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 amortized over 27 years, but with no payment due for the first 4 years.
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
