The Virginia Housing Development Authority (VHDA) has Fiscal Year 2008 funding allocations still available under its HomeStride program for eligible first-time homebuyers in Loudoun County. The program, administered by the Loudoun County Department of Family Services, provides low interest second mortgages for down payment and closing cost assistance up to $25,000 or 10% of the sales price, whichever is less. The loan program offers zero payments and zero interest for the first three (3) years with repayment for years 4 through 30 at a 5% interest rate.
Funding is limited for use and is available to Loudoun County government and school employees, employees of the seven incorporated Towns within the county; employees of the Commonwealth of Virginia working in Loudoun County; and qualified applicants purchasing a home through the county’s Affordable Dwelling Unit Purchase Program. Applicants must be first-time homebuyers; use HomeStride in conjunction with a VHDA First Trust loan product; and meet VHDA's standard eligibility requirements. Sales price and income limits apply. The funds will be available until fully utilized or through June 30, 2008. and will not be offered in Fiscal Year 2009.
More information about HomeStride is available online from the VHDA at www.vhda.com or by contacting Chris Vogel, Department of Family Services, at 703-771-5916 or by e-mail at chris.vogel@loudoun.gov.
Monday, April 28, 2008
Tuesday, April 1, 2008
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