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VHDA - 2009 Funding Allocations
Due to the challenging housing market for many people, and in case you haven’t heard, I put this very recent press release for my faithful readers. If you or someone you know is interested in buying a home, but due to the “double whammy” of unaffordable housing and skeptical banks/investors on lending, here is a breath of fresh air...
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@loudoun.gov.
This is REAL MONEY, and once it is distributed to those who are eligible and take advantage of this program, the next allocation won’t happen until July 2009.
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