Posts
Administered by the Loudoun County Department of Family Services, the program offers grants in the amounts of $5,000 for the purchase of a home located anywhere within Loudoun County; $15,000 for the purchase of a foreclosed, bank-owned property in the county; or $25,000 for the purchase of a property in Loudoun County's Neighborhood Stabilization Program (NSP). More information on the NSP is online at www.loudoun.gov/nsp.
Loans are forgivable at 20 percent of the loan amount annually over a five-year period, providing the employee does not leave employment, sell the home, or no longer occupies the residence. If any of the above occurs, repayment of the remaining non-forgiven funds will become due and payable to the county either through repayment with proceeds of the sale or conversion to a repayable loan at three-percent interest.
Standard eligibility requirements apply. Funds are limited and available on a first-come, first-served basis. Eligibility requirements for the program include:
- Must be a full or part-time (minimum 20 hours per week) non-probationary employee
- Shall not have been a resident of Loudoun County during the preceding 12 months. (Note: First-time homebuyers are exempt from the residency requirement)
- Cannot own another home or real estate. Sale of currently owned property outside the county must be finalized prior to settlement on new property
- Must meet current eligible income range of $32,200 through $75,100, regardless of family size
For more information about the program and application procedure, contact Karen Thorson, Loan Specialist, at 571-258-3814 or karen.thorson@loudoun.gov.
No comments:
Post a Comment