County News Release:
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. The program terms are as follows:
• Locations: Homes must be located in Loudoun County
• Rate: 1% below the standard Flex Alt program rates
• Maximum Income: 1 person: $108,300; 2 or more: $135,400
• Homebuyer Restriction: First-time homebuyers only
• Purpose: Purchase transactions only
• Maximum Loan to Value: Flex 100%, Flex Advantage 104%
• Eligible Programs: Flex 100%, Flex Advantage only
• Mortgage Insurance: None
• Maximum Loan Amount: $417,000
More information about VHDA's Flex 100% and Flex Advantage loans is available online from the VHDA www.vhda.com . Under Homeownership Services, click on "Find a Lender" and contact one of the approved lenders, who will be able to explain more about this program. Only VHDA-approved lenders can offer this product.