Loudoun County offers a few special home purchase programs for moderate income households. If your income falls under $74,900 (recalculated annually – this is the 2014 income cap), and you hope to buy a home in Loudoun County, you’ll surely find it difficult with our high cost of living. But the county does offer a few programs that might help.
DPCC ~ Down Payment Closing Cost assistance program
This program offers up to 10% of the purchase price (maximum $25,000) in a loan for qualifying households. The beauty of this program is that the loan is interest and payment free for the first 3 years. Go to https://www.sofi.com/home-loans/mortgage/ to get more information.
PEG ~ Public Employee Grant program
This program offers $5-25,000 in a grant to employees of our local police departments, schools and other government employees. This program is even better than the DPCC program because it is an actual grant, meaning as long as you live in and own the property for five years, you do not need to repay the grant. But what if you have to sell sooner? No problem! The grant is forgivable at a rate of 20% per year. So, for example, if your grant was $15,000, then after 3 years, you would only have to pay back $6,000 of the grant funds.
Under this program, the minimum allocation is $5,000. To get a grant of $15,000, you must be purchasing an “REO” or foreclosed property (there are far fewer of these now than there once were). For the maximum grant of $25,000, you must be purchasing within certain census tracks. A HUGE section of Leesburg falls within the eligible zones, as does Sterling Park, Sugarland Run and other Sterling locations (Countryside is not included).
There are also several no/low money down loan options available for different households. For example, veterans might take advantage of the ‘No Money Down’ VA loan. Some credit unions offer no money down loans, too. And other householdspurchasing in certain census tracks (different ones from those for the above program), could qualify for 97-100% conventional financing with no mortgage insurance, providing low or no money down loans that make owning a your own home more attainable. Part of my job as a buyers agent is to help YOU find the best financing options for your situation. That is why I keep a list of local lenders and I am always staying up to date on the different loan programs they have available. It’s just one more way I work to bring you the highest level of service.
Interested in learning more?
Vicky Chrisner
Fieldstone Real Estate
Selling Homes and Land in & around Loudoun County
703.669.3142
[email protected]
www.MoveToLoudoun.com
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