Tighter Restriction for FHA loans
Do you have alternative NO Money down options for your home buyers?
Did you get this news release?
Loudoun County offers financial assistance through the Downpayment/Closing Costs Program (DPCC) to first-time homebuyers. The program has recently been expanded to better assist low-to moderate-income homebuyers purchasing homes in the county.
Administered by the Loudoun County Department of Family Services, the program makes loans available to homebuyers with a total household income between $29,500 and $69,300. Funds are limited and available on a first-come, first-served basis. Standard eligibility requirements apply. Highlights of the program include:
• Loan amounts up to ten percent of the purchase price or $25,000, whichever is less
• 30-year loan
• Interest rate of five percent
• Principal and interest payments deferred for the first three years
• Monthly payments begin with the fourth year and are amortized over 27 years
• No pre-payment penalty
Is the Lender (or their firm) you are currently working with on the attached list of VHDA’s top producers?
If you answered NO to any of these questions – we need to talk!
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