The Virginia Housing Development Authority (VHDA) has announced Fiscal Year 2009 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, 2009. 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 $41,600 to $69,300 (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 Program.
2. $1,000,000 at one percent (1.0%) below VHDA’s loan program rates and available to homebuyers with incomes below $41,600 to $59,400 (adjusted by family size; families or 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 Program.
3. $2,250,000 at one-half percent (.50%) below VHDA’s loan program rates and available to homebuyers with incomes from $41,600 to $79,200 (adjusted by family size; families of five or more may qualify at higher income levels). This allocation is available in limited areas of the County and must be used to purchase foreclosed homes only. Additionally, all individuals, families or households must currently reside and/or work in Loudoun County for a minimum of the most recent six months.
4. $750,000 at one percent (1.0%) below VHDA’s loan program rates and available to homebuyers with incomes below $41,600 to $59,400 (adjusted by family size; families of five or more may qualify at higher income levels). This allocation is available in limited areas of the County and must be used to purchase foreclosed homes only. Additionally, all individuals, families or households must currently reside and/or work in Loudoun County for a minimum of the most recent six months.
More information about SPARC is available online from VHDA at www.vhda.com or by contacting one of the VHDA-approved lenders who will be able to explain more about this program. Only VHDA-approved lenders can offer SPARC funding.
For more information about these allocations, contact Karen Thorson, Department of Family Services, at 571-258-3814 or karen.thorson (at) loudoun (dot) gov.
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Contact: Karen Thorson, Department of Family Services, 571-258-3814
