Tuesday, March 16, 2010

Special Home Purchase Assistance Program for Lo Co Employees

Although it is not well publicized, there is a special program for Loudoun County employees (including LCPS employees) to assist them with purchasing a home. It is done in the form of a low interest, FORGIVABLE loan.  That's right, I said forgivable, meaning that you might not need to pay it back at all.

  • Amounts of $5,000 to $25,000 are available (depending on the property purchased).
  • Program is available to FULL OR PART TIME employees, so long as they are beyond their probationary period.
  • Program applies to first time buyers, or those moving into the county are eligible.
Loan is forgivable at 20% per year, so long as the employee meets the following criteria:
  • Remains employed by the county.
  • Continues to occupy the property as a primary residence.
If the employee meets this criteria for 5 years, the loan is forgiven in full.  Otherwise, the loan is charged a  5%  interest rate, and is to be paid from the proceeds of the sale (if the property is sold) or as a normal mortgage payment over 27 years beginning in the 4th year after buying the home.

If you qualify, and you're thinking of buying a home, this may be an amazing opportunity.  Adding this to the current tax credit (up to $8,000) and the incredibly low interest rates currently available (but not expected to stick around long - Click here to see article from the Wall Street Journal , you could really be missing the boat by not acting NOW.  

Want details and to find out if you qualify?  I am available anytime:

Ofc: 703-669-3142
Email: VChrisner@KW.com

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