On Nov. 6th the
Virginia Housing Development Authority (VHDA) has announced Fiscal Year
10 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 through June 30, 2010 or until fully utilized.
Applicants must be first-time homebuyers and meet VHDA's standard
eligibility requirements. Sales price and income limits apply.
Discounts
on VHDA first-trust loans will be available at one-half percent (1/2%)
below VHDA's loan program rates and available to homebuyers with
incomes from $21,550 to $82,150 (adjusted by family size; families of
five or more may qualify at higher income levels). These loans are
targeted only to households purchasing a foreclosed home (short sales
not eligible) in one of the Neighborhood Stabilization Program (NSP)
areas. Current eligible areas are Sterling and Sugarland Run with a zip
code of 20164. A map of the eligible area can be found here.
More information about SPARC is available online from VHDA at http://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 information, contact Karen Thorson, Department of Family Services, at 571-258-3814 or karen.thorson@loudoun.gov.
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