Last I wrote, City of Alexandria helps first-time buyers with assistance of up to $30,000. Now, Loudoun County also decided to help buyers as well. It's called the "workforce housing" program. It will be launched across the county this summer for first-time buyers including those repeat buyers, who might be making too much according to income cap for other jurisdictions in Northern Virginia.
The Virginia Housing Development Authority (VHDA) has allocated funds for Fiscal Year 2008 for the FlexSPARC program, a new, below market rate, home loan program offered in Loudoun County. The program, administered locally by the Loudoun County Department of Family Services, is tailored to meet the needs of first-time homebuyers. The funds will be available until fully utilized or through June 30, 2008.
via Loudoun County
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There are two programs working side-by-side. Here is how it works.
- Under the new program, individuals who make up to $108,000 and couples who make up to $135,000 may borrow up to $417,000, with the interest partly subsidized by the Virginia Housing Development Authority.
- A similar program is available for first-time or repeat homebuyers who make 70 to 100 percent of Loudoun's median income, which is $94,000 by the county's calculations.
via Washington Post
Loudoun has $4.5 million in their coffers, so not everyone will be qualified. Time is of the essence - you better hurry up. It doesn't take long to disburse the funds.
Disclosure: I am a certified Trainer for VHDA class.