at all! If the employee remains employed by the county, doesn’t not sell the home and continues to occupy the home for 5 years, the loan does not need to be repaid. That deal is irresistible.
If you need more information, I’d love to help! Reach out to me at 703-669-3142.
Loudoun County Deputy Sherriff, Loudoun County Public School Employees, Loudoun County Teacher, Loudoun Court Employees, Loudoun Government Employees, Down Payment Assitance, Closing Cost Asistance.s
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